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Advertisers haven’t yet killed the video star. Digital video ad spend is projected to grow 16% to $63 billion this year, according to new data from the Interactive Advertising Bureau.
The IAB first published its 2024 estimates in May, declaring that this year, digital video would surpass linear ad spend. This week, the group released new details about where these dollars were actually going, and how they were being used.
Overwhelmingly, advertisers said they were spending on “business outcomes” as the most important KPI to determine success, meaning anything that can drive a customer to take an action, like visiting a website or making a purchase.
CPG and retail brands accounted for the biggest buyers of digital video, and are projected to spend $12.6 billion and $7.4 billion in 2024, respectively.
The IAB defined digital video as connected TV, online video, and social video, which is the fastest-growing category.
Bid stream: Three-quarters of CTV buys are done programmatically, and 89% of advertisers are either testing or taking meetings with alternative currencies, according to the report—further evidence that the streaming ecosystem is looking more and more like the open web.
+1: In April, the IAB reported that advertisers spent a record-breaking $225 billion on digital ads in 2023, growing 7.3% year over year.