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Television advertising is one of the most effective ways to reach mass audiences. It allows advertisers to broadcast their message through compelling video and audio content to consumers across demographic groups. Television advertising helps create brand awareness, recall, and loyalty leading to increased sales.
The global TV Ad spending Market is estimated to be valued at US$ 130.22 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the TV ad spending market is the rising popularity of digital and online video. Advertisers are allocating more budgets towards digital platforms such as connected TVs, laptops, and smartphones to reach viewers who are increasingly consuming content on digital mediums. Video advertising on social networking websites and digital video sites is gaining traction as it allows targeting of specific age groups and interests. This is encouraging brands to shift their marketing mix towards digital video.
Segment Analysis
The global TV ad spending market can be segmented by platform as linear TV and connected TV. The linear TV segment currently dominates the market, holding a share of over 70% in 2023. Linear TV provides widespread reach and allows for traditional 30-second commercials, making it an effective medium for brand awareness. However, the connected TV segment is expected to witness the fastest growth during the forecast period. This is due to the rising adoption of smart TVs and streaming devices, allowing for targeted and engaging ads on streaming platforms.
Key players operating in the TV ad spending market include Procter & Gamble, Amazon, Comcast, AT&T, General Motors, Verizon Communications, L’Oréal, The Walt Disney Company, Ford Motor Company, Samsung Electronics, Unilever, Toyota Motor Corporation, NBCUniversal (owned by Comcast), Alphabet Inc. (Google), and Johnson & Johnson. Major players are focusing on data-driven targeting and advanced advertising to gain market share.
Key Takeaways
The globalTV Ad spending Market is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period, due to increasing access to online streaming platforms.
The market size for global TV ad spending was valued at US$ 130.22 Bn in 2023. North America currently dominates the market due to high television and internet penetration. However, the Asia Pacific region is expected to grow at the fastest rate, driven by rising discretionary incomes and increasing digitalization in major countries like China and India.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
