The Evolution of Connected TV Advertising in 2024

2024 marks a pivotal juncture in the trajectory of Connected TV (CTV) advertising. As streaming platforms continue to dominate the way audiences consume content, advertisers are faced with a dynamic and ever-shifting canvas on which to engage their target demographics. Innovation and technological prowess converge to redefine the boundaries of advertising, reshaping the narrative of viewer engagement in the digital age.

Kristina Prokop, CEO & Co-Founder of Eyeota has said that "The rise of streaming services and cord-cutting will have a significant impact on the advertising industry by 2024. Advertisers will shift more budget towards CTV and digital streaming platforms as they become increasingly popular among younger generations. This shift will also allow for more personalized and interactive advertising, leading to improved conversion tracking and higher prices.

She also advised the marketers in terms with costing “With more viewers choosing to include advertising to lower monthly costs, there will be increased opportunities for advertisers, but it may take some time for consumers to adjust to these new ad formats. Additionally, continued consolidation among streaming services and the potential for new data partnerships will play a key role in shaping the advertising landscape in the coming years. Overall, the growth of streaming services and cord-cutting suggests a shift toward more targeted and personalized advertising, with the potential for some short-term challenges and changes in the industry." 

In 2024, the evolution of CTV advertising is characterized by a fusion of creativity and cutting-edge technology. From interactive ad formats that engage viewers on a whole new level to data-driven insights that redefine targeting strategies, advertisers are leveraging the power of CTV to create personalized and immersive experiences. 

“The trend in CTV is that more users are opting for ad-supported channels over subscription-based. Content is very fragmented across streaming providers —so people feel compelled to sign up for many different options in order to get both The Morning Show, Schitt’s Creek, old Law and Orders, and British murder mysteries to name just a few. However, cord- cutters who left cable are starting to realize that if they subscribe to 7, 8, 10+ streaming channels, they will be paying just as much as cable. So now people are more willing to tolerate ad-supported channels. On that note, we will see growing adoption in Free Ad-Supported Streaming Television (FAST) channels like Pluto TV, or the Roku or Samsung Channels for their niche programming. That will become a larger audience for advertisers going forward” said Brian Pugh, Chief Information Officer, Comscore. 

The Journey Ahead

Looking forward, the trajectory of CTV advertising appears for continued innovation and evolution. The symbiotic relationship between technology and storytelling will undoubtedly pave the way to challenge advertisers to push boundaries and captivate audiences in new and unprecedented ways.

The lessons learned in 2024 become the foundation upon which future advertising narratives will be written, reinforcing the notion that adaptability, creativity, are paramount in navigating the ever-changing currents of consumer engagement.