Digital Video Ad Revenue Projected to Reach $63B in 2024 

IAB's "2024 Digital Video Ad Spend & Strategy Report" unveils remarkable growth projections, indicating a surge in digital video advertising expenditure. With Social Video and Connected TV (CTV) leading the charge, the report provides insights into evolving ad spend trends and category-level projections for 2024.

1. Exponential Growth in Digital Video Ad Spend:
   - Total digital video advertising spend is forecasted to grow by 16% in 2024, significantly outpacing overall media growth by nearly 80%.
   - Digital video ad revenues are poised to reach $63 billion in 2024, highlighting the increasing significance of digital platforms in advertising budgets.

2. Shift from Linear TV to Digital Video:
   - Over the past four years, ad spend share has shifted significantly from linear TV to digital video, now constituting 52% of the total market share.
   - This transition underscores the growing importance of digital platforms in capturing audience attention and advertising dollars.

3. Key Growth Categories:
   - Social Video emerges as the strongest growth category, projected to achieve its second consecutive year of 20% year-over-year growth, reaching $23.4 billion in ad spend.
   - CTV experiences robust growth, exceeding $20 billion in 2023 and expected to grow by 12% to $22.7 billion in 2024, driven by reallocations from linear TV and other traditional media.

4. Category-Level Ad Spend Projections:
   - CPG and Retail sectors forecast double-digit ad spend growth, with CPG at 20% and Retail at 30%, fueled by CTV's scalability and direct consumer connections.
   - Other categories such as Auto, Financial, Restaurants, B-to-B, Travel, and Wellness also anticipate significant growth, leveraging digital video's expanding reach and engagement.

5. Insights and Challenges Ahead:
   - Chris Bruderle, VP of Industry Insights & Content Strategy at IAB, emphasizes the pivotal role of CTV and Social Video in delivering both scale and performance outcomes for advertisers.
   - David Cohen, CEO of IAB, highlights the competition to deliver the best viewing experience and innovative advertising options in a crowded landscape, ultimately benefiting consumers and the industry.

The "2024 Digital Video Ad Spend & Strategy Report" offers a comprehensive overview of the rapid growth and evolving landscape of digital video advertising. As Social Video and CTV drive double-digit expansion, advertisers must navigate competition to deliver superior viewing experiences and innovative ad solutions, fostering growth and innovation in the industry.