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Connected TV or CTV streaming services are immensely popular right now. So much so that some would describe this method of entertainment as being on fire in the industry. Advertising on CTV services is a bit different from the methods used for traditional radio or TV ads. However, embracing CTV and incorporating it into current and upcoming marketing strategies is wise.
Why is CTV on Fire Right Now?
According to Borell studies, CTV is expected to grow by 26% throughout 2021. As you might imagine, CTV did extremely well during the pandemic shutdowns. Obviously, with more and more people spending time at home, the interest in streaming services went through the roof and is just expected to continue its growth trajectory. In fact, eMarketer estimates that the number of TVs connected to streaming services or connected TV users will increase to 204 million in 2022. This number represents an astounding 60% of the entire population, making it a powerful and impactful demographic to target.
Why is it Getting so Much Hype?
As mentioned above, more people than ever are moving to connected TVs. This is for a variety of reasons. One reason is the job loss numbers. As you might expect, job loss leads to cutting out the fat in a budget. Entertainment services like cable and satellite packages are usually the first to go, so “cutting the cord” has become an immensely popular mantra. It makes sense when you consider the fact that the average Direct TV customer spends around $248 for their entertainment services while you can often utilize a streaming service for under $9.00 a month.
Why You Get More Bang For Your Buck With CTV Ads
When you advertise on CTV services, you have a robust audience that is ever-growing. You also can take your ads to market faster and have more flexibility when it comes to campaign management. Furthermore, you can control the frequency and connect to local services to build brand awareness for local businesses.
Streaming Services for CTV Ad Placement
- Hulu: This streaming service starts at just $5.99 a month and features a wide range of shows and movie channel options. Placing an ad on Hulu ensures you will get your message or ad in front of a substantial audience. As of November 2020, Hulu had 36.6 million paid subscribers.
- YouTube TV: Considered one of the best streaming services available for premium live TV along with news and live sports, YouTube TV packages start at $64.99 monthly. This package comes with 85 channels and DVR capabilities. There are currently over 3 million subscribers to this service.
- Sling: Advertised as “the best of cable,” you can get a subscription to sling for only $35 a month. This fee includes 30 top channels. As of May 2020, the service had 2.311 million subscribers.
- Pluto: This amazing service called Pluto TV provides access to 1000s of on-demand movies that are free to watch at any time. You can also access 100s of free TV channels. Not surprisingly, this is a popular service, with over 28.4 million monthly users as of January 2021.
- ESPN+: Stream live sports along with ESPN originals with ESPN+ for $5.99 a month. You can even combine ESPN+ with Disney+ and Hulu for $12.99 a month. As of September 2020, ESPN+ had an estimated 10 million subscribers.
CTV presents a wonderful opportunity to expand your current advertising reach in a new and innovative way. Check out our newest eBook, Connect Your Business with Connected TV to learn all about what CTV has to offer!
