According to a Forrester report, by the time 2023 rolls around, advertisers will be spending $102.6 billion dollars a year on video ads. This is up from last year’s $90.7 billion.
Forrester Analytics: Video Advertising Forecast, 2018 To 2023 (US) (free by request) analyzed data collected from various sources, including its ForecastView service. Online video includes both free and paid streaming from web-based services, TV networks and social media.
From this data, marketers will be able to take away several important lessons.
Even with online video is on the rise, TV isn’t necessarily out. Online video’s share of ad spending is expected to grow from 21.2 percent to 34.3 in 2032, edging out TV’s share. And the number of online video viewers in 2018 (200 million) is fast approaching the size of the TV audience (258 million).
Interestingly, 81 million will only watch video from a TV network’s website or app in 2018, but advertisers aren’t there. Only 10 percent of marketers are expected to increase their ad spending more than 6 percent next year. This leaves an opportunity on network sites and apps.