TV Advertising Market:
WiseGuyReports.com adds “Global TV Advertising Market Research Report 2021 Analysis and Forecast 2030” reports to its database.
The global TV advertising market is expected to decline from $102.02 billion in 2019 to $96.92 billion in 2020 at a compound annual growth rate (CAGR) of -5:00%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $98.41 billion in 2023 at a CAGR of 0.51%.
The TV advertising market consists of the sales of advertising services by entities (organizations, sole traders and partnerships) that plan, develop, create and manage advertisement and promotional activities on television. Only goods and services traded between entities or sold to end consumers are included.
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North America was the largest region in the TV advertising market in 2019. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
In September 2020, Red Ventures, a US-based marketing and advertising company, acquired CNET Media Group from ViacomsCBS for an amount of $500 million. This deal will help Red Ventures to grow personalized consumer experience and expand into consumer technology and gaming by securing network websites which will include CNET, GameSpot, and ZDNet. CNET Media Group is a leading US-based online media company under ViacomCBS, which is a US-based mass media company formed by the merging of CBS Corporation and Viacom.
The TV advertising market covered in this report is segmented by service type into terrestrial; multichannel; online. It is also segmented by the delivery platform into cable television; satellite television, by broadcasting services into advertisement; subscription, and by time slot into 20 seconds; 60 seconds; more than 60 seconds.
The low assurance that the advertisement will be viewed and effective is the major obstacle for the TV advertising market. Numerous individuals change the channel when an advertisement comes up during the show break. Additionally, individuals, these days use smartphones during advertisements until their show returns, which results in less consideration towards the promotions. According to a survey published by VIEO Design, 64% of the people find ads annoying and intrusive. For instance, recently after the merger of Vodafone and Idea, an ad commercial was released to announce the VI logo. Since the release of the commercial, it was aired on every single TV channel on a recurrent mode which led to irritation among the TV audience leading to less frequency of viewing of the ad. Thus, such factors restrict the growth of the TV advertising market.
Programmatic TV advertising is increasingly becoming popular in the TV advertising market. Programmatic advertising is the process of purchasing digital advertisements automatically leveraging algorithms and machines. It eliminates human intervention in the advertisement purchasing process, making it quick and less expensive. With the help of programmatic advertising, an organization can publish as many ads a company wants on as many platforms as they desire. Also, it addresses the requirement for expanded reach of ads as utilization patterns have changed among crowds. Programmatic advertising is associated with programmatic TV sets which allow the audience to watch OTT platforms on TV. For instance, when a person is watching a movie or show on a programmatic TV set, an ad appears in the video player itself. These ads are called in-stream ads which can run as many times as an organizer wants, thus, causing an increase in reach towards the target audience.
The increased use of over-the-top (OTT) media services is expected to drive the growth of the TV advertising market. OTT offers reach and retention as the video advertisement is 100% viewable and non-skippable. For instance, on OTT platforms such as Netflix, Amazon Prime Video, and Disney+, advertisements are non-skippable and is 100% viewed by the subscriber. These advertisements are known as Subscription Supported Video-on-Demand Services. When such ads are viewed by the audience, it reinforces the brand’s message. As per IPG Mediabrands Magna reports, OTT video ad spending is growing at a faster rate than any other channel and expected to reach $5 billion by the end of 2020. Thus, the increased use of over-the-top (OTT) media services is driving the market for TV advertising.
Major players in the TV advertising market are CBS (Columbia Broadcasting System), Comcast Corporation, Viacom Inc., Gray Television Inc., Sinclair Broadcast Group, Sun TV Network, The Walt Disney Company, Time Warner Cable, TV Today Network and Vivendi SA.
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