More than two-thirds, or 68%, of marketers and agency executives plan to increase their digital video ad budget spend over the next 12 months, according to the Digital Content NewFronts: Digital
Video Spend Study, a survey of 305 buy-side professionals conducted by Advertiser Perceptions and released today by the Interactive Advertising Bureau.
The buy-side expects greater digital video spend will come from increased ad budgets in 2015 and a shift away from broadcast and cable television. Two-thirds, or 67%, of survey respondents said that they anticipate their broadcast and cable TV ad budgets to stay the same or decrease in the next year.
The study also revealed that two-thirds of marketers and agency executives, or 67%, believe original digital video will become as important as original TV programming within the next 3 to 5 years.
In addition, 8 in 10 advertisers and agency executives who attended the 2014 NewFronts agree their participation resulted in more spending on original digital video content and motivated them to increase their 2015 budgets.
Of the study, IAB Senior VP of Research, Analytics and Measurement Sherill Mane said: “This study demonstrates unequivocally that digital video is a fierce competitor for advertising dollars. Brand advertisers and media buyers have been dramatically increasing their commitment to digital video, so all signs point up for this captivating form of storytelling as the industry rallies for the NewFronts.”