Connected TV (CTV) ad spending in the U.S. is projected to hit nearly $21 billion this year, and will grow at an annual rate of about 23% through 2030, reaching about $100 billion that year, according to a report released last week by the Wall Street equities research team at BMO Capital Markets.
"The growth of CTV advertising is the answer to the No. 1 topic we’ve been asked over the course our career," BMO analyst Daniel Salmon writes in the report, adding, "When will the inevitable growth of internet advertising disrupt TV ad budgets? Defined as use of a television to stream video over-the-internet, CTV sits at the crossroads of advertising transformation, bridging the signature traditional channel (television) and the fastest-growing digital format (video)."
The report, which comes just after GroupM issued an update of the U.S. advertising marketplace projecting a new category it defines as "CTV+" would hit about $9 billion this year, and far surpasses estimates and forecasts published by many others.