• by Wayne Friedman , 4 hours ago

All digital video advertising spending -- connected TV (CTV), social video, and online video, including YouTube -- is projected to grow 11% this year to $81.9 billion, according to a new Interactive Advertising Bureau (IAB) report.

The advertising group says this is 20% faster growth than for the overall ad market. It also says social media video will grow at a faster pace -- by 13%, to $31.9 billion) than connected TV/CTV at 11% (to $29.3 billion) for the first time.

The IAB says 54% of the CTV increase in ad spend comes from linear TV, with 40% shifting from other traditional media, print and radio, for example. It also notes that 38% of budgets come from overall social media.

CTV has benefited from major events that have focused their spend on linear, with examples including the NBA on Amazon, NFL on Peacock and Netflix, and MLB across CTV platforms.

Digital video advertising is projected to have a 61% share of total annual TV/video spend, with 39% going to linear TV. This has increased from a year ago, when it was 58% for digital video and 42% for linear TV.

The biggest digital video advertising category is consumer packaged goods ($16.9 billion). This is followed by retail (at $9.4 billion), technology ($7.5 billion), pharmaceutical ($7.4 billion) and entertainment/media ($7.4 billion). Financial services and restaurants are each at $5.5 billion.