Streaming Takes the Lead: 73% of U.S. Households Embrace On-Demand Content
Get ready for the future of TV! Experience the revolution with a 21% rise in CTV viewing hours. Dive into the latest streaming trends shaping the way we watch.
CTV Streaming is Growing Rapidly
The popularity of connected TV streaming is growing rapidly, with hours of CTV viewership increasing by 21% in May 2023 compared to May 2022. Various elements, such as the expanding range of streaming services, the rising favor for smart TVs, and the growing use of ad-supported streaming spur this increase.
Why This Matters to Marketers
The CTV growth of streaming is good news for marketers, as it provides a new and growing platform to reach consumers. It offers several advantages over traditional TV, including:
- More targeted audiences: Allows marketers to target their ads to specific demographics, interests, and behaviors.
- Better measurement: Offers a more accurate measure of ad impressions and reach.
- More engaging ads: CTV ads can be more engaging than traditional TV ads, as they can be interactive and personalized.
The Revolution: A Deep Dive into the State of Streaming in 2023
The tides of the television industry are shifting, and the latest findings from Comscore’s State of Streaming report for May 2023 shed light on the transformative trends that are reshaping the way we consume content. As we dive into these revelations, it’s evident that connected TV is at the forefront of this evolution.
A 21% Surge in Viewing Hours: According to Comscore’s data, May 2023 witnessed a remarkable 21% increase in connected TV viewership hours compared to the same month in 2022. This surge signifies a monumental shift in how audiences engage with television content.
The Streaming Surge Continues: Equally impressive is the continuous rise in the percentage of TV viewers who have embraced streaming. An impressive 73% of American households are currently streaming content, marking a substantial increase from the 69% recorded in 2022. This statistic underscores the increasing popularity of on-demand, personalized content delivery.
Why It Matters to Us: These statistics reinforce the importance of reevaluating advertising strategies. They make a compelling case for reallocating advertising budgets away from traditional linear TV and toward alternative avenues like Connected TV and online video. The growing reach, soaring Connected TV viewership hours, and advanced targeting capabilities of Connected TV make it evident that ad spending in this domain is poised for sustained growth.
The Streaming Zeitgeist: When we combine the hours devoted to Connected TV and online video, they surpass the hours spent watching linear TV from January 2022 to January 2023. This heightened competition for advertising dollars reveals that consumers are dedicating a staggering total of 131 billion hours (about 15,000,000 years) to CTV and another 125 billion hours (about 14,000,000 years) to online video.
Top Streaming Services: It might pique the interest of our readers to learn that the top six streaming services are now accessible to at least one-third of households in the United States. Stay tuned as we provide insights into their reach and the number of hours viewers dedicated to them in May 2023.
Share of the Spotlight: For marketers who value CTV’s precision in audience targeting, it’s crucial to understand where viewers are investing their time. Over the past year, Netflix has introduced ad-supported streaming options; however, their share of hours has dipped by 5%.
Linear TV’s Transition to CTV: Notably, traditional linear TV providers are adapting to this new landscape. Comscore’s research indicates that three CTV services offered by linear TV providers have secured places in the top ten for hours viewed per household, with Spectrum leading at 3%.
Smart TVs Take the Lead: Comscore’s insights also highlight the dominance of smart TVs in delivering C TV content. The number of households streaming content via smart TVs has surged by an impressive 23% since 2021.
Conclusion
The television industry is profoundly transforming, and Connected Television is at the forefront of this evolution. The CTV data from Comscore’s State of Streaming report paints a vivid picture of these changes. As we gaze into the future, it becomes evident that will persist in reshaping our content consumption habits and influencing advertisers’ budget allocations. Be sure to stay connected for deeper insights and ongoing updates on this ever-evolving landscape.
