Forrester report: Video ad spending expected to hit $103B in 2023

Advertisers will spend a staggering $102.8 billion dollars a year on video ads by 2023, according to a recent Forrester report. That number is up from $90.7 billion this year.

Forrester Analytics: Video Advertising Forecast, 2018 To 2023 (US) (subscription required) analyzed data collected from various sources, including its ForecastView service. Online video includes both free and paid streaming from web-based services, TV networks and social media.

There are a number of important lessons marketers can learn from this data.

Online video is on the rise, but don’t count TV out yet

Online video’s share of ad spending is expected to grow from 21.2 percent to 34.3 in 2032, edging out TV’s share. And the number of online video viewers in 2018 (200 million) is fast approaching the size of the TV audience (258 million).

Interestingly, 81 million will only watch video from a TV network’s website or app in 2018, but advertisers aren’t there. Only 10 percent of marketers are expected to increase their ad spending more than 6 percent next year. This leaves an opportunity on network sites and apps.

[Read the full article on MarTech Today.]

About The Author

Robin Kurzer

Robin Kurzer started her career as a daily newspaper reporter in Milford, Connecticut. She then made her mark on the advertising and marketing world in Chicago at agencies such as Tribal DDB and Razorfish, creating award-winning work for many major brands. For the past seven years, she’s worked as a freelance writer and communications professional across a variety of business sectors.