CTV ad spend hits record-breaking $1 billion in June

Connected TV advertising broke records after ad spend reached $1 billion in June, according to a report by ad-research company Vivvix, formerly known as Kantar. The Google-owned platform generated $1.4 billion in ad spend across its properties. Based on this performance, Vivvax predicts that ad spend will continue to grow, particularly as non-linear properties continu to capture more viewership. CTV advertising is expected to grow by 13.2% globally in 2023 to $25.9 billion, according to GroupM’s mid-year forecast. "The market is fragmented, and CTV ad investment is mainly being drawn from existing budgets," said Alex Brownsell, WARC Media’s head of content, in a release.