Two-thirds of marketers and agency executives expect original digital video to become as important as original TV programming within the next 3 to 5 years, according to a survey released by the Interactive Advertising Bureau (IAB) this week.
The Digital Content NewFronts: Digital Video Spend Study of 305 buy-side professionals comes as digital media companies show off their latest offerings to the advertising industry at the NewFront in New York in the vein of traditional TV networks’ Upfronts.
Digital video has been growing significantly, and shows no sign of slowing. Brand advertisers surveyed said they increased budget allocations for digital video by 90 percent over the past two years. In the next year, buyers expect to increase advertising budgets and two-thirds said broadcast and cable TV ad budgets are likely to stay flat or decline in the next year.
“This study demonstrates unequivocally that digital video is a fierce competitor for advertising dollars,” said Sherrill Mane, Senior Vice President, Research, Analytics, and Measurement at the IAB. “Brand advertisers and media buyers have been dramatically increasing their commitment to digital video, so all signs point up for this captivating form of storytelling as the industry rallies for the NewFronts.”
The industry has, however, faced challenges in its efforts to attract the big brand budgets that TV has enjoyed for decades. Marketers and agencies continue to look for effective sales and branding opportunities and digital video metrics that are consistent with TV, wrote the IAB in releasing the survey results.
The NewFronts are being held throughout New York City over the next two weeks.
Comments