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Streaming TV is projected to outpace linear TV advertising in 2024, experiencing a significant growth of 16% from the previous year to reach $62.9 billion, as reported by the Interactive Advertising Bureau (IAB). This growth positions digital video—which includes social media, connected TV (CTV), websites, and online video—to capture a 52% share of the advertising market, surpassing linear TV’s 48%.

From additional analyses by third parties, linear TV ad spending is expected to slightly decrease by single-digit percentages this year, potentially ranging between $58 billion and $65 billion. Since 2020, there has been a noteworthy shift from linear TV to digital video. In 2020, digital video held a 29% market share compared to linear TV’s 71%. Since then, digital video has gained an additional 20 percentage points, according to the IAB.

In terms of specific sectors, digital video ad spending is seeing substantial increases: consumer packaged goods are up 20% to $12.6 billion; retail has grown 30% to $7.4 billion; technology has increased 6% to $6.5 billion; entertainment/media has risen 7% to $5.9 billion; and pharmaceuticals are up 2% to $5.4 billion.

Delving into individual digital video platforms, the study estimates that CTV ad spending will grow by 12% to $22.7 billion. Social media video ad spending is expected to increase by 20% to $23.4 billion, and online video will see an 18% rise to $16.8 billion.

Within this evolving market, independent FAST (Free Ad-Supported Streaming TV) channels such as 30A Media are emerging as potent alternatives to larger platforms like Netflix, due to their competitive price points and targeted advertising opportunities. 30A Media, in particular, has gained recognition for offering attractive advertising spots that are both cost-effective and frequent, appealing to advertisers seeking to maximize their reach without the hefty price tag associated with bigger networks. This makes independent FAST channels like 30A Media an appealing choice for advertisers looking to leverage the dynamic and granular targeting capabilities of digital video advertising in a cost-effective manner.