New global report from Innovid highlights sustained growth in CTV as automotive advertisers seek engagement and performance
NEW YORK, June 6, 2023 /PRNewswire/ — Among automotive advertisers, connected TV (CTV) now accounts for nearly seventy percent (68%) of global video impression share in 2022, an increase of 100% compared to 2019 – with mobile and desktop steadily declining year-over-year (YoY). That’s according to a new automotive vertical benchmarks report released today by Innovid (NYSE: CTV), an independent advertising platform for the delivery, personalization and measurement of converged TV across linear, CTV and digital.
“For an industry with purchase cycles spanning weeks and months – with hundreds (if not thousands) of advertising interactions across media channels – automotive brands are adapting how they reach and engage consumers in a fragmented video landscape,” said Dave Helmreich, Chief Commercial Officer at Innovid. “Embodying the best of linear and digital, CTV enables auto marketers to reach diverse audiences while providing the granular targeting, interactivity, and measurement necessary to engage with consumers at every step of their journeys, pushing them further down the sales funnel. With interactive CTV ad formats, auto marketers offer consumers the ability to engage with the ad experience- customizing a vehicle’s color and trim, and identifying the nearest test drive location.”
The report analyzed over 30 billion video advertising impressions from automotive advertisers served on Innovid’s platform in 2022 across devices (CTV, mobile, and desktop) to provide a holistic view of how automotive advertisers are leveraging video advertising and adapting media and creative strategies. Key findings from Innovid’s platform include:
- CTV Interactive ads drive performance: Interactive CTV impressions saw a significant increase among automotive advertisers, up 50.4% compared to 2021. Interactive CTV formats also saw a 92.9% video completion rate, outperforming standard video by nearly 3% (2.9%), with the highest engagement rate (0.9%) among all other advanced creative formats – 200% higher than standard video.
- Auto video completion rates don’t depend on length: Automotive video ads had the highest video completion rates (VCRs) of all analyzed verticals – and that performance was not limited to video lengths. From 10 seconds or less to 60 second video lengths, VCRs were 89.6% and above. Regarding engagement, however, 30-second ads proved superior with a rate of 2.0% – 6x greater than the next highest performing length of 15 seconds.
- Dynamic video and display drive performance: Automotive advertisers devoted more impressions to dynamic video and display advertising in 2022, with an increase of 164.8% and 201.8%, YoY, respectively. Dynamic display had a 64.3% higher lift than standard display.
For more information on Innovid and to download the full report, please visit here.
About Innovid
Innovid (NYSE:CTV) powers advertising delivery, personalization and measurement across linear, connected TV (CTV) and digital for the world’s largest brands. Through a global infrastructure that enables cross-platform ad serving, data-driven creative, and measurement, Innovid offers its clients always-on intelligence to optimize advertising investment across channels, platforms, screens, and devices. Innovid is an independent platform that leads the market in converged TV innovation, through proprietary technology and exclusive partnerships designed to reimagine TV advertising. Headquartered in New York City, Innovid serves a global client base through offices across the Americas, Europe, and Asia Pacific. To learn more, visit https://www.innovid.com/ or follow us on LinkedIn or Twitter.
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