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.
Media Contact
Caroline
Yodice
cyodice@daddibrand.com
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SOURCE INNOVID