[eMarketer] Digital video ad spending overtakes TV ad outlays in Canada
Digital video ad spending in Canada reached a new milestone in 2020 when it overtook TV ad outlays for the first time. This was the culmination of a move by advertisers over the recent years to migrate to digital media.
Digital video format grew 10 per cent year on year in 2020 across video platforms including YouTube ads and outstream platforms like the ads appearing on social media feeds according to a forecast by eMarketer.
The phenomenal growth is attributed to explosion of social media ad units that has seen soundless autoplay ad formats become a buzz in user feeds. Outstream video on social platforms has positioned itself as a powerful substitute to TV in branding pursuits.
This momentum is predicted to continue in 2021, growing to CA$3.25 billion ($2.43 billion), representing a 15.2 per cent rise. The double digit growth will be sustained in years to come, with video formats accounting for a fifth of all advertising by 2024.