TV advertising is one of the leading advertising formats and has been an effective marketing medium. TV advertising is used by several companies to convey a message on television which typically promotes a product, brand, and service. As wide range of population around the world are engaged in televised content, TV advertising has become a favorite vehicle among all advertisers.
TV advertising is at its peak during major televised events such as the World Cup. It is majorly used to influence viewers’ purchase decisions. TV advertising also depends on local and national time slots where many of the ads are particular to selling products and services.
TV advertising market has been gaining high traction over the years directly influenced by the growth of global TV audience. Two main tasks involved in TV advertising are creating an ad that meets broadcast standards and placing the advertisement on television through targeted time slots to reach the desired customers. Despite the rapid penetration of internet in the recent times, television continues to remain a dominant entertainment medium in most households which in turn fuel growth of the TV advertising market.
There are numerous advantages of TV advertising including larger audience in short period of time, attentive viewers, and instant creditability to product, business, or service.
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TV advertising market is expected to witness a significant growth during major events like the Super Bowl and World Cup while their absence leads to slower growth in revenue. On average, world’s general population spends more than four hours in front of the TV which is a key growth driving factor of the TV advertising market. With the introduction of cable, costs of TV advertising became lowered, making it a reliable option for small as well as medium-size business. This has led to surge in the adoption of TV advertising services, thereby accelerating market growth.
However, advertising is pulling away from the TV due to increasing penetration of digital giants Google and Facebook which may negatively affect the growth of TV advertising market. In addition, digital media are seen to provide better data for brands to track if their ads are working which will possibly create hindrance in growth of TV advertising market.
Further, growing shift of audience from TV to over-the-top (OTT) viewing is changing the climate of TV advertising market. Nonetheless, the TV advertising market is anticipated to grow slightly in 2020 with Summer Olympics in Tokyo and US presidential election, but it is likely decline in the following years.
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TV Advertising Market Segmentation
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TV Advertising Market: Regional Outlook
North America is considered to be one of the major revenue contributors of TV advertising market with maximum value generated from developed nations such as the US and Canada. However, a drop in TV’s share of the US media ad expenditures and emergence of various OTT platforms are expected to negatively affect the TV advertising market in the region. The TV advertising market is likely to witness a robust growth in Asia Pacific, owing to mass urbanization couple with high spending capabilities.
Emergence of small as well medium-sized businesses in emerging economies such as China and India is estimated to propel growth of the Asia Pacific TV advertising market. Europe and Middle East will continue to be the lucrative regions for TV advertising market.
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