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Marketers are continuing to shift ad spend to digital video, according to a new survey from IAB (Interactive Advertising Bureau). And social media platforms stand to benefit from this shift.
The IAB survey was completed in March 2018 by 350 brand marketers and media buyers who spend at least $1M annually on media advertising.
The average spend on video from the survey respondents was 59% of their total digital/mobile ad spend, which comes to an average of $20M spent annually on digital and mobile video by the group. Just over half of the respondents said their broadcast/cable TV spend will remain the same over the coming year, while two-thirds said they will be shifting a portion of their TV budgets to digital video.
Social media—specifically, Facebook—will be on the receiving end of the spending shift. At least half of the survey respondents plan to increase the social media spend in the next 12 months, which is the only channel to receive that much of an increase.
While over 80% of respondents said that original content video enables them to reach an audience that cannot be reached by TV, their spend on original videos has increased by only a small amount since 2016—from 43% to 47%.
Additional findings from the survey include:
