Report: CTV 68% of video impression share for auto ads
June 6, 2023
Among automotive advertisers, connected TV (CTV) now accounts for nearly 70 per cent (68 per cent) of global video impression share in 2022, an increase of 100 per cent compared to 2019 – with mobile and desktop steadily declining year-over-year (YoY). This is according to an automotive vertical benchmarks report released by Innovid, the independent advertising platform.
“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- customising a vehicle’s colour and trim, and identifying the nearest test drive location.”
The report analysed 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 per cent compared to 2021. Interactive CTV formats also saw a 92.9 per cent video completion rate, outperforming standard video by 2.9 per cent, with the highest engagement rate (0.9 per cent) among all other advanced creative formats – 200 per cent 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 per cent and above. Regarding engagement, however, 30-second ads proved superior with a rate of 2 per cent – 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 per cent and 201.8 per cent, YoY, respectively. Dynamic display had a 64.3 per cent higher lift than standard display.