Brand marketers and ad agency executives expect digital video to become as important to their marketing efforts as television advertising within the next three to five years, according to a survey released by the Interactive Advertising Bureau (IAB).
The survey states that 65% of advertisers said they will spend more on digital video this year than they did in 2013. The survey, measured against television advertising showed that two-thirds of the executives believed they will help pay for these budget increases by shifting money over from television. However, nearly half (48%) of respondents agreed that this increase in general will be backed by an overall expansion to their ad budgets.
“There is a clear need for a showcase and an upfront advertising buying opportunity for original digital video content,” said Randall Rothenberg, President of IAB.
The survey consisted of 297 buy-side executives which was conducted ahead of the Digital Content NewFronts; the annual upfront marketplace for the unveiling of and sale of advertising opportunities within original digital video programming.