CTV in the UK: A Seismic Shift In Consumption and The Distinct Advertising Opportunity
Magnite’s new research report, CTV: The Future Forward – UK, identifies the shift in peoples’ viewing habits across the region, and identifies CTV as an imperative for advertisers as they formulate their media buying strategies for 2021 and beyond.
2020 was a year like no other – and the nature of events saw an acceleration of pre-existing trends in the growth of CTV consumption globally. In a time of limited face-to-face contact, the digitisation of communication, culture and entertainment saw a rapid uptick across all demographics – and this was mirrored in CTV as an increasingly preferred source for content.
Magnite surveyed 10,500 people across the UK, Germany, France, Italy and Spain (2,100 per market) and found that not only was this growing appetite for CTV consistent across the EU5, but that respondents also demonstrated an openness to advertising in this newer media environment.
Key Findings for the UK:
- Reach that rivals broadcast: There is widespread adoption of both SVOD and AVOD streaming platforms in the UK. 89% of respondents use a streaming service at least once a week and 74% use AVOD at least once a week.
- AVOD is almost as popular as SVOD: Usage levels of AVOD are nearly at parity with that of SVOD. Weekly SVOD usage averages 75%, while AVOD is at 74%.
- Advertising is not a barrier to adoption: 85% would prefer to watch advertising in exchange for free/reduced subscriptions, and 77% of SVOD users would switch to an ad-based tier of a paid service if it was available.
- The myth of subscription fatigue: The current average monthly subscription in the UK is £25, yet the maximum they would be willing to pay is £32.
- Viewers want a better ad experience: When watching CTV, viewers want advertising that is relevant for them – specifically:
- The show they’re watching (77%)
- Their hobbies and interests (75%)
- Related to their online searches (58%)
- CTV works hard for brands: 63% of respondents are highly receptive to ads and furthermore, 78% took action (search, recall, purchase, advocacy) after seeing an ad on CTV.
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