Three-quarters (75 per cent) of brand marketers and ad agency executives anticipate that digital video will become as important to their business as television advertising within the next three to five years, and nearly half (48 per cent) have adjusted their budgets accordingly.
The findings come as part of IAB’s recent research into tracking the attitudes of advertisers towards digital video.
IAB found that the bulk of that increased internet spend is migrating from television budgets.
Nearly two-thirds of advertisers (65 per cent) predicting that they will spend more on online video advertising in the next year than they did in 2013 with the same number of respondents saying that they will help pay for digital video increases by shifting funds from television.
Almost half (48 per cent) of respondents think the increase in their digital video spend will be backed in part by an overall expansion in 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 and CEO, IAB. “The medium is already generating hit shows and cultural buzz, so it’s unsurprising that – as the study shows – advertiser budgets are following the eyeballs.”
297 buy-side executives were surveyed for the research, which was conducted ahead of The Digital Con-tent Newfronts conference.