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Meanwhile, the AVOD streaming market is set to double to $54bn by 2025.
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According to a new report released by WARC, Advertising spend on broadcast television (excluding political ads) fell by $34bn worldwide last year as the coronavirus paralyzed production and brands moved money into streaming platforms.
As the broadcast TV market ebbed last year, advertiser-funded video-on-demand services including platforms such as Hulu, Peacock, and YouTube saw brand investment rise by 9.9% to a total of $26.7bn.
Projections from Digital TV Research show that the AVOD market is set to double to a value of $54bn by 2025.
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Broadcast television advertising spend fell by $34 billion in 2020 amid the COVID-19 pandemic as brands shifted their investments to AVOD services, according to WARC.