Asia Pacific online video ad spend to reach $53.7 billion in 2023: Forrester Research
Online video ad spending in the Asia region will increase from $21.3 billion in 2018 to $53.7 billion in 2023, growing at a combined annual growth rate (CAGR) of 20.3%, according to Forrester Research.
The analyst group’s first online video report on the key markets of China, India, Japan, South Korea, and Australia also found that the video share in digital marketing in Asia Pacific is also expected to increase from 25% in 2018 to 38% in 2023.
Here are some key takeaways from the forecast:
With short video’s growing influence and social media giants’ increasing investment on video ad products, the display share of online video ad spending is expected to decline from 68% in 2018 to 54% in 2023
Mobile accounts for 69% of video ad spending
China accounts for 75% of the total online video ad spending in Asia Pacific
Forrester also published a separate report on the growing popularity of TikTok and other short video apps. The analysts forecast that short video ad spending will reach $6.5 billion in 2020, from $2.1 billion in 2018, growing at a CAGR of 25.5%. The report shares insights about TikTok’s growth, short video consumption in Asia Pacific, and how it will shape the future of social media.
(For more information visit https://go.forrester.com).