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1 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR AUDIENCES COME TO PREMIUM VIDEO Q1 20192 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR CONTENTS Core observations: U.S. 3 Core observations: Europe 10 Author bios 19 Glossary and sources 20 AUDIENCES COME TO PREMIUM VIDEO Q1 2019 Video Marketplace Report Video is evolving. We are evolving, too. The VMR changed to the Video Marketplace Report for Q4 2018, reflecting our heightened focus on consumer and buy-side trends to complement our comprehensive monetization data. As we move into 2019, our data now tracks the growth of audience targeted campaigns that deliver ads to specific devices, households, or users. In addition, to align with industry definitions, we have replaced the term OTT devices with connected TV. The IAB describes connected TV as, “A television set that is connected to the Internet via OTT devices, Blu-ray players, streaming box or stick, and gaming consoles, or has built-in internet capabilities (i.e., a Smart TV) and is able to access a variety of long-form and short-form web-based content.” Moving into 2019, weve refreshed our data to include additional distributor platforms, therefore data points may not be directly comparable to the 2018 series. Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR CONTENTS3 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR Comprehensive Premium Video Data Q1 2019 CORE OBSERVATIONS: U.S.4 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR +48 % AUDIENCE TARGETED +20 % TOTAL MARKET CHART 1 AD VIEW GROWTH, U.S. Q1 2019 CORE OBSERVATIONS: U.S |TOTAL MARKET PREMIUM VIDEO CONSUMPTION CONTINUES TO INCREASE IN 2019, BUT THE INDUSTRY IS MOST EXCITED ABOUT THE GROWTH OF DATA-ENABLED AND ADDRESSABLE ADVERTISING. These types of campaigns allow advertisers to reach the audiences they desire, and allow publishers to more efficiently use their inventory. In Q1 2019, total premium video ad views grew 20%, while audience targeted campaigns that deliver ads to specific devices, households, or users grew almost 2.5 times faster. These campaigns are still relatively nascent: a sample of FreeWheel data shows that content targeted campaigns outnumber audience targeted campaigns 15:1. But, industry sentiment augurs well for continued growth in audience targeted premium video advertising. In a joint FreeWheelAdvertiser Perceptions survey 1 , buy-side respondents expect 60% of all Advanced TV buys to be audience targeted by the end of 2020, citing increased return on marketing spend as the key benefit. As targeting capabilities mature, it will become possible to reach specific households within desired audience segments with a precise ad frequency exposure. This solves for some of the limitations of traditional TV, which offers broad reach but an exponentially increasing cost for each new unique viewer. Precise audience targeting will also allow TV to drive value down the marketing funnel, from consideration to intent to purchase. Advertisers of large-dollar-value or sticky products and services with higher customer-lifetime value such as the auto and financial services industries should be especially interested in these capabilities. AUDIENCES COME TO PREMIUM VIDEO 1. 2019 FreeWheel / Advertiser Perceptions Thought Leadership Report 4 Buy-side respondents expect 60% of all Advanced TV buys to be audience targeted by the end of 2020 1 .5 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR Connected TV (CTV) is cementing its place as the platform of scale in premium video. In Q1 it constituted 45% of all ad views and grew 44% year-over-year, the fastest of any device. Mobile is the second largest device, accounting for 24% of all ad views. Of these ad views, over 90% were delivered on apps, as opposed to web browsers. The in-app viewing environment is optimized for the mobile screen and encourages authentication, which helps combat fraud and facilitates data-matching using log-in information. However, the cookieless nature of app based viewing requires newer forms of viewability verification and programmatic enablement that are not yet standardized. Only 3% of mobile web ad views were on live content, versus more than 40% on mobile app. This illustrates the enhanced viewing capabilities of the in-app environment. Over the past five years, set-top-box video on-demand (STB VOD) inventory grew rapidly as MVPDs enabled new dynamic ad insertion capabilities. However, for the second consecutive quarter, STB VOD inventory declined slightly, as consumers viewed video content in other ways. Audience-based advertising is growing rapidly and represents the next frontier for premium video. As data management and matching capabilities mature, premium video is becoming a full-funnel marketing solution, able to effectively compete with the wider digital advertising ecosystem. In addition to improving targeting capabilities, premium video is solidifying its high production quality and brand safety credentials, with over 85% of ad delivery now occurring on CTV apps, mobile apps and set-top-box environments. But industry players will need to innovate beyond browser-based methods of identifying, segmenting and targeting viewers to fully capture the value of these enhanced delivery environments. CHART 2 AD VIEW COMPOSITION AND GROWTH, BY DEVICE, U.S. Q1 2019 -16 % YOY Desktop 11 % +44 % YOY CTV 45 % +18 % YOY Mobile 24 % -10 % YOY STB VOD 20 % CORE OBSERVATIONS: U.S |DEVICE Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR 7 % Mobile Web 93 % Mobile App Over 85% of ad delivery now occurs on CTV apps, mobile apps and set-top-box environments.6 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR CLIPS (0-5MIN.) FULL-EPISODES (5+ MIN.) LIVE Content Format Composition Q1 2018 Q1 2019 9 % 61 % 30 % -9% YOY 7 % +11% YOY 57 % +45% YOY 36 % CHART 4 CONTENT COMPOSITION BY FORMAT, U.S. Q1 2018 vs. Q1 2019 59 % 2 % 39 % Connected TV CLIPS (0-5MIN.) FULL-EPISODES (5+ MIN.) LIVE CHART 3 FORMAT COMPOSITION BY DEVICE, AD VIEWS, U.S. Q1 2019 100 % STB VOD 27 % 36 % 37 % Desktop 50 % 9 % 41 % Mobile App 43 % 54 % 3 % Mobile Web CORE OBSERVATIONS: U.S |DEVICE & CONTENT7 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR Distributor Platform 64 % +53% YOY 36 % -10% YOY DIGITAL / IP STB CHART 5 SHARE AND GROWTH OF AD VIEWS BY DISTRIBUTION PLATFORM, U.S. Q1 2019 55 % Distributor Platforms +30% YOY Publisher Platforms +6% YOY 45 % Total Volume of Ad Views, U.S. CORE OBSERVATIONS: U.S |DISTRIBUTION8 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR CHART 6 SHARE AND GROWTH OF DIRECT AND INDIRECT DEALS, AD VIEWS, U.S. Q1 2019 Ad View Share by Programmatic Transaction Model* 13 % 87 % Exchange Programmatic Direct CORE OBSERVATIONS: U.S |TRANSACTION TYPE 80 % Direct +5% YOY Indirect +37% YOY 20 % Total Volume of Ad Views, U.S. *Based on a smaller sample set of data9 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR CHART 8 AD COMPLETION RATES BY AD UNIT AND CONTENT DURATION, U.S. Q1 2019 FULL-EPISODE LIVE CLIPS Mid-Roll 97 % Pre-Roll 86 % 89 % 71 % CHART 7 AVERAGE NUMBER OF ADS PER MID-ROLL BREAK, FULL EPISODES, U.S. Q1 2018 vs. Q1 2019 Distribution of Ads per Mid-Roll Break Q1 2019 by Device 110s BREAK DURATION 3.8 Q1 2018 AVERAGE 96s BREAK DURATION 3.4 Q1 2019 AVERAGE 3-4 ADS 49 % 1-2 ADS 31 % 20 % 5+ ADS 3.2 MOBILE 3.3 CONNECTED TV 3.7 DESKTOP 89 % CORE OBSERVATIONS: U.S |AD EXPERIENCE10 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR Premium Video Continues to Scale in Europe Q1 2019 CORE OBSERVATIONS: EUROPE11 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR CHART 10 AUDIENCE TARGETING AD VIEW SHARE & GROWTH, EUROPE Q1 2019 THE GROWTH OF PREMIUM VIDEO IN EUROPE REMAINS STRONG, WITH AD VIEW GROWTH UP 13% YEAR-OVER-YEAR. Publishers across Europe are using data to make premium video addressable for advertisers and agencies. Furthermore, publishers are increasingly optimizing inventory through the use of customer segments across video assets. As a result, audience targeted ad views grew four times above the market rate, +56% year-over-year. Contextually targeted campaigns still take the lions share, with three in four ad views targeted by content. Content has always served as a great proxy for marketers to hit the right audience, however, improved audience data across all endpoints creates significant opportunity for publishers and marketers. The ultimate goal is to simplify video buying across screens to ensure that a message reaches the right audience, at the right time, at scale. Channel 4 announced this month that over 70% of revenue for All4, its VOD service, is derived from advertisers buying against first-party registered user data 2 . Audience targeting is also adding another string to premium videos bow, by enabling advertisers to reach segments that are becoming harder to reach on TV at an efficient cost per additional cover point. Further driving the scale of premium video is the addition of more live inventory, with the share of live ad views now twice as large as that of Q1 2018. In terms of devices used to view live premium video, desktop leads with over 40% of live ad views. 2. ht tps:/ /mediatel.co.uk /newsline/201 9/06/06/ channel- 4 -to -launch-new-vod-ad- targeting-product/ PREMIUM VIDEO: ENGAGING & DELIVERING AUDIENCES 25 % OF CAMPAIGNS ARE AUDIENCE TARGETED +56% YEAR-OVER- YEAR CHART 9 TOTAL AD VIEW & LIVE AD VIEW GROWTH, EUROPE Q1 2019 +78 % LIVE AD VIEWS +13 % AD VIEWS CORE OBSERVATIONS: EUROPE |CONTENT & TARGETING Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR 1 2 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR Also of note this quarter are programmatic ad views, which are up 31% year-over-year, four times the rate of direct sales, as publishers strive to automate and drive efficiencies in the buying process. Premium video makes less use of programmatic channels than the wider digital video ecosystem, where 74.1% of digital video is traded programmatically 3 . The programmatic trading of TV has a long road to maturation, with TV buying still heavily executed in private deals and manual processes. The enabling of premium video inventory across STB VOD and CTV once again demonstrates the power of the big screen for both viewers and marketers. Big screen viewing accounted for the largest share of ad views, at 45%. Marketers are also attracted to premium video inventory due to the trusted, uncluttered and carefully managed environment, which allows advertising campaigns to stand out and drive results. Publishers continue to balance ad loads and user engagement to ensure this continues. Therefore, there is an ongoing drive towards shorter ad breaks. Total ad break durations are around 95 seconds and four ads per midroll break, with 42% of all midroll breaks containing two ads or less. As such, completion rates remain high at 86%. To conclude, premium video displayed strong ad view growth, particularly in audience targeted campaigns. Data-driven advertising is changing the way advertisers and publishers approach premium video, as a growing number adopt an audience first-approach. With continued improvements and advancements to the tech stack across multiple endpoints the outlook for premium video looks very promising through the rest of the year and beyond. CHART 11 AVERAGE NUMBER OF ADS PER MID-ROLL BREAK, FULL EPISODES, EUROPE Q1 2017 Q1 2019 4.8 Q1 2017 AVERAGE 4.6 Q1 2018 AVERAGE 4.0 Q1 2019 AVERAGE CORE OBSERVATIONS: EUROPE |AD EXPERIENCE Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR 3. ht tps:/ /w w w.iabeurope.eu/research-thought -leadership/ programmatic/iab-europe-report-european-programmatic- market-sizing-2017/ CHART 12 AD COMPLETION RATES BY AD UNIT AND CONTENT DURATION, EUROPE Q1 2019 FULL-EPISODE LIVE CLIPS 94 % Pre-Roll 83 % 77 % 96 % Mid-Roll 91 %13 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR STB VOD 93 % 7 % CORE OBSERVATIONS: EUROPE |DEVICE & CONTENT 80 % 8 % 12 % Desktop Connected TV 96 % 1 % 3 % 14 % 79 % 7 % Smartphone 80 % 5 % 15 % Tablet CLIPS (0-5MIN.) FULL-EPISODES (5+ MIN.) LIVE Q1 2018 Q1 2019 8 % 89 % 3 % -3% YOY 7 % +12% YOY 87 % +78% YOY 6 % CHART 14 CONTENT FORMAT COMPOSITION Q1 2018 vs. Q1 2019 CLIPS (0-5MIN.) FULL-EPISODES (5+ MIN.) LIVE CHART 13 FORMAT COMPOSITION BY DEVICE, AD VIEWS, EUROPE Q1 201914 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR CHART 15 LIVE AD VIEW COMPOSITION, BY DEVICE, EUROPE Q1 2019 CORE OBSERVATIONS: EUROPE |DEVICE DESKTOP CONNECTED TV SMARTPHONE TABLET 45 % 11 % 21 % 23 %15 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR CHART 16 AD VIEW COMPOSITION AND GROWTH, BY DEVICE, EUROPE Q1 2015 Q1 2019 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 +14 % YOY +11 % YOY +31 % YOY +6 % YOY 25 % 17 % 28 % 30 % DESKTOP CONNECTED TV STB VOD MOBILE CORE OBSERVATIONS: EUROPE |DEVICE16 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR CHART 17 SHARE AND GROWTH OF AD VIEWS BY SYNDICATION PLATFORM, EUROPE Q1 2019 85 % Owned & Operated +6% YOY Syndicated +27% YOY 15 % Total Volume of Ad Views, Europe Breakdown by Channel 88 % 12 % +31% YOY -6% YOY 91 % 9 % OPERATOR AGGREGATOR / PORTAL CORE OBSERVATIONS: EUROPE |DEVICE Q1 2018 Q1 201917 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR CHART 18 SHARE AND GROWTH OF AD VIEWS BY PROGRAMMATIC MONETIZATION, EUROPE Q1 2019 84 % Direct +7% YOY Programmatic +31% YOY 16 % Total Volume of Ad Views, Europe Share of Deal Type CORE OBSERVATIONS: EUROPE |TARGETING 2 % 98 % Exchange Transaction Programmatic Direct18 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR CHART 19 AVERAGE NUMBER OF ADS PER MID-ROLL BREAK, FULL EPISODES, EUROPE Q1 2019 Distribution of Ads per Mid-Roll Break 95s BREAK DURATION 4.0 Q1 2019 AVERAGE Q1 2019 by Device 2.7 STB 4.2 4.3 SMARTPHONE TABLET 3-4 ADS 20 % 1-2 ADS 42 % 35 % 5+ ADS 5.0 CONNECTED TV 5.3 DESKTOP CORE OBSERVATIONS: EUROPE |DEVICE19 Q1 2019 / FREEWHEEL VMR / #FreeWheelVMR AUTHOR BIOS Special thanks to: Xu Yao, Jasmine Noor, Anthony Ward and Arnaud Stebe HASAN IQBAL Senior Manager in FreeWheels Advisory practice and helps clients generate insights through data-backed analyses. His areas of expertise include market benchmarking and analysis, revenue strategy, and scaling of organizational capabilities. Prior to FreeWheel, Hasan was a strategy consultant with PwC Strategy & where he advised media and technology companies.REBECCA RANGELEY Head of Business Insight for our International Business. Through interrogation of our datasets, Rebecca ensures that the insights we generate for the International Business generate return on investment for clients. Prior to FreeWheel, Rebecca managed the Digital Insight Team at Sky Media in the U.K., delivering insights to drive Sky U.K.s advertising revenue for VOD, online and mobile applications. HALEY GLAZER Consultant in the Advisory Services team, working with media clients to deliver industry
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