With technology becoming more and more advanced, it’s no surprise that smart TVs are becoming increasingly popular. These televisions allow you to connect to the internet and access a range of different functions, such as watching movies, browsing the web, or even using apps.
And with more than 665 million homes around the world owning smart TVs at the end of 2020, it’s clear that this is a market that is only going to grow bigger and better.
Here are the latest forecasts – and a few ways you can leverage the power of smart TV to reach a bigger, better audience.
What is Connected Smart TV (CTV)?
What is connected TV and why does it matter for your business?
A Connected Smart TV, or CTV, is a television that is connected to the Internet and typically offers various interactive features.
CTVs usually have built-in WiFi and allow users to stream online content, as well as access traditional television programming. In addition, most CTVs offer a variety of apps and services that can be used to customize the viewing experience. For example, many CTVs come with apps for popular streaming services like Netflix and Hulu.
Other popular apps include weather apps, social media apps, and news apps.
CTVs also typically offer a variety of web-based features, such as the ability to search for online content, browse the internet, and check email.
In recent years, the popularity of CTVs has skyrocketed as more and more consumers are looking for ways to cut the cord and move away from traditional cable television.
What Are the Factors That Will Lead to the Increase in Demand of Smart TV?
The US smart TV market is expected to grow at a rate of 10.5% during the 2020-2025 period.
Why is that?
Although the impact of lockdowns and supply chain disruptions caused a slight dip in production starting in 2020, things are beginning to look up for the connected smart TV market as a whole.
There are a few causes leading to the recent and projected surge, particularly in the United States. More and more people are relying on streaming devices. With people stuck at home during the COVID-19 pandemic, online video streaming notably increased – which led to an increase in the demand for smart TVs.
The demand for smart TVs is rapidly increasing, leading to additional avenues for existing content creators to distribute more original content over the Internet through smart TVs.
Major players from all industries are working closely with streaming media player manufacturers to enhance their visibility. This, of course, contributes to rapid market growth now as well as in the near future.
There are a few things to watch out for in 2022 and beyond.
One is the release of innovative products like 8K TVs, 4K TVs, OLED, and QLED. As product prices go down, more consumers are turning to technologically advanced products like smart TVs. The 4K HDTV segment registered the highest volume share in 2020 and is expected to continue to grow in the next few years. Their popularity has led to continuously declining prices, something that makes them even more popular and in demand with consumers.
Current manufacturers are also working tirelessly to upgrade their offerings, adding new features to newer models for added convenience (yet another factor that is driving up the demand).
For example, WebOS by LG Electronics has features that make it possible for users to download applications from the store along with helping them to access online streaming applications. Many even have voice recognition tools that let viewers change channels without pressing buttons on a remote.
It’s easier than ever for users to access platforms like Hulu, Netflix, and YouTube, with other devices now offering access to applications like Google Play, Facebook, and Twitter.
Benefits of Leveraging Connected Smart TV for Your Business
Overall, leveraging connected smart TVs makes it easier than ever to stay connected and run your business more effectively – as well as to reach new audiences with streaming TV ads and other features.
As we move further into the digital age and more devices become connected, businesses need to understand and capitalize on this trend. If you haven’t already, now is the time to start developing a plan for how your business can take advantage of the growth in the smart TV market.
By following our tips for creating engaging content and using effective targeting strategies, you can create an ad campaign that resonates with viewers and drives conversions.
