5 Connected TV Trends to Watch for in 2023
If you think that connected TV is still the same as it was in 2021, think again! A lot has changed since then, and there are some new trends to keep an eye on. Â These are the top five connected TV trends you should watch for in 2023.
Will Connected TV Continue to Grow in 2023 and Beyond?
The future of connected TV looks brighter than ever. By 2023, access to streaming services, such as Netflix and Hulu, will be easier than ever, with more people having the technology in their homes. This means that more content than ever before will be available for viewers to watch.
Moreover, with multiple streaming services competing for viewers’ attention, new technology is being developed that enhances the user’s experience with personalization options such as custom profiles and personalized recommendations.
It is clear that connected TV is becoming an increasingly popular choice for people looking for affordable entertainment alternatives – and all the latest data on connected TV growth only supports this!
Growth in Audience Enrichment Strategies to Enhance Distribution and Eliminate Gaps
As streaming services continue to rise in popularity, consumer expectations for high-quality content have now morphed into a need for personalized experiences. One connected TV trend to watch for in 2023 is the growth of audience enrichment strategies to enhance distribution and eliminate gaps.
This means that platforms and broadcasters will be attempting to understand the interests of their audiences to tailor their content delivery and marketing strategies. Therefore, we are likely to see more targeted advertising and programming tailored to individual needs on connected TVs.
Linear Advertisers Will Move to Streaming
This shift away from linear advertising is sure to be a boon for streaming networks, who, until now, have been unable to capitalize on lucrative advertising dollars. Â As competing networks, especially subscription-based ones, look for ways to increase profits, they’ll likely look towards long-time linear ad formats like product placements and sponsorship commercials as key focuses in their revenue growth strategies going forward.
Increased Growth of Disney+, Especially Compared to Other Platforms Like Netflix
Disney+ first came online in late 2019 and has since become a massive juggernaut in the streaming space, taking hundreds of millions of subscribers from around the world in just over two short years. Disney+ is already an incredibly successful streaming platform, and the future looks even brighter. 2023 is going to be a big year for Disney+, as it looks poised to outpace its competitors like Netflix in terms of growth rate.
Part of this success will come from Disney’s impressive line-up of content, which includes classic franchises like Marvel and Star Wars, as well as unique new shows. Not only that, but the platform offers an attractive price point that is significantly lower than Netflix’s prices. And finally, the company looks primed to leverage even more of its content releases to boost subscriber numbers and keep users engaged over time.
Free Ad Supported TV Services Will Really Take Off
Free ad-supported TV services will be a phenomenon to watch in 2023, providing viewers with a whole new way to access television content. Content providers have been developing these services, which offer streaming TV content with advertisements, accessible either via apps or even smart TVs themselves. This method of selling ad space supports free viewing while still generating revenue – something everyone can endorse.
Platforms Will Likely Focus More on Customer Retention Than Acquisition
By 2023, companies that provide streaming platforms and connected TVs may shift their focus from gaining new customers to retaining the ones they already have. Â This is because consumer demand for digital entertainment has already skyrocketed, meaning there’s a limited amount of potential customers left to acquire.
Instead, platforms will try to create loyalty by enticing viewers to stay with better deals, consistently fresh content, and innovative ways for them to watch what they want when they want it. Companies will strive even harder to cultivate engaged audiences so they can remain competitive in an increasingly crowded marketplace. With platforms increasingly catering to these demands, TV viewers can look forward to enjoying a better overall experience in the coming years.
Final Thoughts
It’s clear that connected TVs are experiencing a major transformation over the next few years as new technologies become available and consumer demand increases for high-quality content at an affordable price point. Ultimately, CTV marketing is a great way to reach audiences of all kinds and demographics, so don’t be afraid to meet these trends head-on as you develop your strategies for 2023 and beyond.
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