Global online video advertising revenue to grow from $70 billion in 2020 to $120 billion by the end of 2024, as per an Omdia report.
The report found that despite advertising being impacted by the pandemic and economic uncertainties, online video advertising continues to grow. 52% of online display advertising revenue will come from video by the end of 2024, as video consumption accelerates amid COVID-19.
With Facebook’s and YouTube’s “duopoly”, online video advertising revenue grew in 2020. Together, Facebook and YouTube account for 49% of total video revenues. Further, Facebook and YouTube are anticipated to boost online video advertising market share to 51% by the end of 2024 worldwide.
Online video ad revenues for broadcast groups will reach $19 billion by the end of 2024, compared to $8 billion in 2020. Total market share for broadcasters will increase by 4% to 17%.
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