State of Digital Advertising 2024: OTT Snapshot

Consumers in the United States will spend more than 5.7 billion hours on over-the-top streaming (OTT) streaming services on mobile devices alone in 2024. And with the streaming space getting more competitive than ever, customers have become more discerning about which – and how many – subscriptions they can pay for each month. Cheaper ad-supported offerings can be a nice way for streaming services to provide a more budget-friendly option for cost-conscious consumers. Sensor Tower’s State of Digital Advertising 2024 OTT Snapshot report provides unique insight into the advertising space on Hulu, Peacock, Netflix, and more.

US OTT Ad Spend in 2024 Surpassed $10 Billion in August as the Holiday Season Approaches

United States OTT ad spend surpassed $10 billion in the first eight months of 2024, up 13% year-over-year. This was a continuation of strong growth — spend and impressions have climbed steadily since the start of 2022. Overall, US ad spend on OTT in the first eight months of 2024 grew faster than desktop and mobile display (+11% YoY) but a bit slower than social channels (+15%).

With the holiday season fast approaching, the most important time for OTT advertising in the US is coming up. Impressions and ad spend typically peak in Q4 each year. This year, ad spend on OTT is projected to approach $5 billion in Q4 2024.

The Paris Olympics Helped Boost Peacock's Market Share Among OTT Streaming Services

Marquee streaming events are still massive opportunities for streaming services. Peacock's US ad spend market share among OTT streaming services climbed from 6.8% in 2023 to 8.2% in the first eight months of 2024. No other streaming service matched this growth, though Hulu still led the way with 26.5% market share overall.

Peacock also saw the highest growth in mobile app active users during this period. During the summer Olympics, the mobile app averaged nearly 3 million daily active users (DAU), up 130% from its 2024 average prior to the Olympics. Peacock's average DAU for the entire Olympic period was roughly the same as its previous high on January 14th, 2024, with its exclusive streaming of an AFC wild-card playoff game.

Want More Insights on the Digital Advertising Ecosystem? Read the Full Report

Read the State of Digital Advertising 2024 Retail Media Snapshot report highlighting the advertising leaders across social, desktop, and OTT, spanning 11 countries in a dynamic, interactive format:

• Digital Advertising Overview - The latest advertising trends across categories, from shopping to travel & tourism

• Top Streaming Services - Discover which streaming services lead the way in ad impressions and which are achieving the fastest growth

• Top Advertisers - Find out which brands are advertising with top streaming services, from Hulu to Netflix

• Audience Insights - See how advertisers find their audiences based on varying viewer demographics for top US streaming services