(Image credit: Xumo)
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Source: www.nexttv.com, November 2023
84% of buyers expect to increase FAST spending in 2024
Free ad-supported streaming television (FAST) channels are gaining viewers’ interest and increasingly being incorporated into advertisers’ media strategies, according to a new joint report from Comcast Advertising and Xumo, the streaming joint venture between Comcast and Charter Communications.
The report found that nearly half of consumers regularly watch at least one FAST service, with FAST viewers using an average of 1.5 services.
In a survey, 56% of viewers said FAST channels are as good as cable channels.
News is the most-viewed genre on FAST, with a 39% share, followed by crime TV, with 17%; movies, at 10%; action and drama, 5%; sports, 5%; and game shows, 3%. Others accounted for 21%.
“Every month, FAST channels are attracting tens of millions of viewers due to the plethora of high-quality programming including content like local news, niche sports, themed movies, enthusiast TV shows, and more,” Marcien Jenckes, president of Xumo and managing director of Comcast Advertising, said. “The results of this research highlight how the advertising industry is responding to FAST, and their increasing interest in its monetization potential.”
The study found that 84% of FAST ad buyers expect their spending on such services to grow in 2024, with 48% of buyers saying they currently use FAST channels in their media planning and buying.
A majority of advertisers said they use FAST channels because they extend the reach of their campaigns. The study found that 88% of the highest-reaching campaign included FAST channels.
FAST channels already account for about 30% of total ad views.
After devoting more ad spend to the channel in 2023 compared to 2022, 84% of buyers think they will increase their FAST investments even more in 2024. Consumer interest and awareness continue to grow around the medium, which offers an engaging, TV-like experience at no cost — in fact, the study reveals, 94% of FAST impressions are delivered on the TV screen.
“I expect demand for FAST to grow in the coming years as pricing pressure on consumers from subscription streaming services mounts,” Megan Halscheid, VP, PMX Marketplace Intelligence at ad buyer Publicis Media, said. “More and more of the viewing audience will look to FAST to add to their viewing experience, making the format increasingly valuable to ad buyers.”
