TikTok and YouTube are competing for digital video dominance in the TV space by utilizing short-form video beyond mobile phones. TikTok has recently added a new job for a Product Manager of user growth. This role will be responsible for advancing the social platforms’ Connected TV (CTV) strategy and growth. This newest job listing makes it clear that the platform is looking to rapidly accelerate their growth and is ramping up TikTok’s battle with YouTube to bring short-form video to TVs, with the key objective to capture more revenue in this lucrative channel.
Important Facts To Consider
TikTok has a growing presence in the CTV market and is clearly invested in seeing that presence expand based on their latest role addition. The app is already available on big players in the market, including Samsung, Fire TV, Vizio, and Google TV. However, YouTube has an advantage over TikTok. The YouTube app is pre-installed on almost every Smart TV in the market, whereas people may have to actively seek out TikTok’s app and download it.
YouTube has grown beyond mobile, as more people watch it on other connected devices. In 2022, connected devices will account for 36.4% of time spent with YouTube, and is forecasted to rise to 39.2% by 2024. For the first time ever, mobile will make up less than half of all YouTube viewership.
To compete with TikTok and Instagram Reels, as well as capitalize on connected device viewing trends, YouTube announced ‘YouTube Shorts’ in 2021; Shorts is a place to binge vertical videos under 60 seconds on YouTube. YouTube appeared to demonstrate a CTV-integrated interface for its YouTube Shorts content at a recent event.
Short-form functionality and user-experience on connected devices is still a work in progress. TikTok and YouTube’s foray into this space will help shed light on how well the format works and if it will become a scalable opportunity for advertisers.
According to Advertiser Perceptions, ad agencies will spend 53% more on CTV opportunities in 2022 than they did in 2021. Also, eMarketer forecasts CTV ad spending to total $18.89 billion in 2022 and $38.83 billion by 2026. This predicted growth coupled with the user growth that both platforms have experienced makes it clear that CTV enablement of all content options should be a business priority.
YouTube is no longer a mostly mobile platform anymore. US adults are spending more time watching on Connected TVs and less time watching on mobile devices.
With these stats, it’s no surprise that short-form video could become a powerful format across all screens.
With YouTube CTV viewership surging, TikTok seems to be following in their footsteps with their CTV app on supported Smart TVs.
Ongoing trends with connected devices will continue to forge new opportunities for media partners, ad agencies, brands, and the consumer.
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