84% of U.S. advertisers to increase FAST investments in 2024Wednesday, November 8th, 2023
New Xumo and Comcast Advertising Report Finds 84% of Advertisers Will Increase FAST Investments in 2024 as Consumer Awareness and Usage Reaches New Heights
- Custom research reveals 3 in 5 FAST buyers use FAST’s niche programming to target specific audiences.
- Analysis also finds that 94% of FAST impressions are delivered on the TV screen.
NEW YORK — Today, Xumo and Comcast Advertising released a joint report, titled ‘The 2023 State of FAST’. This new report explores the growing usage of free ad-supported streaming television (FAST) among advertisers and consumers, and the role it is playing in multiscreen TV advertising plans today.
The report combines data insights from across Comcast Advertising and Xumo Play alongside custom research with advertisers and agency executives undertaken by Gavin Bridge, VP, Media Research at CRG Global and known in the industry as “FASTMaster.” The result is an in-depth and quantitative look at the current state of FAST in the U.S.
According to the report, advertisers are increasingly including FAST in their strategies in response to viewer habits: 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 continues 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.
“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,” said Marcien Jenckes, President, Xumo and Managing Director, Comcast Advertising. “The results of this research highlight how the advertising industry is responding to FAST, and their increasing interest in its monetization potential.”
Nearly half of advertisers surveyed said they are currently using FAST in their media buying and planning. They cited that a large factor in including FAST is the value it provides in helping them reach their audiences incrementally and more accurately; in fact, three in five FAST buyers use it to target a specific audience, and over half of advertisers use FAST because it extends the reach of their audience.
The report concludes with several predictions around the future of FAST, including the blurring between FAST and linear, the personalization of the user experience, and increased advertiser education as FAST continues to mature.
“I expect demand for FAST to grow in the coming years as pricing pressure on consumers from subscription streaming services mounts,” said Megan Halscheid, VP, PMX Marketplace Intelligence, Publicis Media. “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.”
The 2023 State of FAST is the first joint report from Xumo, a joint venture between Comcast and Charter, and Comcast Advertising, the advertising division of Comcast Cable.