New study from LG Ad Solutions highlights opportunities for brands to reach live sports viewers
LG Ad Solutions, a global leader in connected TV (CTV) and cross-screen advertising, has today released a new study titled "Stadium to Screen: Streaming Live Sports in 2024," which reveals a shift in how sports enthusiasts are consuming their favorite games – with streaming apps now dominating over traditional linear TV.
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Stadium to Screen: Streaming Live Sports in 2024 (Graphic: Business Wire)
The study highlights a significant surge in live sports streaming, with 74% of CTV users opting for streaming applications, a notable increase from 68% in 2023. Moreover, the data shows that 38% of users are utilizing three or more streaming services to catch their beloved sports action.
Major sporting events this year, such as the upcoming March Madness tournament and the 2024 Summer Olympics, are leveraging streaming to give sports fans the option of how they want to view their favorite competitions. In fact, the study found that intended streaming-only viewing for the upcoming March Madness tournament and Summer Olympics are expected to rise 29% and 21% YOY, respectively.
"Sports has long been a cornerstone of traditional TV, but we're now in the midst of a transformation in how fans engage with sports content," said Serge Matta, President of Ad Sales for LG Ad Solutions. “The recent Super Bowl, a pinnacle of American sports, broke records with audiences flocking to Paramount+ for streaming access and engaging with personalized experiences on Nickelodeon and Univision. There is a huge opportunity for marketers to engage with sports enthusiasts in ad-supported TV environments right now and we expect to see that continue to grow as more viewers make the leap from linear to streaming environments.”
The study, which surveyed over 850 adult US consumers in January 2024 to determine behavior and TV viewership preferences towards watching live sports, also reveals:
- Sports lovers are committed to more than just one sport: Among CTV users, viewers watch an average of 5-6 different sports, with 54% watching more than 5 hours of live sports per week. Top ranked sports include professional football (70%) and basketball (40%) – as well as college football, baseball, and college basketball (men’s and women’s).
- Consumer engagement extends beyond the game: 64% of viewers are likely to pay attention to ads while watching live sports. By category, Entertainment, Restaurants, Electronics, Travel, and Grocery/Consumer Goods garnered the highest consumer attention.
- But with great engagement must come great personalization: 74% of viewers wish TV ads/commercials during sporting events were more relevant to them, and 80% state they tend to remember those that are – with 67% expressing their desire to see scores and updates within the ads themselves.
- Top sports ad spenders need to adjust their strategy as audiences bounce between linear and streaming environments: The top ad spenders in sports this year span Automotive, Insurance, Entertainment and Restaurants, but as the sports viewer landscape becomes more fragmented across linear and streaming, advertisers will need to diversify their strategies to ensure they are meeting viewers where they are watching.
Matta continued: "CTV environments offer new opportunities for creativity and meaningful connections outside of the typical 30-second format. From countdowns to game time to QR codes for ordering official Olympic memorabilia, advertisers can enhance sports fans' experiences and foster deeper connections with consumers in a way they haven’t been able to before.”
For more information on LG Ad Solutions and to download the report, visit: https://lgads.tv/resource/stadium-to-screen-streaming-live-sports-in-2024/
About LG Ad Solutions
LG Ad Solutions is a global leader in connected TV and cross-screen advertising, helping brands find hard-to-get unduplicated reach at optimal frequency across the fragmented streaming TV landscape. We bring together LG’s years of experience in delivering world-class smart TVs to consumers worldwide with big TV audience data and Video AI designed to connect brands with audiences across all screens.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229805370/en/
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Sara Serbanoiu
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