Forrester first ever Asia Pacific online video forecast outlines trends in the key markets of China, India, Japan, South Korea, and Australia. We predict that the region’s video ad spending will increase from $21.3 billion in 2018 to $53.7 billion in 2023, growing at a CAGR of 20.3%. The video share in digital marketing in Asia Pacific is also expected to increase from 25% in 2018 to 38% in 2023.
Here are some key takeaways from the forecast:
- With short video’s growing influence and social media giants’ increasing investment on video ad products, the display share of online video ad spending is expected to decline from 68% in 2018 to 54% in 2023
- Mobile accounts for 69% of video ad spending
- China accounts for 75% of the total online video ad spending in Asia Pacific
In addition, Forrester also published a separate report on the growing popularity of TikTok and other short video apps. We forecast that short video ad spending will reach $6.5 billion in 2020, from $2.1 billion in 2018, growing at a CAGR of 25.5%. The report shares insights about TikTok’s growth, short video consumption in Asia Pacific, and how it will shape the future of social media.