Q4 2019

REACHING PREMIUM VIDEO AUDIENCES IN A HYPER-FRAGMENTED WORLD

The FreeWheel Video Marketplace Report highlights the changing dynamics of how enterprise-class content owners and distributors are monetizing premium digital video content.

The data set used for this report is one of the largest available on the usage and monetization of professional, rights-managed video content worldwide and is based on aggregated and de-identif ied advertising data collected through the FreeWheel platform.

In this edition, we have combined the U.S. and Europe sections, to create a more focused report and more easily compare and contrast markets.

#FreeWheelVMR

Q4 2019

CONTENTS

REACHING PREMIUM VIDEO AUDIENCES IN A HYPER-FRAGMENTED WORLD

5 A LETTER FROM THE AUTHORSTHE POWER OF VIDEO IN A FRAGMENTED ECOSYSTEM

7 2019 TIMELINEA LOOK BACK AT THE EVENTS THAT SHAPED THE INDUSTRY

10 FRAGMENTATIONVIEWER FRAGMENTATION

17 FRAGMENTATIONPUBLISHER /DISTRIBUTOR FRAGMENTATION

19 DEFRAGMENTATIONTHE MOVE TOWARDS SIMPLIFICATION

26 CONCLUSIONTHE PENDULUM SWINGS

27 BIOGRAPHIESABOUT THE AUTHORS

28 GLOSSARY AND SOURCES

4

A LETTER FROM THE AUTHORS

THE POWER OF VIDEO IN A FRAGMENTED ECOSYSTEM

In the past year, many of the forces driving change in the media industry came to a head. While TV remains the top leisure activity in the U.S. and Europe and the main tool of agencies and advertisers, the meaning of the word “TV” has never been less clear. Viewers have more choice and control over how they watch video than ever before. They can choose from thousands of different shows, watch on dozens of different devices, and create their own customized bundle of content. There are a multitude of different ad-supported and subscription services to help craft the ultimate television experience, combining linear and on-demand viewing to watch their favorite content on the best screen available.

Marketers face new challenges to efficiently and effectively reach desired audiences in today’s fragmented landscape, but these same new viewing behaviors also give way to new opportunities. As video viewing moves towards premium digital channels, viewers see fewer TV ads than in the past, making the ad impressions they do see increasingly valuable. Premium video completion rates remain high, averaging 90% and 93% in the U.S. and Europe respectively, giving brands a unique opportunity to connect with an engaged audience. They also have more avenues for reaching viewers and a greater ability to use data to reach desired audiences across devices and networks.

5 | FREEWHEEL VMR | Q4 2019 | #FreeWheelVMR

Publishers are managing the fragmented ecosystem in their own way. Industry leaders are investing billions in original content production as they fight for audience attention, experimenting with new forms of distribution, and using technology to better insert, sell, and measure targeted ads. In short, they are finding new ways to manage the balancing act they have always faced in premium video: maximizing the value of their content, delivering the most value to their advertisers, and optimizing the viewer experience.

While fragmentation in the media ecosystem has reached a new high, there are signs that the space is moving towards simplification. As highlighted in the timeline below there were many events that shaped the industry in 2019. The past year saw the announcement or launch of direct-to-consumer services from most of the major media companies. The year also witnessed significant media mergers. Major players in the premium video space also worked to simplify and improve their offerings for advertisers through consortiums and partnerships. In efforts to continue to simplify processes and maximize impact, 2019 saw increased adoption of programmatic and addressability. Throughout the past quarter and year, we have certainly seen the pendulum swing and move the industry towards defragmentation.

6

2019 TIMELINE

A LOOK BACK AT THE EVENTS THAT SHAPED THE INDUSTRY

JANUARY 2019 MARCH 2019 AUGUST 2019 SEPTEMBER 2019

Disney acquires 21st Century FOX

CBS acquires Viacom

Mozilla Firefox & Google Chrome begin blocking third-party tracking cookies

Viacom acquires PlutoTV

7 | FREEWHEEL VMR | Q4 2019 | #FreeWheelVMR

SEPTEMBER 2019 OCTOBER 2019 OCTOBER 2019 NOVEMBER 2019

Streaming services deliver a strong performance at the Emmy Awards with Amazon winning numerous awards for “Fleabag” and “Marvelous Mrs. Maisel”, and Netflix earning nods for “Ozark” and “When They See Us”

OpenAP Market launches, allowing advertisers to plan and buy campaigns across Viacom, NBCU, FOX & Univision

CCPA, originally passed in June 2018, is updated with five amendments, signed in preparation of a January 1, 2020 effective date

Disney Plus & Apple TV+ launched

8

FRAGMENTATION

VIEWER FRAGMENTATION

Viewers have more information and entertainment options to choose from than ever before but only so many hours in the day to consume content. In this way, the modern “attention” economy hinges on digital products’ ability to capture user interest.

When viewers choose to watch premium video, they are not merely choosing what to watch but also making a decision to select premium video over other leisure activities including eSports,

gaming, podcasts, and audio streaming. Yet around the world, premium video continues to grow. In the U.S., video views increased by 16.5% YOY, and ad views increased by 34.1%. In European markets, video views grew by 25%, and ad views by 18.6%. In both markets, live content is the fastest growing format in video views, growing at 62% and 37% in the U.S. and Europe, respectively.

CONTENT CHOICES MOUNT FOR AUDIENCES EVERYWHERE

10

CHART 1VIDEO VIEW AND AD VIEW GROWTH, U.S.Q4 2019

CHART 2VIDEO VIEW AND AD VIEW GROWTH, EUROPEQ4 2019

CLICK TO TWEET

CLICK TO TWEET

AD VIEWS

AD VIEWS

VIDEO VIEWS

VIDEO VIEWS

+34%

+19%

+17%

+25%

11 | FREEWHEEL VMR | Q4 2019 | #FreeWheelVMR

CHART 3CONTENT COMPOSITION BY FORMAT, U.S.Q4 2019

CHART 4CONTENT COMPOSITION BY FORMAT, EUROPEQ4 2019

CLICK TO TWEET CLICK TO TWEET

50%+67% YOY

4%+16% YOY

44%+62% YOY

4%+37% YOY

28%-2% YOY

58%+17% YOY

43%+12% YOY

88%+24% YOY

7%+10% YOY

7%+10% YOY

28%-7% YOY

38%+30% YOY

AD VIEWS AD VIEWSVIDEO VIEWS VIDEO VIEWS

12

CONSUMER COMPLEXITY: VIEWING HABITS ACROSS MARKETS AND DEMOGRAPHICS

As attention fragments across different types of content, audiences are also fragmenting, with different viewers watching content differently. While viewers aged over 50 spend at least 45% of their viewing/media time with traditional TV, those aged 18-34 spend half of all media time on mobile and Connected TV (CTV)1.

According to research from Deloitte, younger generations are more tolerant of ads than older generations on both traditional TV and live TV streaming services. In the study, Gen Z, Millennials, and Gen X traditional TV viewers describe the “about right” amount of advertising per hour of

video content as 8.53, 8.38, and 8.61 minutes, respectively, compared to Boomers and Matures’ ideal ad time of 6.60 minutes. Whereas Boomers describe 14.94 minutes of advertising as too much, Gen Z will tolerate up to 17.02 minutes of ads in an hour of content. Across generations, those watching streaming television are more tolerant of ads than those watching traditional TV. For example, when watching a live TV streaming service, Matures feel 7.18 minutes of ads is “about right,” compared to 6.60 on traditional TV. Gen Z streaming viewers feel 10.61 ad minutes is appropriate, compared to 8.52 on linear2.

CHART 5FINDING THE “ABOUT RIGHT” RATIO OF ADS TO CONTENT: LIVE TV STREAMING SERVICE VS TRADITIONAL TV CONSUMERS WEIGH IN2

In an hour of video content, how many minutes of advertising do you feel is just the right amount? How many minutes are too many for you to consider watching?

CLICK TO TWEET8.5

17.0

GEN Z

10.6

18.7

Defines the Generations in the survey as follows: Generation Z: Born between 1997 and 2004. Millennials: Born between 1983 and 1996. Generation X: Born between 1966 and 1982. Boomers: Born between 1947 and 1965. Matures: Born in 1946 and prior.ABOUT RIGHT

LIVE TV STREAMING SERVICE

TOO MANY

TRADITIONAL TV

8.6

16.7

GEN X

9.8

17.6

8.4

16.0

MILLENNIALS

9.9

17.9

6.6

14.9

BOOMERS

6.7

15.1

6.6

15.6

MATURES

7.2

15.4

13 | FREEWHEEL VMR | Q4 2019 | #FreeWheelVMR

TRENDS IN DEVICE USAGE ACROSS GLOBAL MARKETS

From 2017 to 2019, the percentage of U.S. households with an enabled internet-connected device or smart TV grew from 51% to 65%3. Similar growth in Europe indicates the CTV market share will also increase as consumer viewing habits shift from a bias of set-top box (STB) viewing. Premium video ad views grew across devices, but CTV drove the bulk of growth, increasing 53% in the U.S. in Q4 2019 compared to last year, and by 43% in European countries. Connected device preferences vary across international markets. More U.S. households use Amazon Fire TV or Roku, while different European markets prefer Amazon Fire TV and Smart TVs.

14

CHART 6AD VIEWS BY CTV DEVICE, U.S.Q4 2019

CHART 7AD VIEWS BY CTV DEVICE, EUROPEQ4 2019

CLICK TO TWEET

CLICK TO TWEET

CTV MARKET SHARE +53% YOY

CTV MARKET SHARE +43% YOY

43% ROKU

16% ROKU

24% FIRE TV

24% FIRE TV

12% SMART TVS

18% SMART TVS

9% APPLE TV

2% APPLE TV

3% CHROMECAST

7% CHROMECAST

0% OTHERS

22% OTHERS

9% GAMING

CONSOLES

10% GAMING

CONSOLES

47%

19%

15 | FREEWHEEL VMR | Q4 2019 | #FreeWheelVMR

IP-enabled distributor platforms scaled faster than publisher-owned and operated (O&O) platforms throughout 2019 in all markets. In both markets, syndication grew YOY in ad views, growing at 15% and 17% in the U.S. and Europe, respectively.

CHART 8SHARE AND GROWTH OF AD VIEWS BY SYNDICATION PLATFORMQ4 2019

CLICK TO TWEET

TOTAL VOLUME OF AD VIEWS, U.S.

TOTAL VOLUME OF AD VIEWS, EUROPE

47%-7% YOY

96%+20% YOY

53%+15% YOY

4%+17% YOYPUBLISHER PLATFORMS

DISTRIBUTOR PLATFORMS

FRAGMENTATION

PUBLISHER /DISTRIBUTOR FRAGMENTATION

Publishers are increasing their investment in content across genres in an effort to thrive in today’s “attention economy.” Top media companies, such as Disney/Fox and NBCUniversal, will spend a total of nearly $95 billion in 2020 on content production4.

Sports is by far the most watched video genre, with 47% of viewers aged 18-25 and 49% of viewers aged 26-36 watching more

sports than other digital video content5.

In both the U.S. and Europe, TV audience

ratings for sporting programming is

predicted to grow faster than any other

category between now and 20236. In 2019,

eight of the top 10 live telecasts in the U.S.

were sports7. Digital platforms, such as

Amazon, Facebook and YouTube, compete

for the rights to sporting events.

Whereas some franchises are licensing their content rights, others are using their ownership to distribute content directly. Formula 1 launched F1 TV across more than two dozen markets. Sports programming like F1 and football on Sky are premium offerings that drive subscriptions in the same way hits like “Game of Thrones” on HBO drive subscriptions for premium entertainment content.

THE NUMBER OF CONTENT PROVIDERS INCREASES, AS DO CONTENT BUDGETS

17 | FREEWHEEL VMR | Q4 2019 | #FreeWheelVMR

18

DEFRAGMENTATION

THE MOVE TOWARDS SIMPLIFICATION

The TV ecosystem is fragmented, but the industry is looking at ways to break down silos and roll out new solutions quickly.

PUBLISHERS JOIN FORCES TO SIMPLIFY AND IMPROVE TV ADVERTISING

The past year saw mergers and partnerships across the industry, as companies look to build broad libraries of content to win over audiences and scale to deliver to advertisers. The year’s significant mergers include

Viacom acquiring PlutoTV in January 2019, Disney acquiring 21st Century Fox in March 2019, and CBS’ acquisition of Viacom in August 2019.

In terms of partnerships, the European Broadcaster Exchange (EBX) is one example of a joint venture founded by Mediaset (Italy and Spain), ProSiebenSat.1 Media (Germany), TF1 Group (France) and Channel 4 (United Kingdom) to address the demand for brand-safe environments and high-quality pan-European online video campaigns at scale. Other examples include the OpenAP Market, launched in October, which allows

advertisers to plan and buy campaigns that run across Viacom, NBCU, Fox and Univision, improving scale, reach and targeting capabilities for advertisers; and Project OAR, a consortium that includes Freewheel, NBCUniversal, Discovery, Disney, CBS, AT&T, AMC Networks, and others working to enable addressable TV advertising. In January 2020, Project OAR debuted its linear dynamic ad insertion technology for Smart TV at the Consumer Electronics Show (CES). Also of note, Salto, the French streaming offering from broadcasters France Télévisions, TF1 and M6, is scheduled to launch in Q1 2020.

19 | FREEWHEEL VMR | Q4 2019 | #FreeWheelVMR

PROGRAMMATIC ADOPTION INCREASES THROUGHOUT MARKETS

Although programmatic accounts for just 24% of premium video impressions in US Q4 2019, it is growing fast—50% YOY. In Europe, the bulk of buys are still conducted directly: programmatic transactions accounted for 13% of buys in Q4 2019, but it continues to grow —23% YOY. Increased adoption is due, in part, to suppliers investing in technology and partnerships to reduce fragmentation in the programmatic space.

With programmatic TV buying gaining speed across formats, buyers, sellers and vendors alike are looking for ways to ensure transparency and improve efficiency. One way to streamline processes and ensure buyer confidence in programmatic buying is to use private marketplaces. Adoption of this buying strategy increased throughout 2019 in the U.S. and Europe.

CHART 9SHARE AND GROWTH OF DIRECT AND INDIRECT DEALSQ4 2019

CLICK TO TWEET

TOTAL VOLUME OF AD VIEWS, U.S.

TOTAL VOLUME OF AD VIEWS, EUROPE

76% DIRECT+6% YOY

87% DIRECT+19% YOY

24% INDIRECT+50% YOY

13% INDIRECT+23% YOY

20

THE FUTURE OF TV ADVERTISING IS ADDRESSABLE

Last year, more operators rolled out the ability to deliver different ads to different households while they are watching the same program, whether on live programming (linear addressable) or video on-demand (VOD addressable). The adoption of technologies that reach audiences where they are watching, dynamically-insert advertising, and measure delivery and post-impression behavior is the next iteration of advertising. That said, it is a departure for legacy TV buyers and sellers. Rather than selling against a platform, program or channel, sellers must focus on a targeted audience and emphasize scale and reach. Addressable solution providers are working to perfect their offering, and to streamline backend processes so they can combine linear and digital into one sell.

Addressability could power the future of TV advertising. Serving targeted TV ads to households is not a pie in the sky-type dream; it is happening here and now. While addressable TV accounts for just 3.7% of total U.S.8 TV ad spending in 2019, that is up from 1.4% in 2017, and will nearly double by 20219. In the UK, over 5% of watch time will be available through addressable TV by 2022. In Germany, for example HBBTV penetration gives confidence for a 20% predicted growth in addressable10.

21 | FREEWHEEL VMR | Q4 2019 | #FreeWheelVMR

CHART 10ADDRESSABLE TV AD SPENDING, U.S.8

2016 - 2020

CLICK TO TWEET

2016

$0.76

$1.22

$2.54

$3.37

2017 2018 2019 2020

BILLIONS

$2.06

22

CHART 11AVERAGE EXPECTED GROWTH IN DIGITAL AD SPENDING IN 2020 ACCORDING TO AGENCIES IN GERMANY, BY FORMAT9

PERCENT CHANGE VS 2019

CLICK TO TWEET

Source: Fachgruppe Online-Mediagenturen (FOMA) and Bundesverband Digitale Wirtschaft (BVDW), “FOMA Trendmonitor - Große Trends in Online Media” in cooperation with Organisation der Mediaagenturen (OMG), Sep, 12, 2019

21% DIGITAL AUDIO

10% DIGITAL VIDEO (ALL DEVICES)

20% ADDRESSABLE TV

9% PAID SOCIAL

15% DIGITAL ADVERTISING

FOR RETAILERS

5% SEARCH

14% DIGITAL

OUT-OF-HOME

1% DISPLAY

13% NATIVE ADVERTISING

8% TOTAL

23 | FREEWHEEL VMR | Q4 2019 | #FreeWheelVMR

24

In Q4 2019, campaigns that engaged in addressable advertising increased by 48%, compared to 2018. Advertiser demand is growing across the board but indexes particularly high for Entertainment & Media and Auto industries.

Buyers and sellers are enthused about emerging audience targeting capabilities, as technology, data processes, and business agreements fall into place. Nielsen’s Addressable TV Platform is in beta with numerous partners testing linear addressable TV advertising across A+E, AMC, CNS, Discovery, FOX, NBCU and WarnerMedia, and is expected to debut in time for the 2020 Upfront season.

On the FreeWheel stage at CES, Kay Vizon, Director Media Services at Kroger explained

that there is increased onus on brands to rely on data to better understand their audience and to buy media more effectively so they can stretch their budgets further. Vizon explained Kroger has embraced audience-based planning, in which they identify and focus on the customer segments with the greatest potential for generating a return. Addressability “allows us to target those segments in a first party way... and tailor the umbrella message so it is much more relevant for them,” she explained.

Publishers are also encouraged by addressable’s potential. Kim Kelleher (President of advertising sales and partnerships for AMC Networks) states.“...Addressable TV offers the targetability of digital with the scale and brand safety of linear...”

Addressable TV’s continued growth depends on a few factors. The industry will need to

bring together scale that comes from broad adoption, sophistication through easy and privacy-compliant data-enablement, and simplicity through common technical and business methods. Moving forward, the industry will place significant emphasis on determining how to best enable addressability when the content owner and audience-data owner are not one and the same. Solving this challenge is of particular interest to programmers that are newly able to replace ads in their linear streams, but need the audience data to target effectively. The industry is also focused on evolving data privacy regulations and developing solutions that are at once effective and compliant. In a survey by IAB, “government regulation and the threat of regulation” was the top-cited concern among data users11.

CHART 12AUDIENCE SEGMENT SHARE OF TARGETED CAMPAIGNS; TARGETED AD VIEW GROWTH, U.S. AND EUROPEQ4 2019

CLICK TO TWEET

AUDIENCE SEGMENT TYPE*

71%BEHAVIORAL

29%DEMO

*’Demo’ audience segment types are those that target based on age and gender, ‘Behavioral’ audience segment types are those that target more advanced segments such as auto intenders, sports enthusiasts, etc.

AUDIENCE TARGETED AD VIEW GROWTH

+48%

25 | FREEWHEEL VMR | Q4 2019 | #FreeWheelVMR

CONCLUSION

THE PENDULUM SWINGS

This is the golden age of TV for viewers. By marrying the immersive power of the big screen with digital targeting and measurement capabilities, we are also ushering in the golden age for TV advertisers. Addressable TV and programmatic TV ad spending will grow 5x by 202112. Brands across categories will be able to identify audiences at scale, deliver them ads, and measure on the back-end so they have a full funnel of audience delivery.

TV may be fragmented, but emerging solutions will allow advertisers to target desired audiences at scale, no matter where, what, and when they are watching.

26

HANNA TRAN

Manager in FreeWheel’s Advisory practice, based in San Francisco. Her areas of expertise include change management analysis, operation strategy, and scaling of organizational capabilities. Prior to FreeWheel, Hanna worked in the financial services industry at Goldman Sachs.

PATRICK HAIRE

Consultant in FreeWheel’s Advisory practice. His areas of expertise include yield management and monetization. Prior to FreeWheel, Patrick worked in yield management at Turner on the CNN Digital Portfolio, and in ad sales at Discovery Communications.

JAMES HAVELOCK

Manager in FreeWheel’s Advisory practice based out of London. His areas of expertise include rights and content workflows and their commercialization including expertise in their underlying processes. Prior to FreeWheel, James focused on delivery workflows at CTS and Ooyala as well as content workflows at the Financial Times.

ANTHONY WARD

Consultant in FreeWheel’s Advisory practice. His areas of expertise include data sourcing, analytics and insights. Prior to FreeWheel, Anthony delivered solutions including their underlying architecture in the programmatic space.

BIOGRAPHIES

ABOUT THE AUTHORS

27 | FREEWHEEL VMR | Q4 2019 | #FreeWheelVMR

GLOSSARY

Ad Completion Rate – Measures the percentage of ads that were completed once started

Addressable TV – Addressability is a form of personalization that optimizes relevance and timing to deliver effective brand engagement at scale. It is a means of connecting your product, content, or offer with the people who would be most interested in it.

Ad View – An impression that is accrued after the first frame of an ad is displayed

Aggregator – A high-traffic content aggregator, for example AOL or MSN

AVOD – Advertising video on demand business model

Connected TV (CTV) – A television set that is connected to the Internet via OTT devices, Blu-ray players, streaming box or stick, and gaming consoles, or has built-in internet capabilities (i.e., a Smart TV) and is able to access a variety of long-form and short-form web-based content

Content Vertical – Content genre, e.g. news, entertainment, sports

Deal ID – Unique deal identifier of a programmatic transaction that can be used to match advertisers and publishers directly

Direct-sold – Advertising deals made directly between a publisher and an advertiser

Distributor – A party other than the content rights owner that manages the platform upon which content and advertisements are delivered

Dynamic Ad Insertion (DAI) – Process of dynamically inserting ads into a content stream, such that different ads can be inserted into the same ad break

FreeWheel Council for Premium Video (FWC) – Serves the interests of those in the premium video industry through leadership positions, research, and advocacy to promote the premium video economy

Hybrid broadcast broadband TV (HbbTV) – Global initiative aimed at harmonizing the broadcast and broadband delivery of entertainment services to consumers through connected TVs, set-top boxes and multiscreen devices

Impression – Occurs each time an ad is displayed. Synonymous with “ad view”

Inventory – An ad opportunity. A piece of inventory is filled by an ad impression

Linear – Traditional broadcast, cable, or satellite television

Long-tail – Small scale/niche content aggregators

Mid-roll – An ad break that occurs in the middle of content

Multichannel Video Programming Distributor (MVPD) – Provides pay

TV services delivered either through broadcast satellite or cable TV. Examples include Comcast and Verizon

New Living Room – The same high-quality TV content that was traditionally consumed in the living room is experienced today by the same audience through a multitude of screens and locations

Operator – Provides pay TV services in the EU, functioning similarly to MVPDs in the U.S. Examples include Sky UK, Sky Germany and SFR

Over-the-top (OTT) – Viewing content delivered over an internet connection. Typically seen as OTT Device, which includes devices like Roku, Apple TV, Connected TVs, etc.

Over-the-top Device (OTT Device) – Viewing content delivered over an internet connection on a TV streaming device, including devices like Roku, Apple TV, Connected TVs, etc.

Pre-roll – An ad break that occurs before content starts

Premium Video – Video content that is professionally produced, rights managed, and limited in supply

Programmatic – The use of automation software or managed services to execute an advertising deal

Programmer – U.S. publishers that generate the majority of their advertising revenue from linear TV

services and offer a diverse content mix in digital environments as well

Publisher – Producers or syndicators of content. This can be programmers or digital pure- plays

Server Side Ad Insertion (SSAI) – Technology that enables the stitching together of video and ad content prior to delivery to the player.

Set-top Box Video On Demand (STB VOD) – Accompanies a cable/broadcast/satellite setup. Contains a cable input and outputs to a TV. Integrations via FourFronts STB VOD and Canoe Phase III

Simulcast – A digital stream of a live event that is simultaneously broadcast on linear TV

Syndication – Viewing that occurs outside of a publisher’s Owned and Operated properties or primary platforms

TV Everywhere (TVE) – Apps that allow viewers to access content over the internet by logging in with their MVPD subscription credentials

Video Start – Accrued after the first frame of video content is displayed. Formerly referred to as video view

Virtual MVPD (vMVPD) – Digital-only cable alternatives that offer access to both live and on demand premium video content for a subscription fee

28

SOURCES

[1] Nielsen Q1 2019 Total Audience Report Retrieved at: https://www.nielsen.com/wp-content/uploads/sites/3/2019/06/q1-2019-nielsen-total-audience-report-one-sheet.pdf

[2] Deloitte Digital Media Trends. Retrieved at: https://www2.deloitte.com/us/en/insights/industry/technology/digital-media-trends-consumption-habits-survey/shifts-streaming-highlights-over-the-top-video-appeal.html

[3] Nielsen Local Watch Report: August 2019. Retrieved at: https://www.nielsen.com/wp-content/uploads/sites/3/2019/08/local-watch-report-aug-2019.pdf

[4] “Should Streaming Services Expect Razor-Thin Profit Models,” The Hollywood Reporter, November 2019. Retrieved at: https://www.hollywoodreporter.com/news/should-streaming-services-expect-razor-thin-profit-margins-1257572

[5] Grabyo Global Video Trends Report 2019. Retrieved at: https://about.grabyo.com/wp-content/uploads/2019/07/Grabyo-Global-Video-Trends-Report-2019.pdf

[6] S&PGlobal. Retrieved at: https://platform.marketintelligence.spglobal.com/web/client?auth=inherit#industry/tv_NetworksSummary

[7] Nielsen: Top TV Programs of 2019. Retrieved at: https://www.nielsen.com/us/en/insights/article/2019/tops-of-2019-television-2/

[8] EMarketer-Still Early Days for TV Ad Innovation. Retrieved at: https://www.emarketer.com/content/rampup-2019-early-days-for-tv-ad-innovation

[9] EMarketer - US Addressable TV Ad Spending. Retrieved at: https://forecasts-na1.emarketer.com/584b26021403070290f93a6f/585191890626310a2c186978

[10] EMarketer - Average Expected Growth in Digital Ad Spending in 2020. Retrieved at: https://chart-na1.emarketer.com/231069/average-expected-growth-digital-ad-spending-2020-according-agencies-germany-by-format-change

[11] IAB - The Outlook for Data 2019. Retrieved at: https://www.iab.com/wp-content/uploads/2019/03/IAB_The-Outlook-for-Data-2019_2019-03-04_FINAL.pdf

[12] EMarketer - US Programmatic TV Ad Spending. Retrieved at: https://forecasts-na1.emarketer.com/584b26021403070290f93a6f/5851918a0626310a2c186ab2

The FreeWheel Video Marketplace Report highlights the ways in which advertisers, publishers and distributors are using premium video content to drive advertising outcomes.

The data set used for this report is one of the largest available on the usage of professional, rights-managed video content worldwide, and is based on aggregated and de-identified advertising data collected through the FreeWheel platform.

More Information David Dworin, VP, Advisory Services ddworin@freewheel.com

Media Inquiries Dan Friedman, VP, Communications daniel_friedman@freewheel.com

Q4 2019