Connected TV (CTV) is now delivering dramatically superior returns compared to linear TV, while consuming far less budget, according to new performance data from incrementality measurement platform INCRMNTAL, based on nearly $2 billion (€1.8bn) in advertising spend. Research also shows CTV is also outperforming YouTube, and achieving a near-perfect efficiency benchmark in the US.

Unlike digital channels that rely on clicks, most Smart TVs aren’t clickable, making traditional last-touch attribution unfit to assess CTV’s true performance. INCRMNTAL instead applies incrementality-based measurement, using causal data science to isolate the real impact of CTV campaigns. This privacy-safe, always-on method revealed just how underestimated CTV’s performance has been when measured the wrong way.

In a head-to-head comparison, CTV generated 10 times more conversions than linear TV, despite using just 60 per cent of the spend.

The results, drawn from campaigns across more than 50 brands in industries including Gaming, Fintech, SaaS, and eCommerce, position CTV as one of the most efficient and scalable ad channels in the media mix.

“CTV is no longer just delivering reach, it’s reliably converting media investment into measurable business outcomes,” said Maor Sadra, CEO of INCRMNTAL. “This isn’t a test phase anymore, CTV is performing at every level of the funnel. The numbers speak for themselves: it’s no longer an emerging channel, it’s the performance engine of modern advertising.”

In addition to outperforming linear TV, the research reveals that CTV often delivers better ROI than YouTube. The video-sharing platform accounted for 2.5x more spend than other CTV platforms, yet delivered only 2x the conversions, suggesting that some advertisers may be overvaluing scale while overlooking more cost-effective opportunities across the broader CTV landscape.

CTV’s maturity is particularly evident in the US, which accounts for 76 per cent of global CTV ad spend. In this market, CTV achieves a 1:1 ratio of spend to conversions, representing a highly efficient spend-to-outcome ratio.

Vertical analysis showed that Fintech brands, which tend to diversify spend, saw CTV drive 12 per cent of total conversions, outperforming even some of their more established channels. In contrast, Gaming brands remain heavily skewed toward linear TV, a conservative approach that may be limiting their performance potential.

Seasonality insights added another layer to CTV’s strategic value. Unlike other channels, where conversions peak in December and January, CTV sees its highest conversion rates in November. This gives brands a unique opportunity to front-load Q4 campaigns and capture consumer attention before holiday saturation drives up inventory costs.
The study also confirms that CTV performance scales with investment. Advertisers that committed larger budgets to CTV saw disproportionately higher returns, while those underinvesting may be missing out.

“With CPA variance ranging from 0.5x to 5.5x depending on execution, advertisers who treat CTV as a marginal test channel are leaving serious performance on the table,” added Sadra. “CTV has proven it can scale with impact and it’s where marketers should be placing confident bets in 2025.”

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Categories: Articles, Connected TV, Consumer Behaviour, Markets, OTT, Research

Tags: connected TV, CTV, INCRMNTAL, linear TV, youtube