67 Streaming TV Is Displacing Linear TV In just two years, streaming’s share of overall TV consumption increased more than 10 percentage points to 39% as of July 2023, surpassing the shares of cable and broadcast, respectively. Ad spend on connected TV (CTV) is following eyeballs and is likely to grow 17% in real terms at an annual rate, from $25 billion in 2023 to $73 billion in 2030. If so, ad spend on CTV should surpass that on linear TV in 2027. US TV Viewership Share* US TV Ad Spend** S Streaming Cable Broadcast Connected TV Linear TV R E M 45% U $80 S N 40% CO e 35% L im $60 A T 30% T I V G T 25% ns DI S io $40 U 20% l il f B O 15% $ e har10% $20 S 5% 0% 1 1 1 1 2 2 2 2 2 2 3 3 3 3 3 3 $- 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 23 - - - - - - - - - - - - - - - - - 2018 '19 '20 '21 '22 '23E '24E '25E '26E '27E '28E '29E '30E y l p v n r y l p v n r y l p v c Ma Ju Se No Ja Ma Ma Ju Se No Ja Ma Ma Ju Se No De *The share of streaming, cable, and broadcast do not add up to 100%, as we exclude the portion of consumption that Nielsen categorizes as “Other,” which includes time spent on unmeasured sources like video-on- demand (VOD), audio streaming, gaming, and other device use. **We define linear TV as traditional TV delivered via cable, satellite, or over-the-air. We define connected TV as streamed TV delivered over-the-top through smart TVs, streaming media devices, video game consoles, and other modern hardware. Sources: ARK Investment Management LLC, 2024. This ARK analysis is based on a range of underlying data from external sources,, including Nielsen, Insider Intelligence, and MAGNA Global, which may be provided upon request. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.