While US Connected TV (CTV) ad spend is projected to hit $37.95 billion in 2026, the cost of advertising on connected television actually declined by 12.3% year-over-year in June 2026, according to PPC Land. This unexpected deflation occurs even as the overall market expands, creating a complex environment for advertisers seeking audience engagement.

US CTV ad spend is projected to grow significantly, but the pricing for CTV inventory is declining and publisher engagement is falling. This tension reveals a market where increased volume does not equate to increased value per impression for individual publishers. Advertisers channel more funds into CTV, yet the underlying value of those impressions erodes.

The CTV advertising market will likely see continued consolidation. Major platforms will gain leverage as independent publishers struggle to monetize their growing, but less engaging, inventory. While overall programmatic CTV ad spend continues its upward trajectory, the benefits are not evenly distributed, favoring integrated solutions that offer perceived scale and efficiency.

Divergent Trends in Programmatic Pricing and Engagement

  • 51.0% — Overall US programmatic CPMs increased year over year in June 2026, according to PPC Land.
  • 12.3% — Connected television (CTV) pricing declined year over year in June 2026, according to PPC Land.
  • 51.0% to 37.0% — Publisher engagement rate fell in June 2026, according to PPC Land.
  • 50.4% — App inventory CPMs increased from April to June 2026, according to PPC Land.
  • 17.2% — AMP CPMs declined from April to June 2026, according to PPC Land.

These divergent trends segment the programmatic landscape, shifting value rapidly between ad formats and platforms. While most programmatic channels saw significant CPM increases, CTV experienced unique deflationary pressure. This suggests the substantial growth in total CTV ad spend, projected at $37.95 billion in 2026 by digitalapplied, is driven by increased inventory volume and advertiser demand, not an increase in the value or engagement of individual ad impressions. Declining publisher engagement, falling from 51.0% to 37.0%, becomes a critical factor in CTV's pricing pressure, indicating advertisers find less intrinsic value in impressions from a fragmented publisher base.