“Audiences continue to migrate online, and online video viewing is growing rapidly, even as traditional television ratings shrink again after a one-off spike when lockdowns began in 2020,” Zenith said in its report. “Advertisers value online video as a means of maintaining reach while television declines, but it’s an effective form of brand communication in its own right.”

Zenith sees total TV spending in the U.S. shrinking 4% to $60.575 billion in 2021 from $63.4 billion in 2020. Zenith sees TV spending growing again in 2022 to $63.224 billion, but staying flat in 2023.