Stock trading volumes in the United States have soared over the last year and much of it seems to be driven by retail investors. With thousands of stocks to choose from, what factors influence investors’ decisions? In a new Cornell study, published Aug. 10 in Management Science, researchers show that advertising is one of the most noteworthy influences behind retail stock investing. Jura Liaukonyte, the Dake Family Associate Professor at the Charles H. Dyson School of Applied Economics and Management, and her co-author found that 15 minutes after a TV ad aired a number of investors sought out financial information about the advertiser.

This results in an average of a 3% increase in online searches to the Securities and Exchange Commission’s Edgar database of company filings and an 8% increase in Google searches.

The nature and timing of the ads made a difference. For example, commercials aired during prime-time hours and involving the financial sector sparked the strongest investor response. Ads for

pharmaceutical products and consumer staples also generated more interest.

Products with names that matched or shared similarities with the name of the publicly traded company itself spurred greater reaction. The most influential commercials were longer, aired first among several commercials during ad breaks, and surfaced in new – rather than long-running – campaigns.

“The evidence presented in our paper suggests that the advertising effect on investor actions is more immediate and far-reaching than has previously been documented,” Liaukonyte said. “The advertising-induced trading volume is less than 1% of the advertiser’s stock on a given day, but this increase is notable and isn’t an insignificant number.”

The study additionally explored a sample of 495 firms on Robinhood, the online trading platform, over 2019-20. These results indicate that the hourly turnover of retail investors holding a specific stock on Robinhood is 24% higher when a TV ad for that company is aired in that hour. This number rises to 28.7% for ads that were aired during live programs such as sporting events.

“One aspect that is surprising is that we found that television ads also trigger investor interest and subsequent trading in the advertiser’s closest rival, major suppliers and other firms,” Liaukonyte said.

Liaukonyte worked with Alminas Zaldokas, an associate professor of finance at the Hong Kong University of Science and Technology, on the research.

The study suggests that firms might benefit from placing more ads after releasing announcements about impressive financial performance or after their key competitors release positive financial performance results to counterbalance the increased investor attention targeted to rivals.




An overview of linear TV consumption and daily reach in Australia, Germany, the United Kingdom and the United States in Q2 2021.

  • Linear TV consumption and daily reach have fallen from their pandemic highs but remain above their pre-COVID levels.
  • Despite this, linear TV advertising spend does not show the same recovery.
Source: Samba TV

Linear TV consumption and daily reach have fallen from their pandemic highs but remain above their pre-COVID levels, according to data from smart TV devices from viewership data company Samba TV.

In Q2 2021, linear TV consumption has fallen for all four countries when compared to the number of minutes watched one year earlier. This ranges from a 5% decline in Australia to a 14% drop in the United States.

However, Q2 2021 consumption remains significantly above pre-pandemic levels. Linear TV consumption is up by 74% in the United Kingdom from Q2 2019 levels, with Germany seeing the smallest increase at a still substantial 28%.

Source: Samba TV

The same trend is visible in linear TV’s daily reach – all four countries have seen a double-digit decline when compared to Q2 2020. However, reach is higher in Australia (7%), Germany (6%) and the United Kingdom (4%) than the level before the pandemic.

Only in the United States is this not true, with daily reach being down by 9% from the level in Q2 2019.

Although connected TV audiences have grown in importance, linear content remains fundamental. As a result, some advertisers have been using video-on-demand platforms to achieve incremental reach.

Despite audience activity being above pre-pandemic levels, linear TV advertising does not show the same recovery. WARC Data forecasts a 11% decline in investment between 2019 and 2021 in the United States and a 2% drop in the United Kingdom and Germany. Australia is the only country to see TV ad spend grow, up 2% from 2019. Source:



The clients’ initial cautiousness disappears and TV ad autumn might be strong as indicated by the estimates of TV market development.

According to Nielsen Admosphere’s AdIntel monitoring, the volume of TV advertising got to its high this year in May and increased by nearly a third compared to last May. It was one tenth higher than monitored investments in TV ads in May 2019. In the first months of this year, TV ad investments were affected by TV advertisers’ cautiousness due to the pandemic situation, which was also seen in April. On the other hand, as mentioned above, this May was favourable to investments and could signal increased interest in the coming summer and autumn months.

“The first months of this year were significantly impacted by the pandemic and government measures that complicated sales of products and services of a number of advertisers. As a result, they had to redirect their communication to other goods or offerings, or postpone their investments to a later period after restrictions are relaxed. In spring, we also witnessed more frequent ad hoc campaign purchases than before. The structure of advertisers has also changed in part,“ says Jan Vlček, CEO of TV Nova, describing this year’s development.

In the first half of this year, the largest TV advertisers include retail chains, which have strengthened their positions, and some producers of fast-moving goods. The pandemic has brought a certain change in the structure of advertisers. Investments were increased by advertisers from the e-commerce and financial services sectors and for a number of them, it was their first step into TV.

The highest interest from advertisers is expected in autumn. It has traditionally been the key period for TV advertising and this year, it is likely to attract a portion of investments missed in the spring. “Moreover, a number of new clients appear in the market who have used other media so far that have no longer been sufficient. That is why we expect high levels of sold out inventory in the market, which will drive the advertising costs up,“ estimates Jan Vlček and adds that due to high demand for advertising, price increases can be expected next year. “The clients’ initial cautiousness slowly disappears and we think that with the expected strong autumn, we can also anticipate a year-on-year growth in TV investments,” said Vlček, estimating the overall development this year.

A strong May also raises expectations for summer months of this year. “We can see that an increased interest in TV advertising has been going on in June and we expect that summer will be no less successful. We notice a rather high portion of the TV market being sold out at the moment and we want to be ready to accommodate all market demand that other providers are no longer able to satisfy. For this reason, we have decided to enhance our programme in June and over the summer holidays in order to maximise our ad space and provide clients with exclusive ad breaks,” comments Nova’s head of sales on the forthcoming period. Unusually, Nova has launched a brand-new TV series “Co ste hasiči” and premiere episodes of the Kameňák TV series in summer, seeking to boost its summer programme.

Please note, that the significant year-on-year growth only applied to May. In the period from June to May 2021, the monitored increase in TV advertising is at 6%. In April, the volume was at a standstill (+0,3%), in May up 6%, in February down 7% and in January down 2% year-on-year.

The strongest entities by delivered GRPs for the first five months are Media Club (TV Prima, Óčko, Barrandov Group) with 51% (TG 15-54) followed by Nova Group (41%) and, falling behind, Atmedia (4%) and Česká televize (4%). 



The volume of TV ads expressed as the number of delivered advertising GRPs on Czech TV screens increased in May this year.

The volume of TV ads expressed as the number of delivered advertising GRPs on Czech TV screens increased this May. Compared to last May, it has grown by a quarter in aggregate year-on-year (+25%). The figure relates to the volume of GRPs delivered through TV spots and sponsoring. Although last May was affected by the first wave of the coronavirus pandemic, the comparison of this April and May shows that there is a growth in demand for TV space.

The highest increase in GRP as of this May is seen in the stations of Česká televize, which may only sell standard ad spots on ČT2 and ČT sport. Sports events, specifically the Ice Hockey World Championship, are one of the drivers of demand for TV advertising on public TV. A high year-on-year increase in GRP is also experienced by stations sold by Atmedia, and a two-digit growth was reported by the key players on the TV advertising market – Media Club (Prima, Óčko, Barrandov and other players excluding Atmedia) and TV Nova in May. 

Share of business networks in delivered GRPs (%), May 2021

Source: Nielsen Admosphere, TV spots and sponsoring

May developments indicate advertisers’ interest in using TV ads, which is expected to continue over this year’s autumn season. The two strongest commercial TV companies have announced preparation of several new programmes for this TV autumn. Given the statutory limits of time that may be used by operators for ad broadcasting, the pressure on TV ad space is likely to grow.  



The content landscape has changed dramatically as a result of the global pandemic.

Speaking at ANGA COM’s online International Content Summit, Nicole Agudo Berbel, chief distribution officer of ProSiebenSat.1, said that while it was really true that everyone was watching TV, how this was actually taking place varied dramatically according to age. “We have lots of young target groups watching our channels and the young target groups give you figures that show they’re using the smartphone, they spend more than 50 minutes on the smartphone, but 112 minutes still apply to the TV screen.”

Agudo Berbel said ProSieben was using the information to run 360 degree campaigns to help combine the two platforms.

The German broadcaster has also been taking advantage of the demand for local content, developing new shows for its most popular personalities.

Discovery’s Susanne Aigner agreed, adding that premium content was crucial for the competitive positioning of platforms. “It has a massive impact on production and the market of audiovisual content providers in general and is leading to some far reaching changes and upheavals here, especially in the consolidations that we’re currently experiencing”.

Aigner also dismissed the argument that there was competition between linear and digital. “It’s a coexistence of linear usage and digital usage. So we’re providing offers for different customers in different situations, in different usage situations. And when you look at the how things are being used by different target groups and the cohorts, you will see that that the tiniest number, tiniest number are the ones that are using linear exclusively. I think it’s like 15% between 20 and 29 year olds that are saying I’m not using linear at all anymore”.

David Bouchier, Chief TV and Entertainment Officer, Virgin Media, told online delegates that the move away from linear had accelerated during the UK lockdown, while at the same time viewing time was increasing.

“They’re watching those new services. So from our point of view, it’s finding that audiences that I think is the key challenging content. That audience, as we’ve heard from the previous speakers, particularly the younger audience, when we do research up to half of the subs, 35 year olds in the UK do not connect on a regular basis with the national networks, preferring instead to do it with YouTube.

Bouchier said this meant that more viewers were watching user generated content.



Global TV Group arms advertisers with latest TV effectiveness evidence from around the world. Research collection demonstrates how TV works in every market, for all customer objectives.

The Global TV Group, the informal grouping of TV companies and sales houses’ trade bodies in Europe, the USA, Canada, Australia and Latin America, whose common goal is to promote television, has released the first of three topical updates of its Global TV Deck planned for 2021.

The compendium gathers research summaries from various countries and covers critical studies as “The Halo Effect: TV As A Growth Engine” (VAB/Effectv), “Not all reach is equal” (Screenforce DACH/Karen Nelson-Field), “TV Drives Advertising Effectiveness that Lasts” (Accenture/thinktv Canada), “Profitability: The Business Case for Advertising” (Thinkbox/Ebiquity/Gain Theory) – and more.

In this collection, they will find, for example, research showing that:

  • Within the first fortnight of a campaign, TV delivers on average 23% of media-driven sales. (“Demand Generation” – UK)
  • TV is fundamental to Search, a strong driver of short-term sales demand (“Payback study” – AU)
  • Campaigns with a 70% to 90% coverage deliver the best possible impact in terms of contribution to sales and penetration. (“How Does TV’s Reach Impact Sales?” – ES)
  • Younger brands (three years or less) see the most significant impact of TV as they are establishing their story and identity in the market (“Halo Effect” – US)

This brand-new research collection is indispensable for marketers seeking to make the most informed decisions regarding their ad investments – illustrating how TV drives business outcomes and provides them with the best leverage for their marketing activities.

The Global TV Deck update can be freely downloaded on the Global TV Group website.

Sean Cunningham, President of The Global TV Group and CEO & President of the VAB:
“Advertisers choose TV for the most important role in their marketing plans, that of ‘lead outcomes-driver’. To best achieve the full range of business results – from quickly activating customer traffic at scale to securing brand loyalty beyond reason, whatever is most mission-critical to sales goals and brand goals should be trusted to TV.” 

The Global TV Group is an informal grouping of broadcasters’ and sales houses’ trade bodies in Europe, the USA, Canada, Australia and Latin America, whose joint objective is to promote television.

Alain Beerens – Marketing & Communication Manager, egta

Phone: +32 2 290 31 38 – E-mail:


Continued strong levels of consumption and an audience preference for its advertising means that diversifying media habits aren’t killing broadcast TV, says GWI’s Jason Mander.

Media consumption changes have attracted a lot of interest recently.

We’ve long known about the explosive rise of time spent on mobile phones (globally, GWI’s data shows an increase from about an hour per day spent on mobiles back in 2012 to more than 3.5 hours now).

We’re all very aware that social media now captures a significant chunk of time (almost 2.5 hours daily).

We all recognise that digital entertainment formats continue to become more prominent within the consumer’s life – with time spent on podcasts, music streaming and TV streaming all posting year-on-year growth.

Consumers are devoting their time to an ever-more diverse portfolio of devices and formats, so it can be tempting to assume that traditional formats must have lost some of their shine.

Mass digitisation during the pandemic has only fuelled these assumptions.

Now that eyeballs are spread across more screens and more places, how could longer-established formats continue to command the same level of attention? And, by extension, how could the ads they carry still wield the same efficacy?

It’s a logical theory, but what does the data say?

Diversifying media isn’t killing TV

Linear/broadcast TV has certainly been under pressure, with a gentle downward trend in the amount of time spent on it daily; the average global consumer now watches just under two hours per day, a decline of about 25 minutes compared to the early 2010s.

While almost everyone continues to watch at least some live broadcast TV, the devices that they’re using have diversified.

While a traditional TV set remains the top choice (64%), just over half of consumers globally are using alternative devices – with a mobile (33%), PC/laptop (25%) and then tablet (11%) being the most popular.

Meanwhile, a quarter of global broadcast TV users are not watching via a television set at any point in a typical month, a trend which increases in line with age to be twice as common among 16–24s as 55–64s. In turn, the notion of households sitting in front of their television for the evening has been challenged.

TV’s dominance can’t be ignored

Broadcast TV still accounts for more time than any other entertainment behaviour.

It also continues to post very high figures in some key demographics and parts of the world, particularly from an advertising perspective.

Consumers in the USA spend more time watching television each day than their counterparts in any of the other 46 countries tracked by GWI (nearly three hours daily – putting it considerably ahead of time spent on social media in the USA).

It’s reflective of broadcast TV maintaining a stronghold in North America and much of Western Europe.

By age, the ongoing power of linear TV among older groups is plain to see. Boomers still watch almost three hours of broadcast TV daily, three times the figure they spend on streaming.

Western countries have older population skews and there’s typically a disproportionate wealth distribution among older groups.

As long as boomers are a considerable force in the consumer market, TV will be one of the best ways of accessing this spending power.

Even among Gen Z – often seen as the trendsetters of media consumption behaviours – both formats capture equal amounts of time, at around 1.5 hours daily.

Very clearly, then, online streaming isn’t replacing broadcast TV.

Rather, consumers have a more diverse entertainment portfolio and this is driving increases in the overall time spent on media consumption.

The evolution of the formats and devices we engage with has opened up more times and opportunities across the day – but broadcast TV remains a fundamental part of our behaviours.

TV ads are the most favoured

Consumers have different tolerance levels for ads in various locations.

As we covered in part one of this series, GWI’s research shows consumers in the USA and UK feel that TV ads are less excessive than those found online, and much less intrusive.

In fact, when both positive and negative adjectives are combined into a composite score, we start to understand just how much more favourably TV ads are viewed compared to other ad formats.

This is a trend which transcends demographics.

By age, for example, TV ads come top for all groups but it’s among older segments where they establish the strongest positive differentiator vs other ad formats (and remember, this demographic are the heaviest engagers).

It’s a similar story among other audiences.

We see more positivity towards TV ads vs other media among those who are explicitly anti-advertising (avoiding it where they can) right through to those who are more positive towards it (feeling that they are represented in advertising).

Whoever your target audience is, they are likely to approach TV ads with greater relative positivity.

TV ads play by different rules

Clearly, TV ads are doing something right.

One way of exploring this is to dig deeper into the positive scores to see how they differ between ad formats.

When we do this, a plain distinction emerges: TV ads are appealing because they have the ability to entertain, whereas the other formats tend to be seen as beneficial when they provide relevant information.

We need to put this in context.

We live in a world where, like it or not, advertising isn’t exactly at the top of peoples’ interests and agendas.

The average person doesn’t spend their time looking for ads which catch their eye. Ads are something we live with, and we’re exposed to them throughout the day in many environments. Sometimes, they make a connection or a positive impression.

In their ability to entertain, TV ads have gained a level of acceptance which stands far above that of other formats, even among people who are actively avoiding any type of advertising.

The lower positivity scores for other formats and the need for them to be informative to make a positive impression tells us a lot.

It tells us that, while the other formats are still indispensable in any ad campaign, compared to TV their effectiveness is much more reliant on how strategically they’re used in the buyer’s journey.

Information needs will change at different stages of the journey and, seeing as irrelevant content is the third-leading cause of negative brand impressions caused by ads, the stakes are likely to be higher for these formats.

It also tells us that other formats can’t take the place of TV as the workhorse in brand building, and that while many advertisers might be hopeful for greater personalisation – even in more traditional media – this isn’t necessarily what people are crying out for in regard to TV ads.



Around a third of consumers say TV advertising is ‘entertaining’ (34%) and ‘informative’ (30%) – far more than the equivalent figures for social media advertising (17% and 19% respectively).

Why it matters

Despite growing levels of advertising investment, social media campaigns are most often called ‘excessive’ or ‘intrusive’ by audiences. The largest consumers of digital media are also most resistant towards targeted advertising, undermining one of the main benefits of digital campaigns.

The finding comes from an analysis of consumer attitudes to advertising, digital media, brand safety, and data-driven targeting in the UK and US, as measured by target audience company GWI in collaboration with WARC. 

The details 

  • Younger audiences want to connect with advertising on an emotional level, while older audiences look for product information.
  • More than half (53%) of consumers say an excessive number of ads negatively impacts their view of the brand.
  • Younger audiences are easily distracted online – one in two (49%) say they regularly switch between multiple smartphone apps.

Download a sample report here. WARC Data subscribers can read the report in full.



The ongoing coronavirus pandemic did not bring any significant fluctuations in the number of delivered GRPs to the advertising TV market.

The aggregate number of advertising GRPs delivered by TV in this first quarter decreased by 2% compared to the last year’s first quarter. It is a good result given the adopted measures against the coronavirus. The result includes classic TV spots and sponsoring. This is the outcome of Nielsen Admosphere’s data monitoring.

The development in the first three months of this year shows that the most favourable situation was in March when GRPs had grown year on year. March is also the strongest month of the first quarter. On the contrary, GRPs decreased most in February year on year.

Out of individual business groups, Media Club (Prima, Barrandov, Óčko and other) and TV Nova continue to be the strongest. 

Share of business networks in delivered GRPs, 1Q/2021



In a clear indication of the lay of land in today’s TV industry, research from advertising technology platform provider FreeWheel has found that after a decade of change, and as people’s consumption of media has fragmented across devices over the past ten years, many have returned to the living room to watch connected TV (CTV).

In the tenth anniversary edition of its US Video Marketplace Report, the Comcast subsidiary drew a timeline of events that have shaped TV’s last decade of growth, drawing on data and observations from past issues to highlight the transformative moments of the last 10 years and contrasting the history with data from the second half of 2020.

The report reveals just how much consumers have embraced their connected devices to view premium content and how the device of choice has evolved over time as distribution has changed. It showed that in the fourth quarter of 2012, 12% of video views were on devices other than laptops but in comparison, in the second half of 2020, non-desktop devices made up 84% of ad views. This represents a 7x increase in share.

FreeWheel noted that CTV has played prominently into this shift, as consumers have moved back to the living room to consume TV. CTV now makes up 62% of all measured ad views, with Roku and Fire TV contributing 72% of ad views, 43% and 29% respectively.

Looking back ten years to the growth in adoption of TV everywhere in 2011, the report showed how content – and, therefore ad views – have spread across devices. In the second half of 2020, TV everywhere (TVE) made up 40% of ad views, while streaming was not far behind at 38% of ad views measured. Meanwhile, ad views continue to soar: the report found that in H2 2020, overall ad views increased by 57% when compared to H2 2019.

The report looked at the journey of programmatic advertising, as marketers have sought to streamline their tech stacks and find greater efficiencies in media buying. In 2015, programmatic was just starting to gain traction in the video space. Programmatic transactions have since exploded, currently accounting for 24% of premium video ad views in H2 2020. The use of audience targeting has also accelerated, comprising 91% of ad views, split evenly between demo and behavioural segments.

“We’ve observed enormous changes in the TV industry over the past decade, making it critical that marketers stay on top of trends in distribution, monetisation, audience behaviour and ad experience,” said FreeWheel general manager Dave Clark commenting on the US Video Marketplace Report. “For the past 10 years, the Video Marketplace Report has become a trusted source for data, context and commentary into these changes. In observing this time frame, the big story has been fragmentation, but ironically, fragmentation of video viewing has brought viewers back to their living rooms as connected TV continues to lead the pack.”