LG Ad Solutions joins Innovid's Harmony initiative to optimize CTV advertising

Three days ago, on October 24, 2024, Innovid (NYSE:CTV) announced that LG Ad Solutions has joined its Harmony initiative, marking a significant development in connected TV (CTV) advertising optimization. The partnership, revealed at Innovid's headquarters in New York, aims to enhance advertising infrastructure efficiency, transparency, and viewer experience across CTV and digital platforms.

According to Innovid's data, Harmony Direct launch partners experienced substantial improvements in advertising performance. Agency partners saw an average 8% increase in working media, while publisher partners improved yield by up to 15%, with average fill rates climbing from 90% to 100%. These improvements could translate to over $1 billion in immediate savings across the U.S. CTV market in 2024.

The Harmony Initiative, launched in April 2024, introduces two key technological components:

Harmony Direct streamlines guaranteed, non-biddable CTV media workflows by eliminating unnecessary technology intermediaries, reducing fees, and minimizing energy consumption. The system operates alongside industry partners including Assembly, CMI Media Group, Goodway Group, PMG, Roku, and Vizio.

Harmony Frequency, released in July 2024, represents the industry's first comprehensive frequency management solution for CTV and digital advertising. Currently in closed beta, this technology provides demand-side platforms (DSPs) with frequency intelligence across entire media portfolios before bidding occurs.

PMG, an early agency adopter, has implemented Harmony Direct across its client portfolio after successful trials with multiple quick-service restaurants and a national restaurant chain. According to Mike Treon, Video & CTV Strategy Lead at PMG, their initial campaigns demonstrated significant reduction in wasted spend and lost impressions through programmatic guaranteed deals.

The initiative addresses several key industry challenges:

• Infrastructure optimization at the system level
• Reduction in carbon emissions through improved energy efficiency
• Enhanced transparency and control mechanisms
• Streamlined viewing experiences for consumers
• Elimination of unnecessary technology intermediaries

The Harmony initiative's innovative approach to TV advertising technology recently earned recognition from AdExchanger, winning their award for "Most Innovative TV Advertising Technology." The initiative was praised for its commitment to maintaining an open TV ecosystem while avoiding previous digital advertising pitfalls.

Key Facts

• Announcement Date: October 24, 2024
• Stock Symbol: NYSE:CTV
• Average Working Media Increase: 8%
• Publisher Yield Improvement: Up to 15%
• Fill Rate Improvement: 90% to 100%
• Potential Market Impact: Over $1 billion in savings (2024 projection)
• Launch Date: April 2024
• Latest Product: Harmony Frequency (July 2024)
• Current Status: Closed beta for frequency management solution
• Key Partners: LG Ad Solutions, Assembly, CMI Media Group, Goodway Group, PMG, Roku, Vizio