The third quarter of 2022 wasn’t a great period for the TV advertising business. But it wasn’t such a bad one for the connected TV advertising business.

Sure, Roku reported a further slowdown in advertising revenue, but the CTV platform owner’s ad revenue still grew. Meanwhile, Disney, NBCUniversal and Paramount each reported year-over-year declines in ad revenue for their traditional TV businesses but increases on the streaming side.

In fact, traditional TV ad spending fell by 23% year-over-year in Q3 — and overall ad spending across media types dropped by 5% — whereas CTV ad spending rose by 39%, according to Standard Media Index, a research firm that compiles advertiser spending and pricing data from agencies.

“We are seeing clients be very conservative, potentially shifting to channels that have increased flexibility where they can cancel things if they need to,” UM Worldwide’s U.S. chief marketplace officer Stacey Stewart said on the Digiday Podcast last month.

The still-emergent state of CTV shows in the Interactive Advertising Bureau’s 2023 Outlook Survey with brand and agency respondents pegging CTV ad spending to increase by 23% year over year in 2023, more than any other channel.

Read more on Digiday.