TV viewing habits have become more fragmented globally, with average daily watch time across linear TV and OTT being 2 hours and 53 minutes, and watch time on streaming platforms surpassing linear TV by 22%. According to Advanced TV research report by MiQ, Cord trimmers (those who watch OTT and linear), cord cutters (a little linear, mainly OTT), and cord nevers (OTT-only) outnumber those who only watch linear TV three-to-one globally.
With a clear shift towards streaming, marketers need to include Connected TV as a key pillar of their advertising strategy. The report also points out that consumers aren’t giving their full attention to just one screen; in fact, 45% of viewers often (or almost always) use a second screen while streaming videos or watching content on TV.
Advertising spends on CTV in India are projected to grow from $86 million in 2023 to $395 million by 2027 at a 47% CAGR and is expected to be the third largest TV advertising market by 2024 (CTV including YouTube).
The report further adds that viewers aren’t giving their full attention to one screen, as they often or almost always use a second screen while streaming videos or watching content on TV. Interestingly, a massive 82% of viewers in India interact and engage with an ad during TV programming. This is one of the highest engagement rates we’ve seen globally. These stats show that advertisers need to be truly omnichannel to reach audiences.
Viewership insights from India reveal that:
- Attention is split – 56% of consumers use a second screen frequently when streaming videos or watching TV
- Price is more important to consumers than content – 42% of consumers claim that cost is a bigger consideration on streaming platforms than content.
- Ad tolerance is high – 37% of viewers would consider a cheaper ad-supported streaming (AVOD) platform
Brands and media agencies are optimistic about increasing ad spends on Connected TV with:
- 59% of Indian brands and agencies anticipate a rise in their CTV marketing spend over the next 12 to 24 months
- 74% of CTV advertisers measure the success of their campaigns through reach / frequency towards the intended target audience.
45% of businesses or their clients in India are looking to advertise on CTV next year. However, only 38% of those who have been using CTV advertising would consider themselves a CTV ‘expert’. That’s partly because of the challenges related to creative service and pricing that advertisers face when planning and executing a CTV campaign.
On success of CTV in India, advertisers feel that factors like paying attention to attention data, and then using it to optimize campaigns. using eye-catching creatives, will ensure that marketers navigate the challenges, and make the most of CTV opportunities.
Commenting on the global report, Siddharth Dabhade, Global Commercial Board Member and Managing Director, MiQ, said, “Consumer and advertiser insights from our report indicate that Conected TV advertising is poised for robust growth in India. With the highest ad engagement rate in the world, CTV advertising presents a huge opportunity for brands to make an impact on the biggest screen in the household by taking a data-driven approach to TV planning and activation. Trends like cord-cutting and second-screening are on the rise, which implies that advertisers need to focus on mobile retargeting and competitive conquesting to supplement their CTV strategy.”
According to the report, only 15% of the respondents who have executed CTV ad campaigns consider themselves a CTV ‘expert’ owing to the cost and creative challenges advertisers face when planning and executing a CTV campaign.
Ad tech platform MiQ has unveiled its global which surveyed 7,000 consumers and 1,100 decision-makers from brands and agencies across 8 countries, including India, the US, UK, Canada, Germany, Australia, China, and Singapore.
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