Consistently improving the user experience across devices will be a key growth hack for the OTT sector in 2024. By integrating artificial intelligence and machine learning, platforms will aim to offer more personalized content recommendations, creating a curated journey for each viewer. The expansion of smart TVs and connected devices is expected to revolutionize the entertainment landscape further, introducing enhanced features such as voice commands, AI-driven recommendations, and cross-device synchronization. These innovations will contribute to an improved viewing experience, redefining our interaction with digital content.
ZEE5 is gearing up for this trend by prioritizing insights-driven strategies. As we step into 2024, our focus remains on understanding consumer sentiments, mapping trends, and identifying demands across markets. The future of digital entertainment is poised to be dynamic and captivating, promising a year where the boundaries of imagination and reality blur, delivering a cinematic experience beyond traditional storytelling confines.
On ad rates in the OTT sector
The year 2024 will be promising for the OTT sector, particularly in the realm of advertising. The surge in the AVOD sector is expected to play a pivotal role in driving the growth of ad rates. The trends indicate a substantial expansion, not only in India but globally.
The surge in the AVOD sector is driven by a strong demand for quality storytelling and premium titles. As viewers increasingly turn to OTT platforms for diverse and engaging content, advertisers find a unique opportunity to connect with the larger audience base. Notably, the AVOD growth narrative is fuelled by the soaring demand for quality content in regional languages, coupled with the popularity of ad-supported models, which contributes significantly to this expansion. ZEE5, in its stride, achieved a noteworthy milestone, recording an impressive 15 billion streaming minutes on AVOD between May and October 2023. This achievement reflects the evolving AVOD audience, showcasing a preference for the accessibility of free, ad-supported content.
The hybrid approach in 2024 will take the spotlight. By offering both ad-supported and ad-free plans, the industry is set to maximize user base and revenue potential. This isn’t just a win for budget-conscious viewers; it’s a golden opportunity for advertisers to connect with the engaged audience across age groups. Advertisers can unleash the full potential of precise targeting, data-driven insights, and customizable ad messages. As the OTT sector continues to evolve, Connected TV stands out as another significant potential area where a surge in eCPM is anticipated. This presents a compelling opportunity for us, given our substantial user base that actively engages with content on CTV platforms.
( The author is the Chief Business Officer at ZEE5)
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