How OTT can be ‘on-demand’ ready
Authored by Arjun Singgh Baran and Kartk D Nishandar, Founders, GSEAMS
OTT: Playing a pivotal role in M&E
The onset of Covid-19 had a major impact on how we consumed content both in-home and outside, changing the dynamics of the media and entertainment industry with an upside down shift accelerating the OTT space on the forefront. While TV consumption surged as people spent more time at home, OTT continued its onward march, increasing its presence beyond Tier-1 cities. The growth in video streaming plays a pivotal role in the overall growth of the M&E industry in India. A huge base of consumers with an insatiable appetite for entertainment with a rich pool of storytellers and talent creating differentiated content contribute to make India one of the most exciting markets in the world.
OTT: A hot asset for every advertiser
The internet, smartphone penetration and smart TVs have given a huge fillip to the adoption of OTT platforms. Marketing spends have changed rapidly over time with OTT advertising gaining importance. Viewership is shifting from conventional TV to OTT and following this drift, OTT is becoming a hot asset for every advertiser. According to the FICCI-EY report, ‘Tuning into Consumer’, it is predicted that video OTT subscribing households will grow from 40 million to 60 million by 2024. This subscriber base is fast-growing and both traditional and new-age advertisers, across categories, are latching onto it to reach out to their consumers across the country. With a total ad spend for OTT platforms forecasted to exceed $300 billion and the global ad market over $700 billion, OTT becomes a top priority for advertisers to shift focus towards these entertainment mediums. Advertising on OTT is proving to be a benefit for advertisers as it allows them to advertise across multiple formats with content integration. With the increasing popularity of OTT platforms, advertisers will continue to explore these neo ad revenue channels to showcase their products and obtain suitable audience growth. This will help them to increase their marketing ROIs and also lead to higher conversion rates based on user behaviors and preferences.
OTT: Opened its door for film industry
Furthermore, the growth of OTT in the country has provided massive opportunities for new talent to share their stories with the world. In 2021, OTT streaming platforms saw films in regional languages, including their dubbed versions, gain big audiences. The emergence of OTT has disrupted the entertainment sector, making movie-watching convenient, accessible and affordable across a wider segment of users. OTT can help content reach millions of potential consumers.
From choosing which stars they want to watch, to which type of content across formats, experiences, and devices they find comfortable, the OTT space has given Indian consumers a never-like before control of their entertainment needs. A viewer-first approach will be the key to develop successful shows leading to an explosive growth in the OTT space. With the OTT space shining with many golden opportunities, the choice and preference of audiences will continue to see an upward trend, providing a strong medium for leading production houses, advertisers and broadcasters to propel their businesses.
DISCLAIMER: The views expressed are solely of the author and Adgully.com does not necessarily subscribe to it.