How OTT promoting is driving a paradigm shift in digital model advertising
The OTT area is developing into a very valuable area for marketers to attract new, targeted target groups and to offer brands another way of increasing brand engagement
From Chanpreet Arora
Media consumption around the world is increasingly taking place in digital formats. Over-the-top video (OTT) has been one of the predominant forms of visual entertainment among consumers since the 2000s. With the outbreak of Covid-19, the popularity of OTT video skyrocketed even further. According to a recent report from TVision Insights, the time spent on AVOD increased from 9.3% in the first quarter of 2021 to 38% in the third quarter of 2021, driving advertisers to spend more.
Over the past few years, the OTT ecosystem has become more lucrative from the point of view of advertisers and marketers as the marketing community places bigger bets on how they spend money and integrates with these platforms that go beyond the regular places. Media owners like Voot are also capitalizing on this landscape and growth opportunities and continuing to innovate to ensure marketers can infer the ROI for every dollar spent.
Rise of digital IPs
In 2021, OTT platforms risked and experimented with all-digital IPs to offer viewers top-notch and exclusive content that would take engagement to the next level. Offering digital exclusive IPs to viewers increased viewership and time spent on the platforms, presenting brands with a promising range of consumer loyalty. Bigg Boss OTT was an evolving move that uniquely brought together entertainment and brands. The IP attracted new categories of brands to advertise and engage in in the digital space, as well as brands familiar with television to experiment with the OTT medium. With the Bigg Boss OTT success story as a case study, platforms have started proactively producing digital IPs that will further help them connect viewers with advertisers and marketers.
Focus on interactivity
Video is undergoing a transformation from a passive activity to an interactive activity. The OTT era is all about interacting and interacting with the audience. A handful of brands have built on interactivity as it allows them to better understand what their TG wants and needs. With the growing trend towards purely digital games and first-class concepts, OTT players are unleashing the power of fandom and bridging the gap between brands and consumers. OTT players enable brands to get in touch with viewers on a deeper level through interactive functions such as surveys, quizzes, play-alongs and voting. With OTT’s huge audience, interactive articles help brands connect with their core audiences through meaningful integrations. Brands, too, are now increasingly relying on premium platforms to take their interactivity game to the next level. With seamless technology solutions and a strong infrastructure, OTTs work to support brands and drive them to spend more.
Reaching your audience where they are while they are most vulnerable to your message is crucial. The importance of OTT advertising is already becoming incredibly clear to many marketers. With amazing targeting capabilities, OTT alone has enormous potential; However, when combined with Programmatic, it can be unstoppable and create the differentiator a brand needs to stay ahead of the curve. With the steadily increasing popularity of OTT platforms, programmatic advertising enables marketers to pursue an already successful advertising strategy and maximize its potential in real time. It improves opportunities by combining audience efficiency with greater reach, faster bids and purchases, and a truly personalized experience for users. As the demand for content on OTT platforms grows, Programmatic will evolve to work more efficiently for marketers and allow the industry to have more momentum on existing solutions and develop newer strategies.
The OTT area is developing into a very valuable area for marketers to attract new, targeted target groups and to offer brands another way of increasing brand engagement. Marketers who can effectively grasp the preferences of the OTT audience and the nuances of OTT video advertising will come first in the increasingly fierce competition for brand recognition and loyalty among consumers.
The author is Head-AVOD (Voot) of Viacom18 Digital Ventures. Views expressed are personal.
Also read: End of 2021: Online Gaming Industry Soars; sees investment increase 108% to $ 443.3 million in CY21
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