Mumbai: MiQ, the world’s largest independent programmatic media partner for brands and agencies, unveiled its global Advanced TV research report, which surveyed 7,000 consumers and 1,100 decision-makers from brands and agencies across eight countries, including India, the US, UK, Canada, Germany, Australia, China, and Singapore.
The report reveals that 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 per cent. 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.
The report highlights the following trends in global TV consumption:
● Consumers subscribe to three streaming services on average
● 10 per cent of viewers jump from subscription to subscription based on what they’re watching
● 93 per cent of consumers are re-evaluating their subscriptions, and 33 per cent of those are looking at ad-supported platforms.
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 per cent of viewers often (or almost always) use a second screen while streaming videos or watching content on TV.
Viewership insights from India reveal that:
● Attention is split - 56 per cent of consumers use a second screen frequently when streaming videos or watching TV
● Price is more important to consumers than content - 42 per cent of consumers claim that cost is a bigger consideration on streaming platforms than content.
● Ad tolerance is high - 37 per cent 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 per cent of Indian brands and agencies anticipate a rise in their CTV marketing spend over the next 12 to 24 months
● 74 per cent of CTV advertisers measure the success of their campaigns through reach/frequency towards the intended target audience
Commenting on the global report, MiQ global commercial board member and managing director Siddharth Dabhade said, "Consumer and advertiser insights from our report indicate that connected 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 per cent 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.
To gain more insights on CTV advertising in India download the report: https://marketing.wearemiq.com/advanced-tv-report
