Mumbai: In 2023, the CTV industry has undergone significant evolution, driven by factors such as increased internet connectivity and the rise of Smart TVs, with key trends like programmatic advertising and viewer engagement shaping its trajectory. Looking ahead to 2024, the industry is poised for continued growth, presenting both challenges and opportunities for advertisers and brands navigating this dynamic landscape.
Here is the year-end quote below on behalf of mediasmart VP India & SEA Nikhil Kumar
The evolution of the CTV industry in India has been nothing short of remarkable, marked by transformative developments and trends that are shaping its trajectory. CTV has well-established itself as a family-viewing phenomenon in India and the market continues to grow at an impressive speed on the back of three key pillars - evolved and highly engaged audiences; household co-viewing across demographics; and discovery to purchase and beyond.
With the proliferation of high-speed internet connectivity and affordable Smart TVs, more Indian households have embraced CTV as their primary source of internet-based content consumption. This shift has created a massive audience base for CTV platforms, making them an attractive proposition for advertisers looking to reach a highly engaged audience. There’s also an increasing demographic of cord-nevers for whom CTV is the first touchpoint for content consumption.
Key trends & opportunities:
1. Programmatic advertising on CTV has emerged as a game-changer in the digital advertising landscape, revolutionising how advertisers buy and deliver ads on the big screen. As customers seek more personalized ad experiences, programmatic-led advertising on CTV promises to offer precision targeting with advanced data-driven insights to offer meaningful ads to the viewers. The promise of enhanced segmentation, personalization and measurability on programmatic CTV will drive both advertisers and the supply side to embrace CTV advertising. Further, as brands look to integrate consumer journeys across devices and media platforms, programmatic-based CTV will offer the automation and scale needed to unify the advertising impact.
2. Viewer engagement on CTV has substantially transformed how numerous Indian households access and enjoy content. Content has remained king in the CTV space, and Indian viewers have shown a growing appetite for original series, movies, and live sports on CTV platforms. Streaming services have responded by investing heavily in producing content that resonates with the diverse tastes and preferences of Indian audiences. This trend is expected to continue in 2024, with CTV platforms vying to capture a larger share of the Indian content market. OTTs are one of the most consumed categories on CTV, which continue to bring in more eyeballs than before. Whether it was the free streaming of the Football World Cup and IPL on Jio Cinema, or the ICC Cricket World Cup on Hotstar, today some of the most exciting tournaments reach the viewers via digital medium of CTV streaming. With more than 46 OTT apps, we anticipate more advertising opportunities for brands to reach and connect with their potential customers. We also anticipate an increase in the adoption of CTV advertising among advertisers with the further growth of AVOD services that will open up new revenue streams.
3. Personalization and data-driven advertising have played a pivotal role in the evolution of the CTV industry and will continue to guide advertising in 2024 as well. On mediasmart, we’re already seeing the success of how technology like Household Sync can equip advertisers with the right tools to target different people in the same household to improve ad efficiency. Going into 2024, personalization of ad experiences to target cross-screen audiences without overwhelming the user will require the use of advanced analytics and machine learning algorithms to understand viewer behaviour and preferences better.
4. We anticipate even more sophisticated data-driven strategies, with CTV platforms focusing on delivering highly personalized content and advertising to viewers. As we look to 2024, personalised ad experiences on CTV via QR code feature and interactive ads will further build user engagement with advertising messages. Both engagement-led content (interactive shows such as Netflix and Man vs Wild’s Ranveer Singh special interactive episode), as well as engagement-led advertising, will continue to grow as brands seek to establish meaningful connections with their potential customers.
5. Lastly, one of the most pivotal opportunities for advertisers on CTV is expected to be around integrating consumer journeys in the realm of omnichannel advertising. As CTV becomes an integral part of consumer’s media consumption habits, it offers advertisers a unique opportunity to bridge the gap between their digital and traditional advertising efforts across mediums. With CTV, advertisers can engage users on the big screen and prompt action on mobile devices. The integration of CTV with mediums like Digital Out of Home (DOOH) will also help advertisers to create a consistent brand experience and drive users to the nearest store, thereby converging the online experience with offline sales. This seamless integration allows for a holistic advertising strategy that ensures a unified brand message and maximizes the impact of each touchpoint, ultimately driving better engagement and ROI for advertisers in 2024 and beyond.
In conclusion, the CTV industry in India has evolved significantly in 2023, driven by increasing adoption, content innovation, personalization, and data-driven advertising. As we look ahead to 2024, the industry is poised for continued growth and transformation, but limitations around competition and infrastructure need marketers in the CTV space to remain agile, adaptive, and forward-thinking to capitalize on the opportunities. The Indian CTV industry is on an exciting trajectory, and those who can innovate and meet the evolving needs of both viewers and advertisers will undoubtedly thrive in the years to come.
