Home sweet home viewing: The exponential growth of CTV in India
The last couple of years have indeed been a transformative period, with India witnessing a paradigm shift in how people consume content. Multiple factors have contributed to the acceleration of the consumption of digital content as the Indian audience is gradually shifting to all things digital. The new-age consumers are spending more time online and are expected to continue to do so in the times ahead. Owing to this surge, one space that has significantly been observing more and more growth is that of connected TV (CTV).
To keep it simple, CTV refers to a TV that is connected to the internet and includes smart TVs and TVs that can access the internet via streaming sticks, gaming consoles, and new-age set-top boxes. With the Indian audience increasingly cutting the chord, CTVs have become their go-to video source, especially during the pandemic. No points for guessing that a large portion of digital ad spending is being directed to CTVs now! The CTV market is growing at a considerable pace and offers lucrative opportunities for advertisers to reach their target audience more effectively.
But what are the factors that are responsible for this revolution that CTV has brought into the country? And how is it changing the digital advertising space? Siddharth Dabhade, Managing Director, MiQ – India, SAARC, and China shares his insights, “TV is the biggest medium of entertainment in India and it’s rapidly going digital. There are already over 20 million households in India with Connected TVs which means almost 100 million consumers and they’re projected to grow to 80 million households (350 million consumers) by 2025, led by a reduction in smart TV prices, cord-cutters, diverse & rich content. This presents a huge opportunity for brands and marketers, to reach a wide spectrum of urban, young & tech-savvy audiences, without big budgets. MiQ can enable programmatic access to exclusive inventory in this exciting space.“
While the CTV ecosystem is evolving at lightning speed, it also faces its own set of challenges. Even though targeting and campaign optimization are more efficient than that on traditional TV, obstacles arise due to inadequate measurement tools, ad fraud, and the fragmentation of markets during the planning of campaigns. However, with the scaling of programmatic CTV advertising, these challenges would become easier to tackle.
Prabhvir Sahmey, Senior Director (India & South East Asia), Samsung Ads shares how they are enabling organizations to extract optimum benefits from their advertising spend, “With the default TV becoming connected and total TV viewership increasing, we are witnessing a change in consumer TV behavior. Samsung Ads is delivering innovation across creative formats, data, and insights via the Samsung DSP. All of this is on a growth trajectory and with partners like MIQ, we look forward to bringing their advertisers on this exciting journey.”
As the market grows further, the CTV space would attract more attention from advertisers owing to the great results and low entry barriers. The competition would soon reach its peak to earn consumer trust. Therefore, the future of the overall ecosystem seems to be progressive with huge headroom for growth.
Agency Reporter published Goafest 2022 newsletter on all 3 days. Download to read here: