Sandiip Kapur is the Founder & President of Promodome Group. Promodome is a full-service Advertising Agency based in Delhi. He has produced three Bollywood feature films under his banner, Promodome Motion Pictures. His second production was Anaarkali of Aarah, a critical as well as commercial success. And now, he is back with his third film, Bhonsle, which once again has Manoj Bajpayee essaying a powerful role.
We live in a time when people can avail OTT content through desktop and laptop computers, tablets, gaming consoles, set-top boxes, smart TVs, and phones by using the Internet. According to statistics, more than 45% of the total OTT content streaming audience uses Android and iOS, while 39% of them utilise the web. What this report suggests is self-evident. OTT platforms are the ultimate mediums for marketers to reach out to consumers.
Interestingly, marketers are quick to notice the opportunity and capitalise on the same. The current pandemic further escalates the adoption of OTT platforms for making an impact. That said; let’s examine how marketers are redefining OTT platforms during the current situation.
Leveraging the shift in media consumption patterns
The current pandemic has not just brought to halt entire industries and economic activities. It has also brought about a general shift in the behaviour of content viewing consumers. With a worldwide lockdown in place, people are compelled to confine within the four walls of their homes. As a result, there is massive traffic on OTT platforms as homebound consumers are on the lookout for quality content.
As the locked-down audience turned to OTT platforms, Netflix added a staggering 15.8 million paying subscribers. Worldwide, the global total has reached 182.9 million from January to March alone. In the meantime, other streaming platforms such as ZEE5, Amazon Prime, and Hotstar have also seen a spike in numbers. This surge has instilled a strong sense of optimism in the industry vis-à-vis the future of OTT platforms.
Taking marketing approach to a new level-revolutionising the traditional marketing
By leveraging OTT platforms, marketers can ride the digital age waves and take traditional marketing to an all-new level. Due to the advent of OTTs, the cable TV industry is losing its market share and reach. As a result, TV commercials are no longer a viable option. As things stand, streaming content is the new way of experiencing TV. Therefore, OTT advertising is the new-age trend, and marketers are leveraging it to make maximum impact.
The value in question is modernised marketing. By utilising OTT platforms, marketers can pull that feat. They can catch up with the new behavioural pattern of consumers, and turn that into advantages. That is to say, the transition of the content viewing audience to OTT platforms provides a new medium for connecting with the consumers. In the meantime, numerous factors set apart OTT advertising from TV commercials. With OTT platforms, marketers can zoom in on a specific audience and increase ROI (Return On Investment).
Tapping into the extensive reach – reaching communities
Marketers can reach out to millions of content viewers with a curated message. Now, as things stand, OTT platforms have more users than other media platforms. Marketers can easily interact and connect with them. OTT content viewers are a highly engaged segment and account for an organic audience that advertising brands can target. That said, the thing with OTT platforms is that brands can select a target based on location, age group, and so forth, to make for effective advertising.
In a nutshell, marketers reach out to the right audience in large numbers while, at the same time, cutting costs and time in the process. They can direct high-quality videos and curated messages to their target communities. Talking about cutting expenses, marketers even opt to leverage existing content by aligning the advertisement to the content that is in their online platform. All in all, it is about leveraging existing content by sharing it on a new platform in a new format.
Marketers are creating history with the use of tracking analytics. Who would have thought of such a thing some years back? Now, by leveraging OTT platforms, marketers can track the performance and results of their OTT advertising. As such, brands can see in real-time how they perform, the response they generate, and the results they cultivate. These details go a long way in coming up with a new and even more effective advertisement.
Knowing your audience is essential. Equally important is how your brand is received by the same. With information on both, all thanks to OTTs, marketers can scale great heights.
Marketers are still in the process of redefining OTT platforms. The movement is picking up more and more momentum. The reason can be attributed to OTT’s ever-evolving nature, with improved efficiencies being the core objective. That is to say that marketers are yet to explore more potential and redefine OTTs on the go and explore new landscapes and new possibilities. This is evident in the growing OTT ad spend. In September 2018 alone, IPG’s research unit Magna Intelligence already predicted that $2 billion would be spent on OTT ads in the US. Surprisingly, in the year that followed, the OTT ad spending grew beyond the forecasted figure.