In a festive marketing spectacle, connected TV (CTV) advertising has skyrocketed, with spends surging by up to 30 percent, as the festive season coincides with the Cricket World Cup, creating a perfect opportunity for advertisers.
“The popularity of connected TVs as an advertising platform in India is growing, enabling advertisers to access precise audiences by delivering adverts directly to households with specified demographics, interests, and behaviours,” said Ashish Karnad, head of media and digital at Hansa Research.
Investing in CTV advertising during the festive season brings distinct advantages of interactivity and personalised content delivery, enhancing engagement and relevance, Karnad added.
Connected content
According to a GroupM Finecast and Kantar report, two in three households now prefer connected TV as their primary mode for accessing TV content, with streaming being the most favoured method of TV consumption. The growth in numbers from the last festive season to this year aligns with expert predictions. The report also indicates that a majority of CTV users adopted it in the past year, and 78 percent of linear TV (LTV) respondents plan to transition to CTV in the coming year.
With people at home for festivities and the Cricket World Cup, connected TV viewership has surged. Advertisers are capitalising on this trend, utilising CTV for impactful campaigns. The increased spending on connected TV underscores the adaptability of advertising strategies and the growing significance of digital platforms in reaching audiences during celebrations.
“In India, there has been a significant surge in advertising expenditure during the festive season compared to the previous year. According to an industry report, CTV ad volume grew by 40 percent in 2021 and a remarkable 70 percent in 2022 (up to mid-October) when compared to 2020. This upward trend is predicted to persist during the 2023 festive season, with experts forecasting a potential 20 percent boost in CTV ad spend,” says Krishna Menon, COO, QYOU Media India.
Sectors like electronics, home appliances, luxury lifestyle, clothing, e-commerce, BFSI, and automobiles have shown pronounced growth in CTV advertising expenditure during the festive season.
“The growth of CTV advertising in India is a positive development for both advertisers and consumers and is only going to get bigger and better in the coming years. Advertisers can reach a large and engaged audience while consumers can enjoy a more engaging viewing experience,” Menon said.
Growing numbers
The rise in CTV ad spending in India is attributed to the expected 100 million active CTV users by 2025, driven by the increasing affordability of smart TVs and streaming devices, along with the growing availability of high-speed internet. Precise targeting is achievable with CTV, allowing advertisers to target their ads to specific demographics and interests, making it a more efficient and effective way to reach potential customers than traditional TV advertising.
The festive season, being a peak spending time in India, is an ideal period for advertisers to reach their target audiences with CTV ads.
“CTV advertising is a great way for businesses to reach a large and engaged audience during the festive season through more precise targeting, higher engagement, and better measurement. Consumers are more likely to be receptive to advertising during the festive season. They are in a shopping mindset and are looking for new products and services to buy. This is where advertisers can take advantage of the interactive features of CTV devices, such as on-screen ads and app integration to entice consumers,” added Menon.
Premium consumers play a crucial role in contributing to this, said Barin Mukherjee, Co-Founder and CEO of marketing agency Digital Refresh Network.
“The festive season becomes prime time, targeting a premium audience with increased viewership due to people being at home. The overlay of the Cricket World Cup with Dussehra and Diwali is further boosting home viewership, creating a golden opportunity for brands to communicate effectively. Interestingly, the cost-effectiveness of this approach makes it a preferred choice compared to other forms of media,” Mukherjee said.