The lockdown has led to a huge spike in the consumption of content on OTT platforms and ad marketers were quick to seize the opportunity to reach audiences that were beyond the realm of traditional marketers.
Recently Mr. Hirav Shah who is a world-famous Astro Strategist and Business astrologer and has been making a tremendous impact in the field of entertainment industry pertaining to film projects / TV projects /Live Shows / Events / Celebrities / Gaming Business / Theme Park Business etc. with the use of his Business acumen and knowledge of astrology. Hirav Shah says, “The global pandemic has created a drastic impact across industries. To adapt to the changing times, businesses are switching modes of operation, and now there is a storm of new business decisions and undertakings.”
He adds, “That said, to capitalize on the new landscape that emerges following the worldwide lockdown, ad marketers too are making a shift from traditional entertainment platforms and drifting towards OTT platforms.”
Hirav Shah takes a look at the forces in play and sheds light on this sudden transition towards the OTT platforms.
Huge Spike in media consumption following the implementation of lockdown
In India, lockdown measures have been put in place from the 25th of March and since then people shifted to social media to catch up with the world around and, most importantly, access content and entertainment through OTT platforms.
Hirav Shah says, “Marketers have been quick to spot this transition and take action accordingly to capitalize on the same. Recent data from various sources indicate that ad insertions on OTT platforms increased manifold after March. The streaming OTT platforms in question included the likes of MX Player, Voot, Hotstar, Eros, Zee5, Sony Liv, Viu, and YuppTV.”
OTT platforms attract the heaviest traffic
More and more people today are opting for OTT services when compared to the past. More than half of any given population uses one or two OTT platforms for entertainment, and users spend an insane amount of time on an OTT platform every week. According to Hirav Shah, an average person spends more time on OTT platforms than on socializing, driving, or any other pastime pursuits.
In the recent past, the rise of several OTT outlets with attractive features and services has been witnessed. Developers are aware of the preference and taste of the audience and capitalize on the same to pull optimum viewership.
OTT, a dynamic arena with spiking viewers’ engagement
This is where viewers are engaged the most. The sea of content and options are something to drown in and indulge in one’s craze for entertainment. With the advent of OTT outlets, it is possible for viewers to binge-watch their favorite series, show, documentary, or drama as they are no longer bound by the limitation they experience while watching TV.
There is room for undivided attention as the content being played is handpicked by the viewers . This, in turn, results in an advertising-engaged viewership. That said, Hirav Shah reveals that 98% of video ads are being watched on average by the viewers on the OTT platforms. He asserts that this can give a boost to advertising. Hirav Shah also indicates that video ads on a given OTT platform are 67% more successful per exposure at inducing purchase desire than ads on cable TV or broadcast.
A new value proportion for marketers
OTTs unveils a pool of opportunities for capturing the target audience. As many people have cut the cord and turn away from linear TV, marketers have started valuing OTTs to reach out to remote audiences.
This departing class of viewers has migrated to OTT devices and streaming-oriented services such as Amazon Prime, Disney+, and Netflix. Hirav Shah asserts, “The key to reaching out to these audiences, who have become unreachable for the traditional marketers, is by leveraging OTT.”
Wrapping up his final thoughts, Astro Strategist and Business Astrologer Hirav Shah says, “As things stand, the media landscape is heavily fragmented. But this is an opportunity in disguise for marketers who can tap the potential of OTTs. As more and more platforms are coming to the forefront enabling audiences to opt for the content that aligns with their taste and preference, a string of opportunities are awaiting the marketers to initiate fruitful connections with meaningful messages. The value in question is ad relevance, which is one of the top three advantages marketers derive from OTT, alongside campaign optimization and outreach of remote audiences. Down the line, this consumer behavior and technology trends may witness a change vis-à-vis OTT. But there is a high probability that the ad spends will catch up and continue to go strong.”