With the Covid-19 pandemic hitting businesses drastically, online streaming and gaming are booming during the crisis by changing the way Indian audiences consume digital media.
What are over the top services?
To put in simple words, Over the top (OTT) refers to any type of video streaming platform that provides easy access to movies and TV shows directly through the internet.
Some of the popularly known over the top platforms are Netflix, Amazon Prime, Hotstar, ALT Balaji, Voot and Hulu.
One of the most interesting things about the OTT players is that it combines brand metrics like reach, awareness and engagement.
Benefits of over the top platforms
Media Consumption on-demand: With the access to playing or watching videos and movies anywhere anytime on-demand has indeed made it a massive success.
Connectivity: OTT platforms are simple to use and access. All you need is a stable internet connection along with a smart TV or a smart mobile device.
Pocket Friendly: The Internet can be used for several different purposes like live video streaming, online classes, watching movies, gaming etc. Similarly, OTT platforms serve multiple purposes.
The user has complete freedom to choose a subscription (Monthly or Yearly). The total cost of OTT usage depends on the internet package being accessed.
Micro-Targeting: Leveraging data analytics of OTT platforms allows the advertisers a better understanding of their audience, what kind of content they consume. This in terms helps to reach larger audiences that are similar to your niche, this also helps to curate better engagement content for the consumers.
Leveraging OTT platforms for marketing
OTT advertising is a component of a brand’s media mix.
Ad marketers have now started to drift towards the OTT platforms ditching the traditional advertising platforms for a better landscape. In the month of February, the ad insertion count spiked at 11000.
A study says that people who consume content on OTT platforms are more likely to tune in to an ad. About 98% of video ads are being watched on average.
What’s in favour of advertising on OTT platforms
- Geographic targeting is possible, unlike TVs.
- Advertisers can see immediate results rather than a waiting period like any other medium to measure the data. An in-depth analysis is possible.
- Budgets for ads and campaigns can be tailored based on the performance.
- With OTT you can target against demographics, interest & behaviors, location and custom audience.
Future of OTT
OTT services and platforms represent the future of entertainment. As cinema halls take a back seat, there is a boom for OTT markets across the globe. From just two OTT platform providers in 2012 and now shooting up to 40 players.
There is a higher chance in the near future that production houses will go digital to survive in the high paced digital world. With OTT platforms not just being limited to a source of entertainment, it will be a part of our health and fitness with playing a major role in digitizing rural India.