MiQ unveils global report on Advanced TV advertising
MiQ has unveiled its global Advanced TV research report, which surveyed 7,000 consumers and 1,100 decision-makers from brands and agencies across 8 countries, including India, the US, UK, Canada, Germany, Australia, China, and Singapore.
The report reveals that TV viewing habits have become more fragmented globally, with average daily watch time across linear TV and OTT being 2 hours and 53 minutes, and watch time on streaming platforms surpassing linear TV by 22%. Cord trimmers (those who watch OTT and linear), cord cutters (a little linear, mainly OTT), and cord nevers (OTT-only) outnumber those who only watch linear TV three-to-one globally.
The report highlights the following trends in global TV consumption:
- Consumers subscribe to three streaming services on average
- 10% of viewers jump from subscription to subscription based on what they’re watching
- 93% of consumers are re-evaluating their subscriptions, and 33% of those are looking at ad-supported platforms.
With a clear shift towards streaming, marketers need to include Connected TV as a key pillar of their advertising strategy. The report also points out that consumers aren’t giving their full attention to just one screen; in fact, 45% of viewers often (or almost always) use a second screen while streaming videos or watching content on TV.
Viewership insights from India reveal that:
- Attention is split – 56% of consumers use a second screen frequently when streaming videos or watching TV
- Price is more important to consumers than content – 42% of consumers claim that cost is a bigger consideration on streaming platforms than content.
- Ad tolerance is high -37%of viewers would consider a cheaper ad-supported streaming (AVOD) platform
Brands and media agencies are optimistic about increasing ad spends on Connected TV with:
- 59% of Indian brands and agencies anticipate a rise in their CTV marketing spend over the next 12 to 24 months
- 74% of CTV advertisers measure the success of their campaigns through reach/frequency towards the intended target audience
Commenting on the global report, Siddharth Dabhade, Global Commercial Board Member and Managing Director, MiQ, said, “Consumer and advertiser insights from our report indicate that Conected TV advertising is poised for robust growth in India. With the highest ad engagement rate in the world, CTV advertising presents a huge opportunity for brands to make an impact on the biggest screen in the household by taking a data-driven approach to TV planning and activation. Trends like cord-cutting and second-screening are on the rise, which implies that advertisers need to focus on mobile retargeting and competitive conquesting to supplement their CTV strategy.”
According to the report, only 15% of the respondents who have executed CTV ad campaigns consider themselves a CTV ‘expert’ owing to the cost and creative challenges advertisers face when planning and executing a CTV campaign.
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