Over-the-top (OTT) services took over the world when the Coronavirus pandemic hit. As much less new content was being made for cable television, people turned to the vast content available on OTT platforms. Check out our comprehensive guide to video monetization for a complete look into the nuances of video monetization.
But this shift towards online content consumption was escalated by the pandemic. As per the Motion Picture Association of America, subscriptions for streaming services had already surpassed cable television back in 2018.
Advertisers must spend money where they can reach the maximum number of people from their target segment. Since the consumers are moving to OTT, advertisers will inevitably follow.
If you're not implementing a content monetization model with OTT advertising, you're already late to the party. It's time to divert a huge chunk of that marketing budget to OTT platforms. To consume their desired content, your target audience will have no option but to watch your ads if you deliver them via the video inventory on these platforms, unlike TV viewers who can easily flip the channel during advertisements.
OTT platforms will give you more customers than any other platform. It's predicted that by the end of 2022, around 198 million users will be active on OTT. TV and other written content platforms will never be able to provide you with a customer base so large.
One of the biggest benefits of advertising on OTT is analytics. You can monitor how many users view your ads and engage with them versus how many are turning a blind eye or choosing to skip if the ad is skippable. In addition to your own campaign data, you can also leverage the OTT platform's analytics data, with their permission, to analyze the time of the day when most users are active and their average session duration, pages/session, exit rate, etc.
Using this analytics data, you can run targeted campaigns based on user behavior and maximize the number of views and clicks.
The end goal for a marketer is to maximize results while minimizing spending. As opposed to advertising on television, where you must pay a fixed amount that may or may not fit your budget, with OTT advertising, you can decide how much you want to spend and set a targeted number of views accordingly.
When advertising on television, you don't have control or data around who will and won't see your ads. As a result, you end up with the same creatives for everyone. With analytics and tracking on OTT, you can show different creatives to different target segments based on their preferences and behavior. You can predict what creatives they will respond to best and design them accordingly.
Users who prefer certain content will be more receptive to your advertising if it aligns with the actual video they're watching. By doing this, you can take a much more targeted approach than any other method.
It's vital to stay up to date with the current trends in the marketing business. You will be left behind if you're still focusing on the older outdated methods while your competitors are chasing the shift towards OTT content consumption.
It's not necessary to roll out the strategies at once. You can take a step-by-step approach and take a phased approach. It's best to adopt a hybrid approach, as there are still audiences that respond to the older ways, and you wouldn't want to lose out on them.
No matter how small or big your business is, MAZ will provide completely outsourced AdOps solution, including the brokering of relationships with top-tier ad partners, the configuration and management of all ad integration settings with your MAZ OTT apps, and monitoring of key metrics to ensure that you are receiving the ideal return for your ad inventory.
Contact MAZ today for more information.