TV viewership has evolved: we can watch when we want, what we want and where we want on multiple devices.
Over-the-Top (OTT) or sometimes referred to as Connected TV (CTV) has become more popular over the last few years due to its flexibility, targetability, measurement and convenience. 2023 and 2024 should have strong OTT viewership gains given the onset of the writer’s strike, weak network content and the political ads that will take over on the networks.
Let’s first talk about the benefits of Connected TV:
- Targeting – Because the device you are using is likely sharing the same IP address as your computer, we are able to target ads based on location, demographics, behaviors, device, time of day and interests. This means there is less impression waste.
- Flexibility – OTT campaigns are easily adjustable and can be optimized for performance.
- Interactive Content – Some devices allow for clickable ads and afford the opportunity for a consumer to engage online with your content. Because of the targetable tactics, the content is often more relevant to the viewer and will entice the viewer to “learn more” about your company/product/service.
- Measurement – OTT platforms provide insights such as viewer engagement, completion rates, and click-thru rates this allow the media buyer to make optimizations based on predetermined key performance indicators (KPIs).
- Less Ad Clutter – 2024 is a political year, and there will be a lot of political congestion. OTT platforms tend to have fewer commercials. Less clutter means your ads will have a great impact.
2023 – 2024 OTT/CTV Outlook (eMarketer)
OTT/CTV viewership is gaining on traditional TV – over a five-year period, CTV time spent among US adults will more than double, from about one hour per day in 2019 to over two hours per day in 2024.
However, while OTT offers numerous advantages, just like any media channel, it is not a one-size-fits-all tactic. OTT is often best used as part of a holistic media plan that delivers results based on the KPI and target audience.
Rhycom is well-versed in all media tactics and would love to work with you in developing your media campaigns.