The rise of CTV and OTT has made consumers cancel their subscriptions with traditional cable for other streaming or VOD formats. For over a year, the number of hours spent on OTT devices increased by 81%. Around 4 billion hours of consumption across the U.S.
A quick look at stats shows the hard reality for traditional television versus OTT and CTV. Cable, satellite, and telecom TV subscriptions have declined over 7% this year as 20% of U.S. households have cut the cord. On the other hand, the number of families using streaming services has jumped by 24%. Meanwhile, over 70% of broadband households have at least one OTT product. Too much information, right? But what does this mean? Linear TV advertising continues to shrink, while OTT and CTV continue to grow. That’s good news for advertisers as the opportunities to advertise has sparked.
With OTT and CTV advertising, a company can reach TV viewers that traditional linear TV commercials cannot. The rise of OTT and CTV viewership is creating new ways for companies to reach their target audiences. They combine the impact of TV with the precision of digital. With OTT and CTV advertising through Limped, companies can target TV-viewing households. It is still on television, but now, it is more than you have ever imagined. How?
A company can target its OTT & CTV viewers across all their devices, including laptops, tablets, and mobile phones. Through OTT and CTV, providers add both new and older but beloved movies and shows. For a company, this holds a compelling advantage over the insufficiency of new linear TV content.
Smart TV adoption is increasing significantly, some with Roku TV right into the unit. Many of the most popular platforms are ad-supported, including Hulu, NBC’s Peacock, and almost all the MVPDs.OTT and CTV ads are addressable and targetable, and with digital measurement metrics in place, they are attributable. Moreover, users cannot skip over ads on most OTT and CTV platforms.
The most profitable reason to use OTT and CTV advertising is the measurability and lack of waste. Different households will see diverse ads based on demographic data. Some viewers within the same family will see other ads while watching the same show their parents, spouse, or siblings are watching.
If you are new to OTT and CTV advertising, there is nothing to fear. You can leverage the same spots that you would if you were advertising on linear TV. The advantage is that you create various ads for the households you are trying to reach. If you are looking for a way to cut waste, drive more relevancy, and advertise to people while watching, learn more about using OTT and CTV advertising.