AdEx on connected TV (CTV) in India is expected to grow by almost five-fold-from $85 million in 2023 to $395 million by 2027 with a CAGR of 47 percent, according to a survey by global marketing intelligence firm MiQ.
MiQ surveyed 1,100 consumers and advertisers across brands and agencies in India. According to the study, over 75% of businesses or clients in India expect their CTV ad spends to increase over the next 12-24 months. The survey found that the biggest challenges for CTV advertisers are cost, pricing, and creative services on CTV.
“India is expected to be the third largest TV advertising market by the end of 2024 as CTV spends are going to be doubled this year compared to 20203,” Sidharth Dabhade, South Asia managing director MiQ, told e4m.
Dabhade says, “Rise of OTT consumption on mobile phones and the affordability of internet-enabled TVs and broadband subscriptions is anticipated to drive advertising growth in the CTV universe.”
Seeking more flexibility and lower costs, consumers have cut cords en masse, resulting in CTV viewership surpassing linear, survey finds.
The year 2025 could be an inflection point in the growth of connected TV as the number of consumers will likely cross 200 million by next year, Dabhade estimated.
MiQ study reveals that 82% of viewers in India interact and engage with an ad on TV, which is one of the highest engagement rates globally. Besides, over 56% of viewers often use a second screen while streaming or watching content on TV - making mobile retargeting and competitive conquesting a key play in a brand's media strategy.
In the survey, advertisers highlighted the factors that can impact CTV success in India. “Firstly, paying attention to data, and then using it to optimize campaigns. And secondly, using eye-catching creatives. Both those things will ensure that marketers navigate the challenges, and make the most of CTV opportunities.”
CTV offers a clear opportunity for advertisers to reach new audiences. With an array of results-focused capabilities, CTV has turned television screens into powerful performance advertising engines that brands of today don’t have to go without, an ad executive said.
She added, “As ad-supported content offerings grow, streaming services and other CTV advertising platforms are developing more sophisticated technologies to meet advertisers’ needs. And though it may not be immediately evident, these technological advances are leading to a better experience for viewers, too.”
