Advertisers are eagerly anticipating a surge in the popularity of Connected TV (CTV) ahead of the IPL 2024. Last year’s IPL on CTV, particularly on JioCinema, attracted a unique audience of over 125 million, surpassing the viewership of HD TV by threefold.
The success of JioCinema in securing digital media rights for the 2023 IPL has generated a significant increase in advertiser interest. With more than 40 exclusive advertisers on connected TV, including renowned international brands, financial services, e-commerce, autos, B2C, and B2B companies, the platform is poised to experience a substantial rise in advertising investments.
JioCinema’s strategic move involves keeping their ad rates unchanged, which presents an appealing opportunity for advertisers looking for a low entry barrier. This approach is aimed at attracting a significant portion of business from major advertisers who have allocated budgets for IPL each year.
According to a recent Dentsu report, there is a decline in interest in linear television due to the growth of digital platforms and the rising popularity of Connected TV (CTV). As a result, advertisers are expected to shift their resources towards personalized content recommendations and cross-device viewing, leading to a noticeable increase in CTV advertising investments.
Advertisers view JioCinema’s decision to maintain stable ad rates in a positive light, as they anticipate substantial returns on their investments. The estimated CPM for JioCinema’s IPL live stream inventory is around Rs 175, while the targeted inventory may range between Rs 225 to Rs 265.
JioCinema is set to revolutionize the advertising landscape with its upcoming IPL season by introducing groundbreaking features, including the industry-first “Brand Spotlight.” This exclusive opportunity allows five handpicked brands to showcase their IPL campaigns right at the beginning of the first match. Moreover, JioCinema’s masthead will now support video, providing an ideal platform for brands to launch new products, announce sales, and unveil captivating campaigns.
To cater to the needs of both regional and national brands, JioCinema is offering market-specific deals that have already proven to be highly effective. This success has prompted traditional TV networks to follow suit and replicate this innovative model.
Siddharth Dabhade, a distinguished member of the Global Commercial Board and Managing Director at MiQ, predicts a remarkable surge in the popularity of Connected TV (CTV). As TV viewing habits shift towards streaming and the accessibility and affordability of smart TVs increase, it is projected that there will be 100 million CTV households in India. Consequently, ad spends on CTV are expected to skyrocket to $400 million by 2027, reflecting an impressive compound annual growth rate (CAGR) of 45 percent.
In conclusion, advertisers are eagerly preparing for the CTV revolution, capitalizing on the success of JioCinema and taking advantage of the evolving TV viewing habits in India. The IPL 2024 season is poised to be a game-changer, with its innovative advertising offerings and targeted market deals driving a significant surge in Connected TV advertising.