Over 50 percent of people use OTT media services every day to fulfill their entertainment needs, according to a report by Forbes. Many even subscribe to three distinct OTT services to tap into all the content they want to watch most. But does the average consumer even know what OTT is? We want to explain the importance of OTT and how it can be beneficial for advertising purposes.
What Exactly is OTT?
Commonly referred to by consumers as streaming services, OTT provides the video content people want most. The most popular OTT media service providers are:
Each media service brings a different collection of video content to their users, often inspiring consumers to subscribe to more than one at a time. Many even have original content, keeping their subscribers linked to the platform for the long term.
OTT stands for “over-the-top” because it started with devices that sat on top of the TV, such as the cable box. As technology quickly marched forward, however, a single dedicated device was no longer needed to bring these services to the masses. Instead, people have many options. They can log on their computers, plug in HDMI sticks, or use their smart TVs to connect to the content they want to watch.
As they view their selected content, many people are more receptive to ads that come up as they are less disruptive than traditional commercial spots. This allows companies to advertise in a meaningful way without negatively impacting the viewing experience.
Thanks to its excellent reach and direct engagement, the success of OTT advertising has experienced phenomenal growth with a 54 percent increase in recent years. In 2018, OTT ad revenues hit $2.2 billion and are projected to grow to $5 billion for 2020.
How You Can Use OTT Media Services to Advertise
As people cut cable and subscribe to their preferred streaming services, there is plenty of room for companies to tap into its advertising power. By adding OTT to traditional TV ad buys, you are able to position your brand in front of receptive, desired consumers, boosting your ability to reach and engage with your target audience.
Your ads will reach them through all of their preferred services, no matter what devices they use to view the content on those platforms. Whether they are using smart TVs, HDMI sticks, or even game consoles to stream, your ads will continue to land in the right place and elicit a positive response.
What Does the Future of OTT Look Like?
Although OTT media streaming services are experiencing rapid growth and dominating the entertainment industry, it is still quite early in their evolution. By hopping on board now, you can ride their wave of success while getting in front of your competitors and elevating the success of your brand.
When you reach out to your trusted media partner to start taking advantage of this lucrative opportunity then your ads can hit all the right places and engage with your target audience. Your media partner will be able to set you up with OTT and help you get started with advertising on these services. Through the partnership, your business will be able to stay on top of advertising trends and continue to increase brand awareness, traffic, and sales overall.