Singapore – With the lockdowns being extended, the demand for video streaming platforms have accelerated. It has also pushed the over-the-top (OTT) industry to be more creative. And with this, the global mobile marketing and advertising platform provider, InMobi, has released its ‘The OTT Premium Video Wave Consumer Study, Asia Pacific 2021’.
The study aims to examine consumer preferences for OTT video platforms to other video platforms such as cable TV, long-form videos, and short-form videos, over the last year. It also seeks to unravel consumer perceptions of value, ad relevance, and willingness to pay for these platforms across India, Singapore, and the Philippines, as well as Indonesia, and Australia.
Insights from the InMobi report reveal that in 2020, an average of 46% of consumers across Australia, Singapore, India, and the Philippines, have demonstrated a clear preference for watching videos on OTT platforms. Meanwhile, in Indonesia, consumer preference for OTT was second only to long-form videos.
Moreover, respondents were more likely to watch and discuss OTT content with friends and family over any of the other comparable platforms, indicating the prevalence of OTT in everyday life.
Vasuta Agarwal, InMobi’s managing director for APAC, noted that they are seeing OTT becoming the premium video content platform of choice within the Asia Pacific region, where several providers have experienced massive jumps in subscriptions during the past year.
“Users have shown that they are willing to pay for and accept the monetization of OTT premium content through ads, so we expect that advertisers who make OTT a core part of their programmatic marketing strategies will gain a significant advantage,” said Agarwal.
InMobi said that there are additional insights on consumer preferences for OTT premium video platforms across the region, as well as their perceptions on ads on these platforms compared to cable TV, long-form videos, and short-form videos.
The report shows that over 40% of respondents in all markets rated OTT platforms as having the ‘most immersive and engaging content’ and being the most ‘value for money’, while respondents in all markets were least likely to give up OTT platforms and would continue using them even if they were fully ad-based, as well as were most willing to pay for them.
Another insight is that at least 50% of respondents in all markets found ads on OTT platforms somewhat relevant, with the Philippines most receptive towards these ads. It also revealed that OTT platforms also had the most influence on product selection and purchase among four out of the five surveyed markets, ranking in the top two – influential platforms for Australia, Singapore, India, and the Philippines.
And lastly, respondents from all countries ranked OTT platforms among their top two for watching and discussing content with their friends and family, indicating that it has captured the family viewing space.