Advertising in live events in live streaming, grabs the attention of a large number of people which makes it easier to a specific set of audience write Vinayak Shrivastav and Saket Dandotia, Co-Founders, Toch.
The year 2020 has seen a lot already and there have been massive shifts in the way India works. Be it in businesses, users or consumers – everyone everywhere has faced the wrath of 2020. Consumer behaviors are changing rapidly, due to the lockdown and spending more time at home.
Even though Unlock 3 has started, a vast majority of users are consuming more video on mobile, watching longer videos, and sharing video content like never before, since recreational facilities outside are still limited.
Yet it feels like video formats are largely stuck in 2003. People are taking notice – to the tune of 75 million Americans, which is the number of people blocking ads in the US. Despite this setback, brands have the power to take back control of their video and win the hearts and minds of consumers by transforming passive video into an active and engaging interactive experience.
OTT has emerged as the biggest winner in this situation, across sectors. Be it education or entertainment, OTT Players have seen a massive surge in their consumption. New set of users have gone to find solace in these tough times on OTT, producers have started making content and shows as per user demands and this is going to change the dynamics of this industry.
New movies which were not released in theatres are all moving to OTT, to offer its audience something new to kill boredom and maintain engagement amongst the audience. So how does this change the OTT game, in the future? More than 50 million subscribers are expected to ditch their cable and satellite boxes by next year. This is a steep increase from the numbers estimated a few years ago. So how can the platforms hold on to their audience they have gained in the past few months?
Does the answer lie in hosting live events? Let’s explore.
With the arrival of Jio, web penetration has reached the remotest of cities in India, making the scope of a lot of users to affix OTT platforms. Once it evolves to specialized programs like sports, premium film channels, and highly rated cable networks, subscribers will have to maneuver to a higher premium package. By being tone deaf to their customers, OTT developers have confiscated on the chance to provide shoppers what they needed at a comparatively cheap worth. Customers will currently avail live events at cheaper rates. This will help the operating individuals to relish the live events in their free time throughout work, so creating live streaming of events is a good chance keeping in mind the viability of the market
Not able to be there physically
Watching matches on-line from anyplace, anytime is what excites individuals and not everybody can be present physically to experience the joys of a match since the tickets are overpriced. Also, considering this pandemic situation, live events do not seem to be merchandising tickets for fans to attend events at the construction.
During this pandemic part, live events opt turning to OTT platforms and prefer serving in, channeling it to the individuals. Watching late-night live events from the place of your comfort square measures noticeably viable through OTT platforms. This once more shows the potential that streaming live events hold, in the nation and across the world
Ad Placements and Monetization
Thanks to the advanced content, advertisers now have a new opportunity to present their content in front of viewers, due to which the brands can now monetize better. In-video branding and advertising will compete strongly with traditional television marketing, as we know that OTT marketing has advantages over other forms of marketing. Advertising in live events or promoting any product in live streaming, grabs the attention of a large number of people which makes it t is easier to target your advertising to a specific set of audience, always.
In-video commerce or shopping within apps is an upcoming concept which has been rapidly adapted by users, especially young teens. Live event streaming opens a great opportunity for brands to capitalize and increase sales. The focus shifts back to the advertiser to find which content they want to place their OTT advertising in. It may seem complex, but the truth is, you develop your target market for OTT the same way you would for social media ad campaigns.
Products can be placed in video and target very specifically. If you have ever watched shows on a streaming platform that runs advertising, you know one thing for sure that there is no getting around the advertisements. This is a good marketing tool for the platforms to entice companies to advertise with them.
Fantasy Sports Entertainment
Fantasy sports draw millions of players each year and with good reason. The leagues offer intense competition, the chance to own and manage your own team, socialization with other sports fans, the thrill of sweet victory and a hobby that requires little investment but offers great rewards. It helps you get closer to your favourite sport and understand it much better and get many in-game insights. Live streaming of these games holds massive marketing opportunity and growth prospects thereby bringing in fresh opportunities for your brand or company.
Another reason why live streaming holds great potential is because it will give users the opportunity to re-play any moment of the game/show at their ease and convenience. As mentioned before, working people in pockets of free time can glance at the reel of key/highlighting moments. It helps you to not go out of touch of the event and keeps you at the right pace. Fans crave a peak behind the curtain. They want to get to know the players, peak into the training ground and see inside the changing room. Even if you can’t show the game, there’s a lot of other exclusive content that only you can deliver.