India set to become third largest TV ad market by 2024: Report
Currently, there are 20-22 million addressable TV homes in India. Connected TV is the preferred connection at 65%, comprising smart TVs, devices such as Firestick, Internet-enabled set-top boxes versus 35% linear (cable and DTH)
PremiumNEW DELHI: Television advertising is set to grow over the next five years, with India expected to become the third largest market by 2024, according to a report by Finecast, a GroupM-owned addressable TV company that helps advertisers personalise and target ads on linear and on-demand TV.
Currently, there are 20-22 million addressable TV homes in India with more than 10% of TV homes today addressable. Connected TV is the preferred connection at 65%, comprising smart TVs, devices such as Firestick, Internet-enabled set-top boxes versus 35% linear (cable and DTH). Connected TV adoption has been rapidly evolving in the last two years and the future looks promising with more linear TV users planning to adopt these devices in the next year. Over the next five years, connected TV advertising is set to grow rapidly in India at a compounded annual growth rate of 47%, and this increase will contribute to the overall TV landscape including linear segment, the report said.
Among the top tier of audience segments, many are cord switchers with multiple connections. In fact, two in three households prefer connected TV as the primary mode to access TV. Among respondents, people who prefer connected TV appear to have higher household incomes and premium lifestyle indicators such as ownership of smart devices and memberships.
“The evolution of the TV landscape has been accelerated by technological changes in the distribution space, availability of high-speed internet, and last but not the least, the growth potential of Indian audience to advertisers. Many new capabilities exist for TV advertisers in the coming years. The future of TV in terms of advertising looks bright as the emergence of new technologies like CTV creates even more room for customisations," Prasanth Kumar, chief executive officer, GroupM South Asia, said in a statement.
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