The number of non-pay TV households is predicted to grow to 65.5 million by 2024 according to ZypMedia.
Advertising spends on local OTT increased 127% as more viewers cancel their pay-TV services and connect their TVs directly to the internet. The number of advertisers increased 33% from last year while the number of local OTT campaigns grew 58%.
With a growth rate of more than 50% to 1,249 companies last year, the automotive industry was the top local OTT advertiser. The home garden and health fitness industry had 855 and 706 advertisers respectively.
The report states local advertisers will spend more ad dollars on OTT platforms for superior audience targeting. The popular brand of the streaming device was Roku ahead of Amazon Fire TV and Google’s Chromecast, with 53% of available monetised OTT ad inventory.
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