CTV advertising in India to reach $395 million by 2027
The Connected TV (CTV) advertising spends in India are expected to grow at a CAGR of 47% in the next five years to reach $395 million by 2027, according to 'The Changing Landscape of Indian Television' report launched by GroupM's Finecast and Kantar.
As per the report, the CTV ad spending in the country for the current year is projected at $57 million. India is expected to become the third largest market by 2024 with CTV advertising playing a key role.
The addressable TV homes in India are expected to reach 40 million by 2025 as more consumers adopt CTV in the coming years. In 2022, the total addressable TV homes stood at 20-22 million or 10% of the total TV homes in the country.
GroupM South Asia CEO Prasanth Kumar said, “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 customizations.”
GroupM India President – Data, Performance & Digital Products Atique Kazi said, “We are super excited to lead advertisers in this changing TV landscape and to make TV advertising more convenient in the modern marketing era. It’s fascinating to see the speed at which technology is transforming. The evolution of OTT and CTV viewership has enabled more meaningful ways for brands and advertisers to engage at the right time with the right target audience. The report will help marketers as well as advertisers to explore multiple ways to reach out to their audiences.”
As per the consumer study conducted by Finecast and Kantar, CTV is the preferred connection at 65%, comprising of Smart TVs, devices such as Firestick, and Internet-enabled set-top boxes vs 35% Linear (Cable + DTH).
Within the NCCS A&B respondents, the study established that viewers are cord switchers with multiple connections. However, 2 in 3 households prefer connected TV as the primary mode to access TV
Among respondents, people who prefer CTV appear to have higher household incomes and premium lifestyle indicators such as ownership of smart devices and memberships.
The study was conducted across 16 key cities with 2078 respondents comprising 59% males and 41% females. It was conducted via quantitative self-administered surveys by recruiting respondents on online panels.