Investment in OTT is continuing to rise, and is predicted to hit $129.3 billion within the next five years, according to a new report from analysts Warc.
According to their latest report, $46.6 billion – or 36 per cent – of OTT investment will be spent by advertisers on ad-funded video-on-demand (AVoD) platforms by 2023, almost double the amount currently invested by advertisers.
“Consumers' voracious appetite for video content anywhere, on any device, has been propelled by SVoD services such as Netflix,” said James McDonald, data editor at Warc. “But it is AVoD platforms which present the opportunity for advertisers to marry rich consumer data with pinpoint targeting during engaging content.”
At the strategic level, Warc says consumers’ appetite for cross-device streaming is creating an impact. A full 81 per cent of consumers now say it is important that they can watch TV programmes whenever they want.