Mumbai: IPL is returning with a bang and will be more digitalized this time. TV or OTT? It is a persistent question. Over the recent years, marketers have regularly discussed this recurrent question. Market insights show that, for this IPL season, OTT ad rates have climbed by 30 per cent while TV ad rates have increased only by 10 per cent, despite the fact that it is unclear what will be driving ad spending in 2023. This compounds the problem of why advertisers don't use TV more to maximise their ad budget. According to media estimates, Disney Hotstar and Jio Cinema hope to attract 500–550 million viewers apiece. It is unclear which service will be the audience's first pick.
According to a Magnite survey, 72 per cent of urban residents with internet access between the ages of 16 and 74, like to stream content. 66 per cent people choose streaming over traditional television, and 80 per cent would rather pay for inexpensive ad-supported material than pay for pricey ad-free programming. Because of their higher investment, OOH TV is still the most preferred option for major businesses. According to a recent study by RedSeer Strategic Consultants, small and mid-sized enterprises will continue to be drawn to platforms like eCommerce, social media, and news sources for their democratised access even while the focus is still on OTT's exact audience targeting.
Furthermore, the IPL's dynamics are evolving annually. IPL viewership has dropped by 30 per cent from the previous year to last year. Do people swarm to TVs to watch IPL with family or follow it on their own in offices, when travelling, or while cooped up in their rooms on mobile devices? One may simply assume that the majority of IPL games cannot be a full-time family activity given that there are a total of 74 games to be played.
Additionally, there is no denying that OTT offers more interaction and involvement when it comes to watching sports. This year, Jio Cinema is providing free live streaming in 16 streams and 12 languages, which is sure to attract more OTT viewers than ever before. Jio Cinema has plans for the TATA IPL 2023 that includes a 4K feed, multi-language and multi-camera presentation, interactive stats, and a Play Along function. A Jio Immersive Zone even allows visitors to experience what it would be like to watch the TATA IPL with a 360-degree VR stream utilising JioDive. Moreover, there are features created specifically for brands to improve customer engagement. The dynamics of IPL watching could significantly change as a result of these new capabilities, which further personalise OTT for users. Marketing professionals are persuaded to forego TV spending in favour of OTT by the freedom to choose the audience they target. With the addition of expanding 5G coverage, the winner is already clear.
This article is authored by Auburn Digital Solutions managing director Ashish Tripathi.
