Connected television penetration in India is likely to grow at a staggering pace over the next two years from 20-22 million units which accounts for about 10% of TV homes to around 50 million by 2025, with urban India witnessing maximum growth, GroupM-owned Wavemaker India, a marketing firm, said in its report, Spotlight23.
Connected TVs come with in-built features for streaming content from Amazon Fire TV, Apple TV, or smart televisions. “Growth in cord-cutters led to its rise and is also contributed by an increase in smart TV sale with shipments growing 38% in Q3 2022. India also saw growth in firms offering fast and cheaper broadband, such as JioFiber, aiding growth,” said Wavemaker chief transformation and digital officer Vishal Jacob.
There could be several segments in the luxury space like automobiles, banking, financial services and insurance, as well as mutual funds that may want to target affluent behind- the-paywall customers.
Currently, the audience for connected TVs is skewed towards premium lifestyle content including romance, action, comedy, and live sports. “It is very important that CTVs reach the difficult, media cluttered affluent audience, and brands need to make creatives for the ecosystem with far more personalized and interactive content, unlike linear TV,” he added.
With the rapid adoption of CTVs brands across categories are also contemplating strategies to woo the consumer segment as it will require a mature ad ecosystem.“Connected TV has a premium audience with high disposable income. That’s a segment advertisers want to connect with as they are behind a paywall. Most people are buying smart TVs. With growing internet connectivity personalized content will rise. Once customers get hooked to it, it will be difficult to go back to an analogue TV,” said Jacob.
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