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One of the biggest trends shaping advertising right now is the rapid rise of streaming video viewership. With an estimated 150 million US adults now accessing streaming video with services like Hulu and Roku, through devices such as Amazon Fire TV and Apple TV — a new medium known as OTT (over-the-top) advertising has emerged, allowing brands to reach their audiences directly within their living rooms.
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According to Statista, Netflix has the most viewers in the United States and is predicted a rise to over 182 million subscribers by 2024. The second-largest subscription video-on-demand platform is Amazon. Disney+, launched at the end of 2019, is predicted to have the third-highest number of subscribers as of 2024.
According to Kevin Rini, SVP Product Management, Nielsen, by 2024, it’s estimated that streaming platforms will have amassed 210 million subscribers, which represents a staggering number of consumers and a major shift.
OTT (over-the-top) advertising is advertising delivered directly to viewers over the internet through streaming video services or devices, such as smart or connected TVs (CTV).
The term “over-the-top” comes from the ability to bypass traditional TV providers that control media distribution, giving advertisers the ability to reach their audiences directly.
Going over the top allows media companies (and advertisers) freedom of movement without pre-planned broadcast schedules or geographic limitations.
Over the top video is a channel that can meet a wide variety of marketing and sales initiatives, thanks to growing capabilities in scaling, measuring, and data-driven targeting.
Many places talk about over the top in just the context of upper-funnel awareness or oversimplify OTT goals as being the same as TV goals. You can leverage OTT video as a full-funnel performance channel that does more than just build your brand; it can engage and move customers through the entire funnel.
“OTT can be a full-funnel performance driver. What makes Tinuiti unique is that our approach focuses on the right fit for each brand. This can include traditional goals of reach and frequency. Or it can mean digital measurement, programmatic, or sponsorship — it all depends on the brand’s needs,” explains Math.
Benefits of OTT video over traditional TV:
Brands with advanced digital strategies are adopting OTT advertising as part of their performance mix because the future of TV is becoming more digital and data-driven.
OTT video stats show that viewing has gone mainstream in recent years, especially for younger audiences, whose viewing habits have shifted from cable viewing to streaming services and OTT apps such as Netflix, Hulu, Roku, Crackle, Plex, Pluto.TV, Vimeo, Vevo, and more.