The rise of technology and digital transition have shifted the way people consume media. As traditional media is unable to meet all the needs of the consumers in this modern media era, here comes the growth of OTT Video..
SpotX has released an informative research paper on the growth and importance of OTT across Asia Pacific. Our team at Bidmath contributed to the Thailand section and you can read the entire paper using this download link from the SpotX website. Within this article we extract the key findings based on the target audience and consumption relative to OTT video.
In this article we go back to the basics on what is it?, why is it growing and who are the players involved in OTT in Thailand.
What is OTT?
Over-The-Top is what OTT actually stands for. It is any online content provider that serves the consumers the streaming media or content over the internet. The consumers are able to consume the content through various devices by using the internet connection like computers, smartphones, smart TVs, tablets, and etc. To give a clearer picture, MonoMaxxx, AIS Play, Viu, Line TV, iflix, Ch3+, and True ID are some examples of OTT video streaming partners of Bidmath in Thailand.
In Thailand, OTT media services are growing rapidly. However, Thailand has a very high number of people who are likely to consume the streaming media, and because of that it gives OTT Video a plus to be the most effective platform when seeking longer watch time and high viewability.
What are the key findings from the SpotX research paper:
(1) Thai viewers now spend more time watching OTT than TV
As the OTT market in Thailand is very strong and people increasingly consume OTT streaming media, it gives traditional TV programmes a challenging task. According to Spotx, 51% of Thai video consumers consume through OTT, 50% of Thai consumers watch TV, and 70% watch the video content over video-sharing platforms. In addition, 65% of OTT viewers spend two or more hours watching the content for the weekdays which is equal to 66% of video consumers who spend more than two hours of video streaming content and higher than 53% of TV watchers.
(2) Thai viewers are watching 3+ hours of OTT especially on the weekends
As mentioned above, 65% of Thai OTT viewers watch the video content for two or more hours on the weekday, but for the weekend, OTT viewers tend to spend 3 hours and above on watching the video content as shown in the graph below (Spotx, 2021).
(3) 60% of OTT viewers use a smartphone to watch video content
Smartphones are the main devices used to watch the online video content as 60% of OTT viewers prefer to use this device to consume their interests. Moreover, 87% of video viewers rated that consuming the video content through smartphones is as good as consuming it on TVs (Spotx, 2021). By using smartphones, the video content can be watched anywhere and anytime which TVs could not give this experience to the viewers.
Thai advertisers have increased their OTT investment phenomenally this year as consumer habits have shifted dramatically during the pandemic, particularly the 25-34 age band where we saw an uplift in consumption and viewership.
The main driver of OTT investment is high viewability and audience verification across platforms like Viu, Line TV, True ID, CH3 and CH7 where longer watch time and larger player size are key factors delivering media efficiency.
While player size is often overlooked, Bidmath identifies it as critical in driving better outcomes within OTT environments. Additionally we have found OTT delivers against brand metrics like recall, favorability, and purchase where response rates and uplift is higher vs. other programmatic video.
One focus for 2021 is shifting the conversation around higher OTT CPMs, considering the value of OTT compared to standard outstream formats. We recommend looking beyond CPM rates and evaluating advanced video metrics such as audible viewable on completion, viewable cost per completed on- target views, and brand lift to prove the impact and justify the premium.
