Connected TV advertising has become a very popular advertising platform among APAC brands in recent years, as it allows you to reach targeted TV audiences that traditional advertising can't reach.
According to the latest information from Omnicom Media Group (OMG), 2024 APAC Trend Report, CTV and smart stick ownership is increasing at a five-year compound annual growth rate of 6.5%. According to the report, CTV's popularity in Asia Pacific is driven by a 13% increase in viewer attention and a 6x increase in streaming ad conversion rates compared to traditional TV.
As the pandemic accelerates digital adoption at scale, Asian consumers are subscribing to more media channels than ever before, according to a 2022 report conducted by Kantar and revealed by The Trade Desk. They use an average of 7.6 channels to engage with brands.
This is forcing many CMOs to stretch their marketing budgets across multiple channels. The OMG report also shows that more than half (57%) of marketers in APAC have already shifted at least 40% of their advertising budget to their CTV.
Growth of Hong Kong’s CTV advertising market
While marketers in Asia Pacific are shifting their ad budgets to CTV, more advertisers in Hong Kong are also being observed to realize the value of advertising on CTV, The Trade Desk said. said Chris Ngan, general manager for Hong Kong and Taiwan.
In fact, Hong Kong is home to major players in the OTT market, most notably Viu and myTV SUPER, the streaming services owned by state broadcasters PCCW and TVB, respectively.
For example, Now TV recently launched the city's first addressable TV advertising service to enable more precise campaign targeting for businesses. This ad deployment technology seamlessly integrates personalized commercials across Now TV's 40+ linear channels spanning news, finance, sports, movies, drama and entertainment.
“This is due to the dual benefits of CTV: providing consumers with an immersive content experience and enabling brands with precise audience targeting,” said Ngan.
PubMatic's APAC Chief Revenue Officer, Jason Burns, further added to his view, saying that Hong Kong's mature streaming media environment, willingness to adapt, and strong influence of the industry across borders will drive growth in the CTV advertising market. He said it was telling.
Equativ APAC Country Manager Wei Hsueh observes that despite the growing demand for CTV advertising in Hong Kong, Singapore has a lower allocation of CTV spending compared to Hong Kong despite similar population sizes. expensive.
“This discrepancy may be partially explained by limited advertising supply in Hong Kong due to the dominance of a small number of players, and a wait-and-see approach by advertisers who are reluctant to adopt new marketing channels. ,” added Mr. Xue.
How can marketers maximize their CTV investments?
Especially for marketers facing multifaceted challenges. Google to phase out third-party cookiesAccording to Ngan of The Trade Desk, CTV has become an undeniable marketing channel. “CTV stands out as a can't-miss and effective solution for addressing identity challenges because it does not rely on cookies and offers many other benefits,” he said.
As CTV may continue to show even greater potential in the future, marketers in Hong Kong are adopting an open internet-based omnichannel marketing strategy centered around CTV to maximize the return on their CTV investment. Mr. Gunn suggested that it could be
Additionally, Hong Kong marketers can improve both branding and performance by understanding the content they are buying, leveraging the efficiencies of programmatic trading, and investing in a “total video” approach to target audiences at scale. You can take advantage of CTV as a channel. PubMatic's Burns said.
Meanwhile, Equativ's Hsueh said publishers also need to create diverse content to acquire more users and, as a result, increase the ad supply to CTV.
“We should embrace the unknown. Both advertisers and publishers could do more to further accelerate the growth of new channels with a testing mentality,” Xue added.
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