AUGUST 20208n the last few years, changing tastes and profiles of the 21st century consumers are rapidly trans-forming how businesses are being done and how companies approach marketing. It's evident that entering the digital space is essential for the survival of business right now. While Covid-19 has put a halt to most business activities, a handful of things, name-ly OTT (over-the-top) platforms, online gaming, and online education video conferencing platforms picked up pace during the lockdown. Currently, in the wake of the pandemic, the marketing space is witnessing an explosive growth in digital content consumption. Now, adopting OTT as a marketing channel is the way for marketers to put their best foot forward.What is OTT and what are its prospects?OTT refers to video content delivered straight to the consumer via an internet connection, rather than a cable or satellite provider. Most OTT providers have their websites and apps where users can log in to ac-cess the content available with the subscription. A growing number of consumers continue to cut their cable television cord and flow towards streaming ser-vices, smart TVs, and other OTT devices. According to e-Marketer, the number of cord-cutters will reach 55.1 million by 2022, up from an estimated 39.1 million this year. OTT adoption is expected to leap from 170.1 mil-lion to 197.7 million during the same period.How is OTT reshaping the marketing space?OTT, which has become a staple for Indian youngsters and adults, has given rise to advertising video-on-de-mand, which is the usage of these platforms for mar-keting through video-based content available on them. OTT platforms such as Netflix, Amazon Prime Video, Vimeo, Hulu has opened new pathways for marketers to reach their audiences making it one of the most profit-generating sources. Here's why it's time for brand marketers to wake up to the marketing oppor-tunities OTT presents and set aside their budgets for the same:· Thanks to precise targeting, ads displayed on OTT websites and apps are relevant to consum-ers, leading to an increased level of engagement. The ads there often feel like part of the program, making people actually listen to the advertise-ments. Thus, OTT adds more brand awareness and favorability to ads compared to other forms of advertisement. According to the Video Adver-tising Bureau's 2018 report, thirty-four percent of OTT-streaming viewers say their second-screen activity is completely or mostly related to the Having an experience of more than 20 years, Sandiip Kapur is an advertising entrepreneur, producer of Bollywood films and planner of celebrity weddings.HOW COMPANIES CAN CHANGE THEIR MARKETING STRATEGY TO STAY RELEVANT IN THE CHANGING WORLD?By Sandiip Kapur, Founder & President, Promodome GroupIN MY OPINIONI
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