Online Video Advertising Market Set For Strong Growth In 2017
The accelerating rollout of mobile services and easy availability of affordable internet access promise similar growth for the industry in 2017
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The online video advertising industry had an impressive year in 2016, registering a growth of 200 per cent on the back of rising video content consumption.
The accelerating rollout of mobile services and easy availability of affordable internet access promise similar growth for the industry in 2017.
Vikas Katoch, CEO and founder of Adomantra Digital, shared the key factors that will define the growth of online video advertising next year.
"Amidst the different online video advertising durations/ formats, the key focus for 2017 would be on long format video ads (45 to 90 seconds) for a stronger brand engagement with the audience. Video ads of 30 seconds and above allow communication of emotional benefits and deliver complex messages in an effortless way. Long format videos also have the highest likelihood of being shared online for viral impact," Katoch said.
Large brands across industries like retail, IT, financial services, and government entities are likely to be major buyers for programmatic advertising.
Highlighting the second most important ad format which will grab eyeballs in 2017, he added: "2017 will witness 100% surge in Rich Media Format ads. Rich media ad formats have witnessed higher click through rates compared to standard banner ads. Brands and publishers will reap huge benefits because of high viewability in rich media formats as users cannot avoid viewing these ads."
He said due to easy and widespread availability of 3G and 4G services, the ongoing surge in internet penetration in the country will be on the rise in 2017, leading to an increase in video consumption.
With 220 million users, India is now the world's second-biggest smartphone market. Internet users in India are estimated to grow by at least 50 million yearly till 2020, according to Katoch.
"The industry will continue to hunt for Standardised Viewability Measurement. There will also be an attempt to setup a cross referencing standard across differing players," he said.