As the youth segment moves to the digital space in India, the online video market is seeing an impressive growth. Today India is the fourth largest online video consumption market, and it has been seeing a steady 50 percent growth over the last few years. There is a marked shift from TV advertising, and even regular online advertising, as brands seek stronger mindshare by creating relevant content in video format that can be accessed via any mobile device – the smart phone is fast becoming the device of choice for many.
It was revealed during the recently held 8th Marketing Conclave organised by the Internet and Mobile Association of India (IAMAI) that while TV still remains a major consideration for advertising; online or digital medium is not a low cost substitute but a serious brand building medium as well. Emphasising the fact, Subhranshu Singh, marketing director- India & South Asia, Visa said, “Internet is no longer the medium that brands invest in when they do not have budgets for TV. The scenario has now changed, thanks to two main factors – television has become increasingly fragmented and the youth has shifted online.”
However, the content for online video cannot simply replicate what is being shown on TV. “The content creation for this medium needs to be done creatively and not simply picked from that generated for TV,” explained Vdopia Media vice president Debadutta Upadhyaya. Unlike in television, online video has to be rich and more engaging for the visitor to remain glued to it, and search for the product or the service later. According to Visa’s Singh, the benefit of online video is that a consumer might see an ad and straightaway search for the product, or see a product and look for definitive promotions about that online, and this toggle between the search and view is faster which makes buying decision making process also faster.
Moreover, the brand at heads and online video experts at the event agree that online videos offer a better measurement tool about a product or service acceptance than traditional TV ads, which makes it very relevant for today’s growing consumerism. Interestingly India, as a market is experiencing a revolution of sorts in the digital, consumer, and industrial space, and is seeing development in each of these aspects. In fact this market is no longer about penetration but increased consumption of products and services. So with the many choices that are fast appearing in front of the Indian consumers, it is becoming even more important for the advertisers, and businesses to opt for branding medium that will attract attention faster, and engage them better.