[ad_1]
NEW DELHI: Video streaming platforms have cut marketing budgets by up to 40% and reduced content by up to 40% over the past year as producers focus on profitability in a cutthroat market vying for the attention of fickle viewers. Streamlined costs. industry experts said.
These platforms have eliminated large-scale outdoor advertising efforts and cut down on multiple appearances for lead casts. Instead, digital is playing a central role along with the influencer’s marketing.
“Our approach is to determine the expected outcomes from each title based on the data and analysis we have and plan our spending accordingly. We choose our medium according to our target audience. “We’ve been very careful with our spending going into 2023, but we’re also making sure that the right content gets its due from a marketing perspective, whether it’s a movie or a show.” said Rajshekhar Badam, head of marketing at aha, an OTT platform. He spoke in Telugu and Tamil.
Given that viewers have limited attention spans and the availability of content across multiple OTTs is vast, it’s important to make an impact with your marketing. To that end, Badham said he chose a strong and viral campaign on social media, partnered with influencers to spread the word, and relied on meme marketing in the pre-launch stages of the title. Publicity about the program’s success is made after it begins airing, and the television medium is also used to drive sales.
Sourjya Mohanty, chief operating officer at EPIC ON, an OTT platform owned by IN10 Media Network, says basic outreach is important, but ultimately it’s the library you build that speaks for itself. said that he is aware of it. “If the content isn’t great, marketing won’t help you retain users. That’s why no one stands in the way. It’s all about minimalism now,” Mohanty said. Today’s marketing strategies range from personalized campaigns that resonate with specific audiences and drive higher engagement rates, to leveraging geolocation to serve more relevant content to viewers. says Sahil Chopra, founder CEO of digital marketing company iCubesWire.
“Despite economic constraints, platforms are adapting to strategic tactics such as targeting loyal fans, emphasizing value, and adjusting budgets with agility. Marketing strategies are also changing, and content The focus is on cost-effective strategies like marketing, social media engagement and data-driven targeting,” said Mitesh Kothari, co-founder and chief creative officer of digital agency White Rivers Media.
Indeed, there was a visible surge in shows and movies on OTT platforms during the pandemic when people were confined to their homes. However, expectations for profitability are rising as the pandemic subsides and market conditions stabilize. This newfound pursuit of profit has led streaming companies to streamline their marketing spend. So, according to entertainment industry experts, marketing budgets will either decrease or remain flat for bigger titles.
“While many OTTs have had to prioritize top titles for extensive marketing efforts, they have become more prudent and only offer outstanding performance in the first launch week with minimal promotional efforts. We needed to step up the development of other titles. With a limited budget and multiple titles, it is not practical to distribute the budget evenly across all titles to get a big effect. Therefore, the development of the title The relevance of type and cast helps us decide which projects to put our money into for maximum impact with minimum investment,” says Aakash Goplani, account director at digital agency SoCheers. .
Platforms have reduced marketing budgets by up to 40% in the past year and streamlined content costs
Unlock a world of benefits! From insightful newsletters to real-time inventory tracking, breaking news and personalized newsfeeds, it’s all here, just a click away. Log in here!
[ad_2]
Source link
