It’s no secret that everyone is obsessed with digital media these days, especially when it comes to advertising. As a result, there’s no shortage of people declaring traditional TV to be a thing of the past. But TV is far from dead and gone. It’s being revolutionised.
According to industry advocacy group ThinkTV, the total Australian television advertising market recorded combined revenue of A$4.1 billion for the year to December 2021, up 20% compared to the previous period.
The proof is in the pudding - television is still a dominant marketing medium. Largely, the surge can be attributed to how TV as a marketing medium is revolutionising advertising as we know it. But just how is TV being revolutionised? And does the growth indicate that it should be the cornerstone of future media plans?
We chat with our in-house digital expert, Eden, to hear her hot take on the power of TV and why people need to embrace a new era of TV through the form of broadcaster video-on-demand (BVOD).
According to data, BVOD revenue grew an impressive 68% during 2021. Why is everyone investing into BVOD compared to other mediums?
Eden: In today's ad saturated market, BVOD offers a premium, clutter free and non-skippable environment. Granular targeting capabilities are also a key factor, with first and third party segments allowing demographic, geographic and psychographic alignment. Providing the opportunity to serve ads within top rating programs for a fraction of the cost when compared to linear TV, BVOD is the ideal platform for awareness campaigns that may not have TV level budgets.
What are some BVOD platforms that have shown promise in the past two years?
Eden: The BVOD market continues to evolve, from both a DSP and SSP perspective. Major networks are developing dynamic video offerings such as Pause Ads, while buying platforms such as The Trade Desk are streamlining attribution models, allowing BVOD to play a role in all levels of the marketing funnel.
Do you believe TV needs to be at the cornerstone of everyone’s media plan? What recommendations do you have?
Eden: BVOD and traditional TV often work best side by side, with BVOD providing the capability for incremental reach; targeting users who may not be viewing on traditional broadcast channels. Both offer crucial awareness that aids in driving actions across all other channels in the market.
Image Credit: Telstra
A key insight from Eden is how BVOD and traditional TV often work best side by side, often as a total package. And as more BVOD platforms like 7Plus, 9Now, 10 Play, Foxtel Go and Kayo continue to see accelerated investment, it would be best practice to consider involving TV in your next media plan.
However, as Eden highlighted - it’s not a channel suited to everyone. But if you’re after incredible awareness that builds and grows your brand, connecting with Australians everyday through BVOD certainly isn’t a bad place to start on your media plan.
Eden Fitzpatrick is our Digital Performance Manager of our Digital team.