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Manila Bulletin devider Business devider Trade & Industry devider CTV targets PH's $75.5-M ad market

CTV targets PH's $75.5-M ad market

Published Aug 2, 2023 07:52 am
More Filipinos are now watching television via connected TV (CTV) which are digital extensions or devices connecting to, or embedded in a TV to support video content streaming such as Xbox, PlayStation, Roku, Amazon Fire TV, Apple TV, among others. Finecast, GroupM Nexus' addressable TV solution, said on Wednesday, Aug. 2, that it has partnered with local streaming platform iWantTFC, to offer CTV inventory to clients in the Philippines and revolutionize the advertising industry. The partners want to take advantage of the fact that the ownership of CTV in the country has increased from 6.1 percent before the pandemic to 17.2 percent. "This presents a favorable moment for advertisers in the country, as the partnership arrives at an opportune time," they stated. GroupM’s forecasted spending by advertisers on CTV in the Philippines will triple from $18 million in 2020 to $59 million this year. By 2024, this category is expected to grow by a further 28 percent, to $75.5 million. The collaboration allows Finecast to expand its reach and solidify its position as a leader in the media industry while enabling iWant to enhance its advertising capabilities. "This partnership is a game changer for the industry and will drive the evolution of TV advertising in the country," Yasmin Mallari, Chief Investment Officer, GroupM Philippines, reiterated. “We are excited to offer our clients the opportunity to reach audiences through CTV and make the most of the evolving media landscape in the Philippines," said Kathryn Domingo, Finecast Director. "This will enable brands to capitalise on this trend and deliver their message to audiences on the big screen for maximum impact,” she added. TV remains the cornerstone of media planning in the Philippines, with a substantial adoption rate of 79 percent in urban areas and 71 percent in rural regions. However, the TV landscape is evolving, and linear TV alone is no longer sufficient. Despite this shift, TV continues to hold cultural significance in the country, particularly for family viewing during primetime. To adapt to the changing media landscape, brands can leverage CTV as part of their TV transformation strategy. This will allow them to deliver engaging experiences on the "big screen," maximizing their impact on target audiences. The partnership provides a unique opportunity for advertisers to tap into the growing CTV market in the Philippines and connect with audiences in innovative ways.
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