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For decades, free TV has coexisted alongside premium programming that requires a subscription to a cable or satellite service. Now that traditional TV content is shifting to the internet, a similar dynamic is taking shape. Subscription streaming platforms like Netflix and Amazon Prime Video are jockeying with a growing crop of free, ad-supported video-on-demand (AVOD) services for consumer eyeballs.

With these services come opportunities for advertisers to reach elusive younger consumers who are either cutting the cord or have never subscribed to a pay-TV package. AVOD is part of the larger over-the-top (OTT) category, which also includes subscription programming. Ad spending on OTTso called because the content is delivered over the internet via connected TVs or devices like Rokuis expected to increase 40 percent to $2 billion by the end of 2018, according to the Video Advertising Bureau. The VAB also found that consumers want free content: 73 percent of adults who stream video say they watch ad-supported content.

That said, advertising in AVOD is not as easy as repurposing pre-existing TV or video commercials. Brands need to think of AVOD as an entirely new medium, according to industry leaders. To help, here's a look at the key players, best practices and how to avoid potential AVOD pitfalls.

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