Marketing chatter in Q4 of last year proposed the idea that SVOD (Subscription Video On Demand) would take a big hit in 2023, with the number of Gen Z’s with TV and film subscriptions falling from 33% in 2021 to 25% in 2022.
We wanted to know if these predictions rang true, and in short, if you should still consider advertising on TV.
So, let’s switch on and discover why it’s much easier than you think to advertise on telly.
Who’s watching?
With the cost of living crisis, we have seen a recent decrease in SVOD subscriptions, especially in the Gen Z audience, who are becoming more considerate of their spending. However, don’t let that fool you from the power of TV, as we have found Gen Z is still very much in touch with the small screens.
There’s no denying that Gen Z are TikTok super-fans, but after online video, SVOD has the next biggest share in 16-34. 85.6% of 16-24’s have access to a SVOD service – with Netflix being a big shareholder in the category.
But UK broadcasters are tuning in viewers too.
At the end of Q1, Channel 4 had its biggest share of 16-34 viewing since 2010, and like a match made in heaven, Married at First Sight Australia was the biggest show across all broadcaster and subscription on-demand services for total viewing on TV sets for the last week in March. In fact, Thinbox’s Nickable TV Charts showed that 16-34’s watch 51 minutes of SVOD per day, the second most watched platform after Live TV.
Does TV still work?
“Gooooood Morning, and welcome to Arke Radio! Did you know that TV and Radio are the most trusted advertising channels in the UK?”
If you want trust from your customers, TV can give you just that. TV advertising is the most trusted form of ads by all adults (37%) and 16-34’s (38%). The fun doesn’t stop there, TV can even boost your other ad channels by 54% – giving you a home run for your advertising campaigns.
Trust us when we say your competitors are probably thinking about TV too. B2B TV advertising spend has actually doubled since 2018. On average, a UK viewer will see 41 TV ads on any one given day, alluding to TV’s effectiveness. Despite popular belief, TV can be very affordable, having the ability to deliver a cost per lead of as little as £1.50.
Can we help?
2023 looks to be a very promising year for ad-supported TV, giving advertisers the chance to create effective, memorable advertising showcased directly in viewers’ homes.
Think you’re ready to create something amazing? Get in touch with our talented paid media team who can take you through the best VOD advertising opportunities for your brand.
