3 Tips for a Successful OTT Strategy in 2024

By: Tara Johnson, Senior Content Manager at Tinuiti

2023 has brought about a wealth of untapped opportunities in the streaming industry. In the following blog post, we cover the game-changing strategies that will redefine your OTT advertising approach. From navigating the landscape of new ad-supported streaming services to capitalizing on CTV's growth through retail media partnerships, we unveil three strategies to elevate your streaming plan today.

1. Test new ad-supported streaming services

The landscape of video on demand is undergoing a significant transformation with the decline of subscription-based models and the ascent of ad-supported alternatives.

Netflix, the trailblazer in this realm, resisted ads for years, with subsequent premium streamers like HBO (Go/Now/Max), Disney , and Apple TV adopting the same ad-free approach. While Hulu initially introduced the concept of ad-supported streaming, a multitude of other providers have entered the arena.

Paramount and HBO joined in 2021, with Disney following suit in 2022, and even Amazon and Apple TV are poised to introduce ad-supported tiers. This surge in streaming services expanding their advertising options is anticipated to expand the streaming market's horizons, offering marketers a wider assortment of choices tailored to their needs.

2. Start investing in YouTube

YouTube is working hard to become a big player in the TV world, especially on Connected TVs (CTV). They're adding 30-second ads that you can't skip on some TV videos. YouTube's endeavor to compete in the CTV space also includes a strong push to acquire content. Recently, the company made headlines by acquiring NFL Sunday Ticket, hoping to steal away some of the linear TV’s football audience.

According to our experts, if you're new to advertising on YouTube, now is a good time to give it a try. And if you already use YouTube ads, you may want to consider increasing your investments and optimizing your measurement strategy to see if your ads are working well.

3. Keep an eye on platform’s retail media investments

Connected TV (CTV) has seen positive effects from various recent collaborations with retail companies and even higher spending on ads. Among these, Roku stands out as a major player in CTV advertising within retail media, teaming up with well-known names like The Kroger Co., Instacart, and Best Buy. In April of 2023, Kroger also announced a partnership with The Walt Disney Co., while Walmart is engaged in a retail media partnership with NBCUniversal.

Overall, these partnerships are designed to help streaming services make better use of data from retail media networks to show ads more accurately.

As we move into 2024, it's recommended to inquire about data partnerships when considering a streaming ad provider. This can significantly impact the success of your ads by ensuring they reach the right audience. To take things a step further, work with an agency or data partner who can help unify all of your retail-related first- and second-party data.

Conclusion

Are you ready to conquer the ever-expanding world of OTT/streaming video advertising? Check out our latest webinar on-demand with Rockerbox, to learn the best strategies and measurement techniques to thrive in the OTT era.