BFSI sector directs 70% of ad volume towards CTV platforms for IPL 2024: mFilterIt report

mFilterIt has recently released an advertisement report on IPL 2024. The company has been closely monitoring the developments, analyzing the influential players on the advertising front, and bringing attention to crucial insights and trends among CTV and mobile viewers. The coverage extends to major cities such as Delhi NCR, Agra, Bengaluru, Mumbai, Hyderabad, and Chennai, encompassing native language streams alongside English-language broadcasts nationwide.

The report showcased that the Services category and FMCG category ads were leading the charge to get maximum traction. During the initial half of the IPL season, CTV experienced a surge in ad volume compared to mobile platforms across the top five categories: BFSI, services, food and beverages (F&B), household products, and automobiles. However, this trend exhibited a notable shift in South India, where mobile advertising matched the volume of CTV advertising. This reversal suggests a nuanced regional preference, with mobile platforms gaining equal prominence as CTV specifically in the South Indian market during this period.

As per the report, the BFSI sector has directed a substantial 70% of its advertising volume towards CTV platforms, showcasing a strong strategic focus on reaching audiences through this channel. On the other hand, the F&B sector maintained a ratio of 6:4 in favour of CTV over other platforms, indicating a preference towards leveraging CTV for advertising campaigns within this industry.

During the first nine games spread across the mega opening weekend and weekdays of the IPL, brands unveiled new ad campaigns featuring cricket superstars and Bollywood celebrities. For matches held on weekdays, brands targeted both CTV and mobile platforms. However, during weekend matches, the report suggested that there was an aggressive focus on targeting CTV, indicating a strategic shift in advertising strategies to capitalize on higher viewership and engagement during prime weekend slots.

The report highlighted that some brands opted for a more targeted approach, focusing on precise targeting and strategic slot selection rather than high ad volume. These brands strategically placed their ads during the second innings of the matches, a period known to attract peak viewership. 

The report showcased that during the opening game of IPL 2024, Fantasy Gaming and Streaming Services emerged as the frontrunners in spot wins, securing an impressive 33% share of the advertising spotlight. They were closely followed by the Automobile sector, which claimed a substantial 24% share, highlighting their strong presence and strategic advertising during this high-profile event. Additionally, the Food & Beverage industry also made a notable impact, capturing a 12% share of spot wins, showcasing the diverse range of brands vying for attention and consumer engagement during this prestigious sporting event.

However, for Hindi viewers, the trend changed with Automobile ads dominating the ad duration share with 25.76%, followed by services ads at 18.70% and F&B at 14.91%. It was also recorded that for different devices, languages and regions, different trends were observed. For the first 9 matches in the Delhi NCR region, the Hindi audience watching on CTV, services category amounted to 32.54%, dominated by fantasy gaming ads. For mobile users, the same category held more than half of the ad duration share accounting for 51.87%. 

Household product manufacturers, particularly those specializing in air conditioners (ACs) and fans, have adopted an aggressive advertising strategy, targeting both North and South India markets extensively. This focused approach has resulted in these brands generating over 70% of their total ad volume from these regions. 

Amit Relan, Co-Founder and CEO, mFilterIt, said, “The IPL 2024 continues to be a prime advertising attraction across the nation. Our analysis of the advertisements during the initial matches provides an insightful look into how different sectors are strategically vying for consumer attention across regions, languages, and ad formats. The BFSI sector demonstrated a strong focus on reaching audiences effectively through CTV platforms. However, we also witnessed service platforms, fantasy gaming, streaming services, and FMCG brands making a notable impact. A distinct trend that emerged was the nuanced regional preferences, with mobile advertising gaining prominence in South India, highlighting the importance of localized ad strategies as marketers aim to sharpen their outreach and unlock better ROI during this marquee sporting event.”

The report also suggested that the advertising was not limited to just ads between overs and breaks, brands also targeted viewers during the match with banner ads. For the mobile app stream, BFSI ads were leading the Banner advertisements with an average of 30% and above share across native languages and regions. 

However, in the report, the banner ads presented a very different picture in the IPL advertising arena. Most of the banner ads were the continuation of the ads campaign with spots covering similar themes. The leading brands in banner ads were from the telecom industry highlighting new services or products. It was recorded that for English language viewers in Bengaluru, Telecom products led the banner ad duration share, with a 30.12% share on CTV but did not target the mobile viewers. 

In CTV banner ads Telecomm ads dominated with ads from major phone brands made their presence felt during IPL. 30.35 % in Delhi NCR and 32.18% in Mumbai, for English streams. For mobile devices, BFSI was leading with a 28.81% share.