In this week's member-guest post, we hear from Stephanie Hanson, Offering Manager at OneTrust as she explores the CTV landscape and shares privacy best practices to follow.
The time has finally come to cut the cord. Internet streaming TV models are quickly becoming the norm worldwide compared to past cable TV models. At the same time, privacy regulations are popping up around the world, requiring companies to adjust their digital privacy experiences based on different requirements. How can companies jump into the CTV space and confidently adhere to privacy guidelines while meeting consumer expectations in regards to how their data is collected and shared? Read this article to find out.
Dipping into the CTV Pool
A streaming service can provide consumers with video, audio, or other content delivered online. Just a few examples of the more popular streaming services include Amazon Prime, Hulu, and Netflix. In fact, half of Americans (60% of them young adults) access video content through online streaming services.
With a growing number of consumers utilising streaming services, publishers shouldn’t overlook these outlets as an opportunity to advertise. Many publishers already have taken advantage of this new revenue stream, with 60% of Digital Buyers saying that they’ll shift Linear TV dollars to Connected TV (CTV) advertising in 2021). Whereas OTT (over-the-top) is the delivery method for streaming content, CTV (ConnectedTV) is the device on which the streaming services run. Advertisers can purchase ad space from publishers to display across OTT services and CTV applications.
Targeting and efficiency are two of the main benefits publishers and advertisers can hope to see by investing in CTV advertising. However, there are plenty of other advantages of adopting this new strategy. While CTV is a new channel that companies are tapping into, it’s essential to understand requirements that accompany OTT and CTV, especially when it comes to data privacy.
Benefits of CTV Advertising
One reason advertisers are shifting towards CTV advertising is that it is an effective method for reaching target audiences. Because of the nature of streaming services, content is already topic-specific. If you know the demographics and psychographics of your audience, there’s a good chance you can locate them and show them highly targeted ads via the content they’re consuming on CTV.
Advertisers can reap the benefits of CTV advertising by taking a cross-channel approach. Advertising can now span across your website, social media sites, mobile devices, and OTT platforms.
Brands that focus on multi-channel advertising report an average 500% improvement in ROI. It’s not hard to be convinced of the value of CTV advertising. However, with any new advertising outlet, there are always some unknowns.
CTV Advertising and Data Privacy
While CTV advertising certainly is an exciting new advertising venture for publishers, we shouldn’t forget the importance of privacy. As these are new advertising arenas many publishers are still navigating what best privacy practices look like when it comes to OTT and CTV. This new landscape includes a whole ecosystem of partners and vendors who are now receiving personal information.
Consent and privacy strategies should always be at the forefront of planning and incorporated into OTT and CTV platforms. Just like other marketing channels, it is critical to ensure transparency and provide consumers with choice over data collected for advertising purposes via streaming.
In addition to this, publishers leveraging the IAB TCF (Transparency and Consent Framework) v2.0 framework must ensure they are using a verified CMP, such as OneTrust, to appropriately capture consent and preferences to effectively signal it downstream to ad tech vendors.
Although implementing privacy-first practices should be well-thought-out it is always well worth the while. Some of the benefits include honouring consumer privacy and creating a trusted brand relationship with consumers through transparency. Additionally, consented inventory can lead to higher revenue for publishers.
Conclusion: Rely on CTV Privacy Technology
The potential in CTV advertising for publishers is exciting. By providing viewers with a seamless user experience while respecting their data preferences, you have a good chance of making this channel a viable consented revenue stream.
CTV app consent technology is your golden ticket to achieving compliance with privacy regulations while also meeting your advertising goals.