Amagi has released its latest report on the state of the free ad-supported streaming TV (FAST) space which confirms that the demand for free content is the biggest catalyst for FAST growth in the APAC region.
The seventh edition of its Quarterly Global FAST Report reveals that there is a consistent rise in Hours Of Viewing (HOV) and ad impressions among TV users in India and Australia; India saw a 63.3% surge in hours of viewing and a 77% rise in ad impressions, as per the report.
The report also highlights that the Indian CTV market is booming, with 20-22 million households currently using CTVs, projected to double by 2024.
This shift in consumer behaviour opens opportunities for major players to enter India's FAST market, Amagi said.
As per the report, in the fourth quarter of 2022, India emerged as the frontrunner in channel deliveries, showcasing an year-on-year growth of 142%. The Philippines followed closely at 81%, with New Zealand at 74%, Japan at 73%, and Australia at 50%.
This edition of the report aggregates data from Amagi’s homegrown data analytics platform, Amagi ANALYTICS, which brings together data and insights from over 50 FAST platforms and approximately 2,700 channels, all of which operate on Amagi's SSAI (Server-Side Ad Insertion) platform, Amagi THUNDERSTORM.
These findings are further supplemented by data gathered from the Amagi Consumer Survey which surveyed nearly 600 APAC households, conducted from August 2022 to January 2023.
CTV adoption rates see a steady climb: The data revealed that India, New Zealand, and Australia have relatively comparable figures, with CTV penetration rates of 87%, 82%, and 81.2% respectively. These rates surpass that of the United States, the leading FAST market, which stands at 80.6%.
Favourite genres across APAC: News genre emerged as the ultimate victor, witnessing a significant surge of 49% in ad impressions and a notable increase of 39% in viewership. Following Rishi Sunak's appointment as the 57th Prime Minister of the United Kingdom on October 25, 2022, news viewership in the APAC region experienced a spike of 46.32% compared to the average viewership for the rest of the month.
TV-viewing habits and recession: What the future might hold: At 56%, Indian consumers, in contrast to their counterparts in the US, Australia, and New Zealand, showed a greater inclination to retain their paid subscriptions rather than switch to Free Ad-supported Streaming TV (FAST) services even if their economy were to be in a recession period. Nearly 33% of Indian consumers currently displayed an interest in FAST services. So, there is still bright potential for increased adoption rates in the future.
"Given an economic downturn scenario, we see a consistent consumer pattern in India, New Zealand, and Australia," said Baskar Subramanian, CEO and Co-founder of Amagi. "The majority of individuals in these countries (43-53%) prioritise cutting travel expenses as their initial cost-cutting measure, and opting out of paid TV subscriptions follow suit. Interestingly, these findings align with the US, where 48% of households prioritise reducing travel expenses and 33% are willing to give up paid TV subscriptions."
The latest edition of the Amagi Quarterly Global FAST report can be downloaded by clicking here.