Live TV is dead; long live livestream TV. While that may sound far-fetched or reminiscent of the announcement of Mark Twain’s death, savvy marketers will heed those words as livestream TV evolves into the next marketing frontier. This is especially true when it comes to reaching U.S. Hispanics and their $1.5T purchasing power. So, if you’re on the fence when it comes to investing in livestream TV, these four points will help you make up your mind.
- Livestream TV is big in 2017. If 2016 was a banner year for for livestreaming video, such as Facebook Live, then 2017 will be the year for livestream TV. Over-the-top (OTT ) video services such as Sling TV, Direct TV Now, Univision and others allow consumers to watch TV without “watching TV.” Google’s recent entry into this market via YouTube TV underscores the growing livestream TV trend. And it will continue beyond 2017; by 2020, eMarketer predicts 54.9% of the U.S. population will watch digital TV at least once a month, at the expense of traditional TV.
- A $14 billion opportunity in the making. The entire live online ecosystem represents a significant and growing opportunity for advertisers which is expected to double by 2019. (AHAAA 2017 Hispanic Market Guide, p. 9 ) For advertisers and content producers, this means that when it comes to producing content, thinking digital is an imperative, whether it’s live shows and sporting events, or short-form videos.
- Hispanics are the “it” group in digital. No matter how you slice it, U.S. Hispanics should be your marketing sweet spot, especially when you’re considering livestream TV. Generationally, young and millennial Hispanics (ages 10 to 34) are moving away from traditional TV and opting for their smartphones to watch videos and use apps, more than any other ethnic group. According to the newly-released 2017 AHAA Marketing Guide, 93% of Hispanic households own at least one smartphone, an ownership rate that is higher than the general population. Broadly speaking, U.S. Hispanics over-index when it comes to watching TV online, and comprise 29% of all cord cutters in the United States. The moral of the story is clear: when it comes to digital, Hispanics are waiting for you.
- Hispanics will reward you, too. The brand loyalty of Hispanics is well known. In fact, AHAA reports that “over one quarter of Hispanics advise others on electronics,” meaning that brand loyalty also extends to positive word of mouth.
Despite these convincing points, the language barrier may still keep you on the fence – but there’s good news! You don’t need to have Spanish content to connect with U.S. Hispanics. You have options when it comes to language strategy, ranging from all Spanish, to mixed language, or even English if you’re targeting second or third generation immigrants.
Whatever the language,the connection with your audience will be through cultural relevance, first and foremost.
