dataxu, the leading global software provider for marketing professionals, recently announced research showing that the majority of consumers in Singapore believe that their overall experience with advertising has improved in the last year.
The research commissioned by dataxu in partnership with Sapio, presents the current perceptions of media agencies, brands, and consumers around the current and future state of TV advertising.
A total of 1003 consumers and 106 businesses in Singapore were invited to complete the online survey, with 56 from media agencies and 50 from brands/advertisers.
Following the wake of GDPR, the results show a growing awareness amongst consumers of how their data is used and its increasing value to advertisers, with 78% believing their data has become more valuable to advertisers over time.
61% of consumers are happy to share their data in an anonymous way in order to see personalised ads and offers, whereas 65% would willingly share their data in exchange for free content.
The report also sheds light on consumers’ evolving relationship with their TV sets. The tremendous growth of streaming services such as Netflix, suggests that they are on track to outstrip the competition of traditional TV, which at 36% currently dominates over other channels.
Connected TV and paid subscription services are steadily increasing in popularity among Singaporeans, making up 31% of viewing time. Millennials aged 18 to 24 lead the demographic for watching paid subscription services.
For advertisers, the opportunities that traditional TV offers are enhanced by the better targeting potential of Connected TV, a television that can connect to the internet, allowing access to content beyond traditional forms of TV.
According to media agencies and brands, 21% of TV investment in Singapore is spent on traditional linear TV, closely followed by investment in Connected TV, at 19%. However, both agencies and brands are optimistic about the future of Connected TV, predicting that Connected TV buying will increase by an average of 31.9% over the next 5 years.
Alvin Wong, General Manager, Asia at dataxu commented on the stark shift the research shows. “More than ever, television lies at the heart of an important intersection between personalised advertising and media consumption. Whilst traditional TV still holds great importance, we can see a clear shift in which advertisers and agencies deepen their investment into Connected TV, following suit with the growing millennial audiences on this medium.”