India is still a Rs 7-7.5 billion advertising market, with digital just in millions: Neeraj Roy
Brands should look at creating great content, building communities around it and then leading it to commerce, says Neeraj Roy, MD & CEO of Hungama Digital at Mobillion 2015
Published - 02-May-2015
At the 2015 edition of Mobillion, Neeraj Roy, MD & CEO of Hungama Digital spoke about the importance of great content in the digital age. The session was moderated by Noor Warsia, Group Editor (APAC) of Digital Market Asia.
Roy opined that the aspect of content and the manner in which content is being consumed on mobile is fascinating. According to him, content includes everything from conversations, chat messages on messaging apps, etc.
He gave the example of how Apple started Apple Pay. “The idea of Apple Pay started off in 2009 when iTunes was launched. Apple got 800 million accounts of which closer to 90 per cent accounts had only been created for digital consumption rather than buying products like iPad, iPhone, etc.,” he said. According to him, this is one of the biggest trends in digital right now.
On being asked whether this trend would be seen in India too or would the market here see a hybrid model, Roy opined that the building business in India purely from an advertising point of view is vulnerable. To justify his opinion, he stated that despite mainstream advertising been around for so long, India is still a Rs 7-7.5 billion advertising market, with digital just in millions. On the other hand, in China, only digital advertising is in the billions. Roy said that advertising-driven economy could work for India too. “There is a case for freemium model in mobile advertising,” he said.
According to him, brands should look at creating great content, building communities around it and then leading it to commerce. “We have a big opportunity if we can do this,” he said.
Further elaborating on his idea, Roy stated that he envisions a mobile economy where every action enables brands to seek a transaction economy. He, however, agreed that loyalty and e-commerce are right now an oxymoron but he opined, giving the example of a more mature market like the US, that there is always room for individual categories to grow. “Made in India models mixing offline and online will emerge in the next 3-4 years,” he said.
“On the digital front, we need to loosen up. For far too long it has been about one way communication,” he said.For more updates, subscribe to exchange4media's WhatsApp Channel- https://bit.ly/2QUdLCK