According to latest Amagi's "Global FAST Report", the FAST business has become a major force in the TV industry with the APAC region alone witnessing a phenomenal YoY growth of 320% in total hours of viewing and a staggering 891% YoY growth in ad impressions across FAST channels.
Amagi's data explains that now is the time to build presence across FAST platforms with broadcast grade linear channels. Moreover, is the time to reach the growing global audience base for FAST and tap into the increasing ad revenues generated across this space. Amagis' report found that the cut back in subscription services was as a direct consequence of the cost of living crisis. Specifically, as many as two-thirds of 67% of consumers said that they would switch from SVOD to FAST in order to save on their TV expenses. It also revealed that the FAST industry was particularly well-placed to grow despite the current economic uncertainty.
When asked what they would cut down if they needed to reduce their expenses, 47.3% said they would look to decrease their travel expenses, 33.22% would give up their TV subscriptions, and nearly 6% would reconsider their car/transport costs, with everything else accounting for the difference. The survey also found that global AVOD ad revenues are expected to hit $56 billion by 2024, while APAC continues to be on top of the list with an ad revenue projection of around $25 bn by 2024. As for the annual FAST ad revenues in the US, they are expected to hit $6 billion by 2026. Amagi noted that the FAST industry finds itself in the unique position of potentially further accelerating in the event of an economic slowdown.
Amagi’s analytics platform showed a 105% year-on-year (YoY) growth in FAST channel deliveries, a 130% YoY increase in ad impressions and an 84% YoY rise in total hours of viewing (HOV). While linear channels across FAST platforms offered a a plethora of content, a few genres stood out in the Amagi report as the audience favourites. News was the top performer attracting 35% of the ad impressions in Q2 2022 and 30% of the total hours of viewing during the three-month period.