Since its inception, the OTT industry has exploded in popularity. Additionally, OTT applications enable content to be streamed without the necessity of a cable box. This creates an unstoppable juggernaut for content producers, distributors, and marketers by enabling them to have scalability in addition to conventional pay-TV.
OTT applications like Netflix and Amazon Prime merge the power and reach of conventional pay-TV with the convenience of streaming. The internet’s adaptability generates an unstoppable force and has created possibilities for content producers, distributors, and brands worldwide.
Today, this comprehensive platform has attracted greater attention than conventional watching habits. This tendency is entirely dependent on the addition of novelty to the services given by over-the-top content providers, which is always beneficial to their success!
You may be astonished to learn that the global OTT video industry is predicted to almost double in size by 2023!
Through the latest 5G updates, the new typical generation is displacing 4G and establishing a brand with a far more dependable network and lightning-fast internet.
With this steady expansion, there are a number of OTT platform trends to keep an eye on. We’ve discussed the top seven.
1. Consistent Growth Of The Over-The-Top (OTT) Market
The OTT market is certain to expand in popularity as accessibility to entertainment becomes simpler. The ease of being able to watch an endless collection at whatever time has accelerated the expansion of OTT spaces.
Today’s viewers are happy with the services offered by big OTT platforms. As a result, they see that there is much more in store for them, which is why renowned OTT providers are going above and beyond to give them an amazing experience.
In a few years, the OTT market may be worth twice as much as it is now. According to an internet source, the “OTT business is predicted to reach a value of $1.039 trillion by 2027. This is a huge rise from the industry’s worth of $121.61 billion in 2019.”
2. Growth Acceleration As A Result Of COVID-19
The epidemic brought both advantages and disadvantages to the business sector. Due to the pandemic, everyone was forced to stay in their houses and travel far less frequently than they did before. However, the pandemic introduced fresh alterations to an already successful notion for the OTT platform.
This new adjustment compelled consumers to alter their behavior when it comes to on-demand video material. Thus, the popularity of OTT places soared. Subscribing to services and having access to the material at any time boosted OTT space sales significantly during this era.
3. Increase In CTV
CTV is an acronym for connected television. As people who work from home, we are continuously compelled to do operations through laptops or mobile devices. It would be ideal to have access to video material through another handy platform during these times.
Thus, with the advent of over-the-top (OTT) technology, Smart TVs began generating significant income in this space. According to an online source, “the Asia-Pacific area will boost OTT TV and movie income by 90% to $54 billion by 2026.”
While conventional television watching habits were advantageous, the adoption of OTT technologies facilitated access to unique programming even further.
Users were compelled to stream material on TV by OTT infrastructure, a single sign-in, and also an internet connection.
4. Priority Given To User Experience
Today, if you look around, you’ll see a plethora of OTT platforms. Each of them brings something distinct and additional to the table. While one platform may have unique content, another may offer more affordable membership rates.
To put it another way, viewers have a variety of OTT platforms from which to pick. This is among the factors why the notion of user experience evolved.
In basic words, user experience consists of making the OTT platform accessible to users. From the discovery process to suggestions, customers will choose an OTT platform that simplifies the experience of consuming content.
For example, taking inspiration from OTT giants like Netflix, even local platforms like Aha and AltBalaji have started offering recommendations of what to watch based on your viewing history.
5. Music Streaming Reduces The Popularity of Radio
Radios have historically been the primary source of access to all genres of music. This was true till the audio streaming method became available. While these systems provide the same functions as radio, they are more coordinated and superior to standard radio systems.
Today, music streaming is popular and has surpassed all other applications as the most installed application on practically every phone.
Popular music streaming applications are also witnessing an increase in users. According to an online source, “In Q1 2020, there have been 400 million subscribers to streaming music services worldwide, up over a hundred million from the same time in 2019.”
6. Increased Fragmentation of Content
The most effective strategy to increase income for your company is to better connect your offerings with your target demographic. Content fragmentation has been a prominent technique for doing this. This results in more views and assists you in attracting a larger audience to your services.
7. Increase in Business Video Streaming
Businesses have long strived to identify the optimal manner to sell and advertise their unique selling propositions.
Businesses have begun to notice a shift in use patterns as a result of the increase of video streaming. Businesses are finding it easier to interact and sell to customers, from customer service to sales.
For instance, establishing a video streaming company may assist people in better exploring your brand, resolving typical questions, and providing them with overall high-quality services.
With each OTT platform trend described above, you can now confidently predict that this platform will have a brighter future. Also with pandemics in existence, the surge in OTT increased by a factor of two. This demonstrates that OTT streaming is the ideal alternative in the event of any difficulties.