In recent years, the OTT platforms have gained immense popularity due to the excellent service that is being provided by these platforms. OTT apps can stream content without the need to use any cable box. You just need to have a well-secured internet connection or Wi-Fi connection that can help you stream content over the OTT streaming devices. The OTT provides scalable and seamless content and it has a combination of content that has almost easily replaced the traditional TV as you do not need an expensive cable connection. There is a mix of content and this service can be availed by buying a subscription plan. OTT apps have a better and wider reach toward the audience in comparison to the traditional cable pay-TV.
OTT is an immersive platform that has gained immense interest over traditional viewing habits. OTT has also changed the taste of the people. By no surprise, the OTT video market worldwide is expected to double in size by the year 2023. The 4G trend has been strategically replaced by the 5G reliable network and fast internet connection.
In the following blog, we shall discuss what is OTT, OTT media streaming services, and top OTT streaming media trends in the upcoming years!
What is OTT?
An OTT (over-the-top) media service is an online content service that is being provided by a content provider online. This is somewhat of a video-on-demand platform that is used for audio streaming, internet-based voice calling, and messaging services. OTT service has strategically replaced all the traditional forms of media distribution channels such as cable television and telecommunication network facility etc. You can easily access the online content with a secured internet connection that can either be accessed locally or through a mobile network. Such online video streaming services can be easily accessed at your own leisure from any location on any compatible streaming device. These OTT streaming services are either monetized through a paid subscription or even some content can be watched absolutely free of cost. Some OTT platforms might offer in-app purchases or advertising that helps in generating revenue. OTT streaming service is highly compatible with mobile devices, smart TVs, PCs, Digital Media Players, etc. OTT has a growing demand due to its content as it has a low price, serves original content, and is compatible with multiple devices.
OTT Streaming Media Service
OTT (over the top) is a method of providing a blend or mix of content that may include the movies, web series, and television content that is being shared over the internet. The video content is offered as per the requirement of the individual consumer. OTT means that a content provider is going over the top with its service over the internet. All the OTT platforms have a wide variety of content that is designed in a specific way that can easily address the needs of the consumers. Some content that is available over the internet is free of cost and there is premium content that offers an experience that is unforgettable that is made available by all the top OTT platforms such as Netflix, Hulu, Disney, Amazon Prime Video, etc. All the OTT content is streamed on a vast array of OTT streaming devices.
OTT Streaming Media Trends In Upcoming Years
With the introduction of OTT platforms and services and taking over the digital market swiftly, it has the highest potential to fulfill the needs and expectations of the consumers. There are many media outlets that are capable of fulfilling the various content demands of the people who belong to the different walks of society. The content that is streamed over the different OTT platforms can easily fulfill the needs of the potential users. Some of the OTT media trends in the upcoming years are:-
- Consistent Growth Of OTT Space
The OTT space is bound to grow much more in the next few years as it is a source of entertainment and it shall only grow with the passing time. The OTT space can only grow higher as it wishes to stream an unlimited library at any given time. Even though the viewers are highly satisfied with the services of the popular OTT spaces but there is still a vacuum in this OTT space that can be filled with the growing time. Due to this growing demand in the market for OTT content, the OTT providers are leaving no space to provide an exceptional service to them. In a few years from now onwards the OTT market will be double what we see presently. OTT industry is expected to grow at an exorbitant rate and be worth $1.039 trillion by 2027. Consistent growth and demand for OTT platforms will replace all the traditional sources of entertainment like cable or satellite TV.
- Growth Of Connected TV
Due to a sudden growing demand for connected TV in the market, the demand for OTT platforms has also gained momentum. This OTT streaming service can be easily accessed on smart TVs as well as a result of which people have started purchasing these products at a higher rate. As individuals who are working from home during the pandemic, they have to sit for long hours in front of their laptops or watch content on their mobile phones consistently for deriving entertainment needs. Therefore, people have started preferring smart TVs over traditional cable TVs due to the wide range of digital content that is being provided to them, and on the top, the users do not need to pay high for the internet connection, unlike traditional cable service. They can watch content on the digital OTT platforms seamlessly only if there is a secured internet connection or Wi-Fi. By 2026, the Asian region will increase OTT TV and movie revenue by 90% more than today. OTT technology is simple to use and flexible and you can access content according to your subscription plan.
- Spark In Growth Due To COVID-19
The COVID pandemic has brought many pros and cons to the business world. People were forced to sit within the four walls of their houses and were not allowed to travel. The OTT platform has brought many new changes and has transformed the lives of people digitally. This new change pushed viewer to change the way they access on-demand video content. Due to the whole pandemic situation, people got hooked to their digital screens to watch their favorite online content. Thus, the OTT space grew popular during the time, and accessing OTT spaces have driven high sales and revenue.
- User Experience Treated On Priority
There is a growing demand for multiple OTT platforms and each platform has something unique to offer in its service. One OTT platform might have unique and inexpensive subscription plans while another might have exclusive content. There are multiple options these days from which a person can choose his OTT platform. The OTT space offers a great user experience that makes the viewing experience of the people better. User experience makes the OTT platform easy for others. The users hold paramount importance when it comes to the OTT market as their choices and preferences are considered as most important. There is a proper navigation process for finding the content to also get recommendations for content, the users will prefer the best online video platforms that make watching online content easy for them. User experience will become the key feature or element for creating your own OTT platform.
- Increase In Content Fragmentation
There is a growing need for content fragmentation which can generate revenue for your business. This content fragmentation is required to align your services better with the target audience. This definitely increases the number of views and also helps to tap more audience towards your service better. This content fragmentation is gaining a lot more attention and shall only grow in the future. The reason why this is gaining popularity is that it allows the users to access the content that they enjoy the most and it also allows the broadcasters to generate more revenue. Also, the content is more personalized and they can view it on their favorite streaming platform. This can be used for attracting a good number of loyal users or customers and building communities around their brands. The content fragmentation is done for targeting a specific audience and can only bring an added benefit for the broadcasters that helps in monetizing videos through advertisements and sponsorships.
- Music Streaming Eliminates Radios
The music streaming service is trending and has taken the form of a mobile application that can be downloaded easily on almost every phone device. In the earlier days, radios were considered a prime source of playing any type of music while today this has been replaced with modern audio streaming solutions. There are millions of music apps that are used by millions of people around the globe and this shall increase eventually more in the upcoming years.
- Increase In Video Streaming For Businesses
There is a growing demand and rise in video streaming services and that has transformed all the businesses around the globe. Businesses have started evolving and it is very simple to engage and make sales. Initiating with a video streaming business can help the users to explore your brand in a much better way. This helps in providing proper answers to common queries and provides quality services to them.
The latest OTT streaming media trends have been listed above in this blog which shows that it has a better future. With the pandemic in place, the OTT shall grow twice and take over every other form of traditional broadcasting items. OTT media streaming is the ultimate solution in case of any hassles. If you are looking to create your own OTT platform then you can expect to generate a great amount of revenue. When you are investing in an OTT video streaming platform that can offer tons of features and much more to enhance the platform.