It is expected that by the end of 2022, almost 12% to 15% of the US population will cease to continue with their cable TV subscription and switch to OTT streaming platforms completely. Not only is OTT massive, but it also will keep on growing in the upcoming future.
If you are someone looking to start a business in the growing OTT space, understanding industry developments and their scope in the future is vital. Here is a useful article that can help you start:
What is OTT Streming? – Its significance in today
Over the top or OTT refers to that media distributed and made to reach various households via the internet. This large-scale distribution is only made possible by the IP. Many industry experts now suggest stopping the age-old comparison between OTT and cable TV as the former is expected to stay in the race for a long time. They are hoping that in the future, all cable TV channels will be distributed via OTT platforms.
The OTT industry is still evolving. This evolution will continue as long as the makers of the OTT platform are in the process of studying consumer behavior and satisfying them accordingly. Now, the technologies like live-streaming and VOD are gaining momentum. Therefore, we can expect to see more in the OTT industry in the next ten years.
Top OTT Streaming Industry Trends
Here are some of the top trends that have been noticed in the OTT platforms:
- Emergence of 5G
After the entry of 5G connectivity in the market, accessing technology today has become faster and simpler than before. There is no doubt that today, 5G is a hundred times faster than the LTE 4G. Therefore, streaming into different videos on OTT platforms is no more a problem now.
With 5G, people will have superfast internet at their disposal wherever they go. This should increase the popularity of mobile or on-the-go streaming.
- Accessibility to immersive streaming video
Immersive video streaming means the viewers of the content feel that they are present inside that video. Due to immersive streaming, people today feel more connected to the content as well as the platform. While still in nascent stages, Virtual Realty, augmented reality and 8K streaming are some of key technologies that will bring about this immersive experience to streaming platforms.
- Big media houses enter the market
As the popularity of online streaming increases, you will begin to see large media corporations coming up with their own OTT platforms. In fact, the trend has already began. After surviving in the cable TV industry for several years, channels such as Disney, ESPN, HBO all have their own (popular) OTT platforms now.
- Subscription fatigue is generating newer policies for OTT monetization
With the OTT platform comes the responsibility of subscription. One viewer today subscribes to multiple OTT platforms. As a result, they are experiencing subscription fatigue at the end of each month while paying the subscription charges. The makers of the OTT platform are now thinking of delivering, bringing in new trends for video monetization.
- Rise of Niche streaming
With a large amount of content in modern streaming platforms, it becomes hard for users to find videos that they are truly interested in. This is where niche video streaming platforms come in. They provide a large collection of videos in a particular topic or niche, so that users know exactly what to expect.
For example, a lot of people watch nature documentaries but might find less content in traditional streaming platforms. This is were a niche streaming platform dedicated to nature documentaries will be helpful.
- Vitality of user experience
Since several OTT platforms have come up over the years, the users are now spoilt for choice. This leads to the generation of tough competition amongst the OTT platforms. To stand out, the viewers select those platforms that offer them a better streaming experience as well as exciting content.
- Short form video
Short-form video is another exciting OTT streaming trend to keep note of. Short videos are not a new idea but its demand has only grown over the years. Short videos generally find popularity in social media sites such as TikTok and Instagram but bigger OTT platforms such as Netflix and YouTube have begun to take note.
Scope of OTT platforms
There is no doubt that OTT platforms have a brighter future as the people who have started using them cannot stop them and return to the mundane traditional format of entertainment. However, a lot is still left to be explored. For example, some people have a subscription to both Netflix and Amazon Prime.
Keeping people glued to these OTT platforms is their good quality content, video speed, uninterrupted performance, and HD streaming. In 2020, you will be surprised to know that the OTT platforms have gained a revenue of 99.69 billion dollars. To some extent, the worldwide lockdown due to the Covid-19 pandemic can also be held responsible for the massive growth of people’s preference for OTT. In the future, it can be expected that the OTT platforms will grow more and bring in other exciting offers to lure people and stick to them.
Conclusion
There is no doubt about the immense popularity and usage that OTT platforms have gained. So, if you have an idea of launching an OTT platform. It is an opportune time to create and own a video-streaming site. Even though it may sound like a costly and tedious task, all you need most is the ability to organize and gain users. How does a free video-streaming site sound? Create your online video-streaming website using iScripts Visualcaster.
So, as you see the working of OTT platforms, If you have an idea to build similar apps then contact us and we will help you to create an on-demand online streaming app using our open source script.
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