How Is Pandemic Unlocking New Bussiness Opportunities For OTT Platform

With social distancing becoming the new normal and lockdowns becoming a recurring phenomenon, the traditional entertainment drivers have come to a lurching halt. Theaters are no longer receiving heavy footfalls due to safety reasons, and the escalating COVID-19 crisis primarily forces viewers to stay indoors. While the rife pandemic brings viewers hours of freedom and solitude, OTT (Over-the-Top) makes sure they don’t miss going out. 

Amidst COVID-19, enormous new viewers have resorted to different OTT platforms, resulting in a 30% increase in OTT viewership. A recent report informs that the global OTT market reached worth $161.37 Billion in 2020. In comparison to 2019, the market has grown at a CAGR of 55% approximately. So it’s clear. On-demand streaming services are people’s new favorite, and this infatuation will not end any sooner, even in the post-COVID-19 world.

So, the next big question that arises is how OTT is shaping amidst the ongoing paradigm shift? With the eccentric speed at which customers adopt OTT video solution platforms, businesses' enormous opportunity landscape remains void to fill with their success stories. Business must align their marketing strategies with OTT to discover new use cases, build rigid and strong customer relationships, and leapfrog the competition curve. For instance, the following are some of the business benefits, put briefly OTT platform provides:

• Better brand awareness and positioning 

• Targeted advertising and new revenue streams

• Augmented content delivery and monetization

• Continuous innovation through video APIs 

• Increased customer engagement 

• Personalized experiences for customers

• Customization in correspondence with marketing strategies

Also Read:- How is Content Delivery Network Empowering OTT Streaming Service
 

Personalizing End-To-End Online Video Streaming Experience From Launch To Media Playback & Application Development.

The immense increase in on-demand video streaming solutions has created a paradigm shift. No longer are the users concerned about the ownership, but instead, they are more concerned about media access. With Amazon Prime, Hulu, Netflix, and other video streaming platforms competing to provide users with the best streaming services for less costly monthly subscriptions, users get the freedom to select how and what they want to watch.

 There are various options available for users with default app functionalities such as auto-playing trailers or prominent scenes, playing the next episode, automatically skipping the intros, and more.

Why does OTT Platform Development Is a Critical Importance for Businesses? 

There’s no denying that the OTT platform takes precedence over all the conventional methodologies to reach a prospective audience or put more prospective buyers. Businesses across industries are evermore yearning to pursue custom OTT app development and capitalize on the opportunity to walk through competitive inroads. 

Let's have a look at why.

Ad-Supported OTT Platforms

OTT platforms are longer restricted to providing just entertainment. Businesses are now approaching ad-supported streaming services providers to reach a wide band of customers in a much defined and targeted manner. On-demand streaming channels become brands’ favorites by advertising their products and services among consumers. Statista informs that OTT users are more receptive to advertisements than TV viewers. Companies must include OTT in their digital marketing plan to schedule their promotions and advertisements in line with region, demographic, and consumers to garner maximum engagement and opportunities.

Rising Demand for Omnichannel Experiences 

Digital-age consumers have intelligent devices and super-fast internet connectivity at their disposal, which triggers the demand for omnichannel experiences concerning media content access. OTT-apps will allow on-demand content accessibility, whether audio or video, on every virtually compatible device in the given scenario. According to a report by Forbs, the majority of the OTT users prefer streaming content on mobile devices and TV sets will be used by over 60 million people in the next five years. Whether specific streaming devices or smart TVs and smartphones, digital-age consumers want to stream media content anywhere, anytime, and across devices.

Personalizing Customer Experience

Building an extensive OTT-app strategy can help brands deliver personalized content directly to consumers. Unlike traditional broadcasting methods, OTT application development services offer complete agility, hence the name, On-demand video service. An increasing number of companies approach various OTT app development services providers to remodel their engagement with prospective customers. On-demand streaming platforms integrate disruptive technology forces such as Artificial Intelligence (AI), Machine Learning (ML), analytics, cloud, IoT, and many more to track the content usage pattern. Therefore, companies can build targeted marketing strategies, conflating both data and design to reach a wide array of customers through OTT platforms in their preferred regional language.

COVID Supercharges the Entertainment Rift and OTT Bridges this Gap  

The conventional entertainment industry would have continued fussing for most of 2020, with a plentiful silence. Thankfully, the emergence of OTT app development emerged to help businesses build a scaffold and fend off the epochal crisis. However, the global OTT market is yet to witness remarkable growth. According to a report, by 2026, the market will grow by 19.1% to reach $438.5 Billion. 

OTT's topping trend consists of distinguishing features that global media and entertainment companies harness to forge new OTT business models and engineer cloud-based services to practice agility in correspondence with the continuously changing consumer behavior.

Oodles Technologies offers resilient video streaming app development, live streaming app development, and OTT platform development solutions. Our multi-year experience helps businesses to conceptualize, design, develop, and market video solutions. Businesses can easily monetize and automate video acquisition, processing, and delivery. Reach out to our team for further inquiry.