How OTT Platforms Are Changing The Face of Entertainment And Media
Posted By : Priyansha Singh | 17-Jun-2022
OTT Platform Development
In the wake of the COVID-19 pandemic, the entire world bent its knees to the deadly virus and daily life came to an abrupt standstill. Amid all these came a breeze of relief in the shape of digital media explosion and digital transformation.
Over-The-Top (OTT) platforms are undoubtedly one such medium that has garnered maximum limelight in the past few years, mainly because of the increased online content consumption all over the globe. Social distancing has forced people to stay at home, where the only form of entertainment are these platforms such as Amazon Prime, Netflix, Voot, Hotstar, and many more. It has also resulted in a substantial downfall of televised media as people are now spending more and more time on these online video streaming platforms.
The reason for this shift could be many. OTT platforms are more susceptible to experimentation as it offers varied and unique content to viewers. On the other hand, TV content is mostly similar across multiple channels. The viewers also have to restrict themselves from watching any show in a specific genre and at a predetermined time.
Online video streaming applications and OTT platforms inculcate a multitude of genres such as drama, action, thriller, suspense, comedy, horror, and more. Unfortunately, television fails to furnish such perks and options to its viewers.
In this blog, we will shed some light on how OTT apps have subsequently revolutionized the video streaming industry and how they are offering engaging experiences in relation to media and entertainment. So, let us begin.
OTT Platforms: A Brief Overview
In the past two years, travel and other restrictions have led people to seek entertainment from online video streaming applications and OTT platforms like never before.
One of the biggest disruptions that happened during this phase was the exponential shift of content consumption from the big screens to small screens because of continual theatre closures. Coupled with the continued proliferation of internet users along with the availability of smartphones and cheap data, this has led to a surge in OTT subscriptions as compared to TV channels.
Moreover, the amelioration in technology has further led to the downfall of subscriptions in relation to TV broadcasts. Options such as Chromecast, CastTV, and Smart TV coming into the mainstream have significantly impacted the traditional mode of media and entertainment. Even if these are nearly similar in terms of pricing, users still prefer OTT over TV because of its flexibility and versatility. They can seamlessly watch sports, live events, shows, and news on these OTT platforms without any setbacks or broadcasting hindrances. For instance, Hotstar is a robust online platform where people can watch cricket and news anywhere and anytime, unlike television which necessitates a proper setup.
While television subscriptions provide users to watch channels that they can select, OTT platforms need only one subscription. One can stream web shows, movies, TV shows, and live programs, and that too in various languages. Therefore, it is evident that access to good content is hassle-free with online streaming platforms.
5 Ways How OTT is Revolutionizing The Media & Entertainment Industry
- Engaging Content With A Personalized Touch
The concept of engaging and snackable content has been around for a while now. In recent times, there has been a prominent boost in personalized snackable content in various formats. There is a huge market for every content format – be it long or short videos, web series, or movies. Also, people are now readily paying for content that seamlessly relates to their preferences and entertainment tastes. Unlike conventional methods, they don’t have to essentially stick to the proscriptive televised content or adhere to predetermined timings.
- Rising Demand For Digital Media Content in Regional Languages
Many well-known OTT video solutions have started targeting multi-lingual and regional audiences in different parts of the world. Different studies suggest that more than 45% of OTT users are inclined more toward consuming content in their local languages. Recently, we have witnessed an emergence of some regional OTT platforms that are clearly capitalizing on this latest trend.
- The surge in Smart Streaming of TV Shows and Movies
According to various research, digital media streaming has contributed to more than 72% of the entertainment and media industry. Moreover, the global video streaming market is predicted to grow at a compound annual growth rate (CAGR) of 21.3% from 2022 to 2030. The availability of high-speed internet connections at cost-effective prices has also contributed to the rise of OTT. As smartphone usage is anticipated to increase in the future, the personalization of music and movies will continue to grow.
- The Growth of Various Online Messaging Channels
There is popular disbelief that Over-The-Top platforms are all about online entertainment videos, movies, games, and shows. However, this is not true as the term applies to all online messaging platforms as well. Various messaging platforms include iMessage, WeChat, WhatsApp, and VoIP services such as Skype, Viber, and more. A majority of these services furnish 100% free subscriptions, therefore, their consumption is also expected to double in the coming years. Additionally, there is also massive scope for utility-based OTT video streaming services.
- Branded Video Content Will Gain Momentum
Branded video content has always been an integral part of the television landscape. With the wide adoption of OTT video streaming services, the branded content is also making its solid presence felt online. Over the past few years, the content partnership and collaboration between the brands as well as the Over-The-Top streaming platforms have grown considerably. Many popular web series were marked by the presence of the most sought-after brands. This megatrend of brands sponsoring the engaging and snackable content is all set to proliferate in the coming years. They will actively leverage these partnerships to amplify their market shares.
Live Video Streaming and OTT App Development With Us
At Oodles Technologies, we have assisted businesses of all shapes and sizes to build their presence in the media and entertainment industry with intuitive VOD, IPTV, OTT, and Smart TV app development. As an established OTT and video streaming app development company, we offer end-to-end streaming solutions to businesses, enabling them to build and launch their applications in the expansive media streaming landscape. If you are looking for OTT platform development services, feel free to drop us a line. Our experts will get back to you within 24 hours.