The Future Implications of OTT And Connected TV
Posted By : Priyansha Singh | 10-Sep-2021
The Future Implications of OTT And Connected TV
The COVID-19 pandemic witnessed the global population confined to their houses, causing an unprecedented surge in digital consumption. It has further propelled the future of Over-The-Top or OTT streaming services and Connected TV or CTV as a whole.
With the acceleration of the digital media market, the demand for quality content and feature-rich video streaming app development solutions is also increasing. As a result, businesses need to innovate and stay updated with the latest OTT trends in order to keep their users coming back for more. In this article, we will discuss the future implications of OTT and CTV.
Innovation: Deliver Premium User Experiences
Media broadcasters and brands must consider the fact of being unique within this market segment and set themselves apart from the rest. This can be only achieved through innovation.
Subscription-based businesses need to remember that they will be competing and fighting for priority. This means the more needs-based or unique a subscription service is, the more likely it is to make a way into users' shortlists in the future.
Due to the OTT and CTV landscape becoming more and more competitive and fierce, brands are gradually introducing new attributes not only to garner new users but also to retain existing ones.
While contemplating the future of OTT and Connected TV, it is also crucial to note that the overall UI/UX of CTV and OTT apps plays a vital role in this space. Moreover, users are also more inclined towards getting rid of the applications that fail to satisfy their requirements- making the features, look, and feel of the TV application the primary goal when seeking to attract and retain customers.
Cord-cutting And The Growth of Connected TVs
A cord-cutter is defined as a user who withdraws or switches from a pay-TV subscription (such as satellite, cable, or telephone company) to an internet-based video streaming service such as Hulu or Netflix.
With the soaring number of ‘cord-cutters’ on a year-on-year basis, the decline of cable TV is definitely visible and it will rather increase in the coming years. For instance, NFL has already harnessed the benefits of D2C with their global GamePass application, enabling them to monetize their streaming content in a branded NFL app along with broadcasting via traditional platforms.
In the future, we can also see many mid and small-sized companies take advantage of the connected TV and OTT space which was previously ruled by ‘tier one’ entertainment and media organizations. As neoteric and innovative solutions continue to make the traditional TV broadcast more fragmented, it will become more economical for small brands to venture into the OTT app development services for Smart TVs and serve more niche interests.
Also Read: Top Use Cases of Video Conferencing App Development Services
Mobile Vs Connected TV: What Are The Implications?
One of the many merits of OTT services is that viewers can access digital content from a myriad of devices such as tablets, laptops, mobile phones, gaming consoles, set-top boxes, and smart TVs. This is something that significantly large proportions of subscribers leverage when on the go.
However as users retreated to their homes after the pandemic struck, we have indubitably been reminded of the demand for connected TV alongside offering users intuitive TV apps is an integral part of any OTT video delivery strategy.
Glancing towards the near future, not only providing a multi-device solution crucial to compete with other brands, but it is also a core aspect of retaining that expansive user-base.
Therefore, OTT service providers must deliver immersive and consistent experiences across multiple platforms & devices. Nevertheless, this is something that we have already witnessed from the likes of Amazon Prime and Netflix for instance.
Furthermore, with the rise of the uber-fast 5G network, it is evident that it will play a major role in augmenting and enhancing the mobile experience for viewers as it will become easier to stream and consume content on the go.
Looking at the bigger picture, it signifies that the demand for both mobile as well as connected TV is here to stay.
With more than 1.1 billion connected TV devices in use all across the world and with the OTT industry anticipated to hit $194 billion by the year 2025, it is significant that the future of television lies with OTT and CTV.
However, as the market space becomes more crowded, digital media service providers will see a rise in competition with more brands trying to break into the OTT & CTV landscape, enticed by the promise of big rewards and lower entry barriers. Thus, media companies must provide users with an experience that trumps the rest.
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