Why Is It Crucial To Build An OTT Platform For Sports Broadcasting
Posted By : Priyansha Singh | 16-Jan-2023
Here's Why OTT Platform Development For Sports Broadcasting Can Be The Best Investment Decision
If we take a broader look, television viewing has been widely replaced by new-age digital technologies that enable highly secure, reliable, fast, and high-resolution video streaming. In essence, the sports industry has particularly taken advantage of this, leveraging Over-The-Top (OTT) platforms to either supplement conventional TV broadcasts or supplant them altogether. It was subsequently one of the last sectors to shift to online and OTT video streaming services. Live video streaming of sporting events became the new standard after the unprecedented impact of the pandemic swept the entire world.
This is the main reason why OTT streaming services have capsized the supply and demand curve between broadcast media and sports leagues. Moreover, as its adoption is constantly growing among global viewers and big sports leagues, it is no wonder that Amazon bought the NFT rights for a whopping $130 million in 2018.
So, what is the significance and consequences of OTT and live video streaming in the sports industry? In this blog, we will discuss why it is important to build an OTT platform for sports and events broadcasting. So, let’s get started.
Why OTT Platforms Are Ideal For Sports Broadcasting?
According to recent studies by verified market research, the online video streaming market and digital revenue for sports is expected to reach USD 93016.95 million by the end of the year 2030 with a growth rate CAGR of 24.64% from 2022 to 2030.
This is no small portion of the overall market segment as there is still massive room for growth. OTT platforms are ideal for sports for various reasons such as:
- Fans can view event recordings in case they miss the live game
- Fans can catch sports and actions live which they would have missed otherwise – for instance an airport layover
- Viewing experiences can be personalized
- Apps can provide detailed information such as scores and stats
This ultimately means that providers can furnish value-added services with minimal effort and display ads specifically targeted for each viewer – something that traditional television broadcasting can not possibly do.
Any Time, Anywhere, Any Device
One of the greatest benefits of sports broadcasting over a live video stream is that it provides sports fans with the benefits of being able to watch any time of the day from any device irrespective of the location. With live sports streaming through a broadcast, viewers can watch live matches and live sports events from their computer at home or their tablet on the go. In an increasingly remote and mobile world, furnishing customers with these on-demand services has incessantly become a requisite for optimum viewership.
This opens up an entirely new realm of possibilities and opportunities that were not available by any traditional means. For instance, the capability to access digital media content at any time and anywhere can take local and small events onto the global scene. A small-scale sports event that would normally have the capacity of only a couple of hundred people – broadcasted on a relatively unknown TV channel can now be accessed by a greater number of viewers. This is a classic example of scaling and exposure at its best.
Also Read: Optimize Your OTT Model For Success With These 5 Proven Strategies
Scalability And Global Reach For Sports
Live streaming of sports events is a truly global phenomenon, embraced by millions of people and brands all around the globe. By freeing yourself from one distributor or broadcaster, it is possible to lower the legal complexity and cost of negotiating contracts on a territorial basis with a multitude of partners or distributors.
Likewise, for amateur sports clubs, there is no longer the need to limit the match broadcast to a local level, as family members living in different countries would have access to it.
The cardinal advantage of OTT is that it no longer limits the number of viewers. Even if a stadium or sports facility center has a limited number of seats, thanks to online video streaming, the number of fans who can access and view content is unlimited. The cloud servers that are typically used for OTT services enable adapting to the traffic and automatically scaling in situations where traffic is high.
More Revenue Opportunities
With the soaring popularity of live sporting events through broadcasting setting new levels of standards with each passing day, more and more revenue-generating possibilities are coming into the limelight. Paid advertising and sponsorships are two core methods in which live video streaming for sports can prove to be extremely successful and beneficial for revenue.
Since the democratization of video media, live video streaming has become exceedingly affordable. With certain sponsors in place, sports fans get the desired content where costs are largely covered. Advertisers and sports clubs alike gather more exposure with real-time video streaming.
Furthermore, live streaming offers the option of broadcasting sports events on demand via digital media channels of your preferred choice. Facebook, YouTube, or a personal website/platform – all these options and more are readily available with live video streaming.
Looking For OTT App Development Services For Your Business?
At Oodles Technologies, we provide all-inclusive video streaming and OTT services to entrepreneurs and enterprises across a myriad of industries such as sports, entertainment, education, real estate, and more. As an established OTT platform development company, we assist businesses to transcend the boundaries of conventional broadcasting and embrace online video streaming using futuristic technologies. With an in-house team of seasoned professionals, we provide comprehensive assistance in selecting the right streaming models, technologies, and monetization plans in accordance with the latest industry standards and demands. Right from smart TV app development and video conferencing app development to live/on-demand video streaming and OTT platform development, we guide and help you build world-class applications for high-definition and ultra-low-latency video streaming. If you are looking for OTT app development solutions, feel free to drop us a line. Our experts will get back to you within 24 hours.
Her expertise lies in creating insightful and engaging content for the readers and has worked on multiple projects such as Blockchain, IT, Marketing, Home Decor, AI, and many more. She is a trained pianist, painter, and an avid reader.