The OTT platform has boomed ever since it first entered the market. Adding further, OTT apps can stream content without the use of a cable box. This establishes an unstoppable force for content owners, distributors & brands where they can have combined scalability with traditional pay-TV.
OTT TV apps combine the reach and power of traditional pay TV. The flexibility of the internet creates an unstoppable force, & has opened up opportunities for content creators, distributors, and brands everywhere.
Today this immersive platform has garnered more interest than traditional viewing habits. That’s because this trend solely depends on bringing up newness in services offered by over-the-top content publishers which always helps them to taste success!
You’ll be surprised to know that the OTT video market worldwide is expected to double in size by the year 2024!
The new normal generation is replacing 4G & its setting a trademark with much more reliable network & lightning-fast internet through 5G trendsetter.
With this consistent growth, there are multiple OTT platform trends that you need to watch out for. We have covered the top 7.
7 OTT Media Trends To Watch Out For in 2024
Many media outlets look into fulfilling various content demands after gaining an intricate detailing of consumers’ expectations. And that’s where your brand can step into it, leveraging its potential to fill the unnoticed gaps. Some of the pacesetters include:
1. Consistent Growth of OTT Space
The OTT space is bound to grow as access to entertainment has become one step easier. The convenience to stream an unlimited library at any time has sought the growth of OTT spaces even higher.
Viewers today are content with the services of popular OTT spaces. Thus they also understand that there is more in store for them which is why popular OTT players are leaving no stones unturned to provide an exceptional service to them.
In a few years from now, the OTT market can be worth double what it is today. An online source revealed, ‘’OTT industry is expected to be worth $1.039 trillion by 2027. This is a significant increase from $121.61 billion, which was the industry’s value in 2019.’’
2. Spark in growth due to COVID-19
The pandemic brought in pros and cons for the business world. But for the OTT platform, the virus brought in new changes on a good concept. Due to the pandemic, everyone was forced to reside in their homes and travel frequently less than they used to.
This new change pushed viewers to change the way they access on-demand video content. Thus, the rise of OTT spaces grew popular. Subscribing to video streaming services and accessing content anytime, drove the sales of OTT spaces much higher during this period.
3. Growth of CTV
CTV stands for connected TV. As individuals working from home, we are constantly strained towards using the laptop or mobile for activities. In such times, it would be great to access video content on another convenient platform.
Thus with the OTT technology, Smart TVs started making a great revenue here. An online source revealed, ‘’The Asia-Pacific region will increase OTT TV and movie revenue by 90% to $54bn by 2026.’’
While the traditional TV viewing habits were great, the use of OTT technology made it, even more, easier to access exclusive content.
OTT technology, a single sign-in, and an internet connection pushed users to stream content on TV.
4. User Experience Treated on Priority
Today if you see around you, you’ll find multiple OTT platforms.
Each of them has something unique and more to offer. While one platform would offer exclusive content, another platform would have cheaper subscription plans.
In a simpler manner, there are multiple options of OTT platforms that viewers can choose. This is one of the reasons where the user experience concept grew into the picture.
User experience in simple terms refers to making the OTT platform easy for users. From the navigation process of finding the content to recommendations, users will prefer an best online video platforms that makes watching content easy for them.
Due to this User experience became a key feature and an important criterion for when you plan to create your own OTT platform.
5. Music streaming eliminates radios
Radios have always been the prime source to access any type of music. This was until the audio streaming solution came into the picture. While they provide the same services as radio, these are more aligned and better than traditional radio systems.
Today music streaming is trending and has become the most downloaded application on almost every phone.
Popular music streaming apps are seeing a spike in users as well. An online source revealed, ‘’Q1 2020, there were 400 million people who subscribe to music streaming services across the world, increasing by almost a hundred million versus the same period in 2019.’’
6. Increase in content fragmentation
The number one way to generate better revenue for your business is to align your services better for your target audience. Content fragmentation has become a popular way to do this.
Let’s understand this better with an example.
Say there is an OTT platform known as ‘ Shriyoga’. As the name suggests the platform is dedicated to displaying yoga videos and speaking about wellbeing and more.
Since your business caters to the wellbeing of your audience, you can distribute your content towards the ShriYoga platform.
This increases better views and helps tap more audience towards your services better.
7. Increase in video streaming for businesses
Businesses have always worked hard on finding the right way to sell and market their USPs.
Today with the rise of white label video streaming, businesses have started to see a difference in usage. From customer support to selling to clients, businesses have found it simpler to engage and make sales.
For instance, start a video streaming businesses can help users explore your brand better, answer common queries and overall provide quality services to them.
With the OTT app development trends listed above, you are now certain that this platform has a better future. With the pandemic in place, the rise in OTT grew twice more. This indicates that OTT streaming is the ultimate solution in case of any hassles.
If you’re looking to create your own OTT platform at the moment, you can expect to generate great revenue. But for this to happen, you need to start on the right foot, for instance by investing in an OTT video streaming platform that offers tons of features and more to enhance the platform.
Also, you can let us know below the comment section about what are your views on OTT future trends…
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Frequently Asked Questions (FAQ)
OTT stands for ‘Over The Top’ and refers to any kind of streaming service that delivers content using the internet. The media service is furnished by an online content provider that creates a standalone product which circumvents traditional distribution channels, such as telecom networks or cable TV operators.
Streaming services are widely considered to be cost-effective alternative while you could compare cable packages. Next, if you would have noticed, OTT providers like Netflix, Amazon Prime have begun to produce their original content that’s exclusively available through the platform. Thirdly, for many years broadcasters were relying on cable operators to stream their content, sharing a revenue fee. However, OTT streaming business removes this barricade.
OTT is a relatively a new industry where a huge amount of potential growth can be ensured. Lots of brands who are entering the OTT space, provide a wide variety of options for consumers. Moreover, with increased quality of content inventory for digital streamers provide plenty of opportunities to monetize them. As more people are moving towards online-only media consumption, there has been a way to reach users via predominant Over-the-top services.
Over-the-top media services are adopted by the broadcasting industry & have been paving its way with us for years. They clearly have a room to grow due to increased diversification & competition in the market. This trend happens to grow healthily & many more opportune segments remain untapped. Whether viewers are enjoying latest Netflix series, or anything else OTT clearly defines the future of media.
OTT technology has immense potential for video streaming services to flourish. Since its on rise globally most regions adopt to broadcast content via top streaming technologies. As long as you can provide access to an internet connection – either locally or for international borders, you can let your viewers to access complete service according to their convenience with smooth playback.