Video consumption swelled in 2020. That’s a fact. Netflix alone added over 37 million new paid subscribers last year, while other OTT video streaming services and live broadcasters are getting a sizable new chunk of audiences, too.
What’s the most difficult part of launching an OTT platform in 2021? Of course, you must create a library of high-quality original content that strikes a chord with viewers. You also need a robust marketing strategy to attract a wider audience.
The landscape of video streaming and OTT platforms has witnessed a massive transformation in recent years. The adoption of streaming services has further escalated due to the COVID-19 pandemic. In fact, the global OTT market will be worth $194.2 billion by 2025, growing at a CAGR of nearly 14%.
OTT viewing is becoming the default behavior in the U.S., replacing the traditional methods of consuming content via pay-TV. Around 51 million households are now streaming their OTT content on their television sets, either on the web or through different apps. Tim Cook had declared in 2015, "the future of TV is apps," and viewers are proving him right.
Video technology has evolved over the years, and people are increasingly consuming more and more video content. Cisco went so far as to predict that by 2021, videos would constitute about 80% of the entire internet traffic.
The pandemic caused mass disruption worldwide. With sporting events, theaters, and other public venues shut down, people were forced to stay indoors and consume entertainment and different media types through over-the-top (OTT) services. Not surprisingly, these providers saw significant growth during the lockdown. Despite the slow return to normal, this growth will continue for years to come.
When you think about online and streaming video, you probably first think of YouTube. And yet, there are other platforms now being used for video marketing and presentation purposes, including Facebook and Instagram stories, Snapchat, and more. The reason this is happening is apparent: the market is enormous.
When it comes to video files, higher-quality videos are much larger in size than lower-quality ones. Uploading and hosting these high-quality videos becomes a challenge due to several bandwidth constraints and the high upload time. And when your viewers watch these videos, if they're not on a high-speed connection, the video keeps buffering at their end, resulting in an unpleasant viewing experience.
For some musicians, live streaming was a way of life long before a global pandemic dictated that it should be the main way live music is heard. But since COVID-19 grounded tours for more than a year, live streaming has leveled up.
2021 is definitely a “video” year. Online video platform usage is up in nearly every corner of the world. And the demand for online content is not abating any time soon. The OTT market alone is projected to top $1,039 billion by 2027.