The popularity of OTT platforms has skyrocketed due to the COVID-19 pandemic. As consumers retreated indoors to stay safe from the novel coronavirus, they turned to Netflix, Disney+, Hulu, and other streaming services.
What’s the one thing that immediately drives you away from an OTT platform? If you’re like most people, chances are you can’t stand slow streaming speed and high buffering time. The increased latency is one of the key factors that impact the viewing experience on any video streaming platform.
The COVID-19 pandemic has created a plethora of unprecedented challenges for business organizations. To say that it has compelled businesses to overhaul their operations would be an understatement. From onboarding new employees to organizing team meetings -- companies have leveraged the internet to maintain business continuity.
Launching an OTT app comes with a wide array of challenges. It's a complex, laborious, and time-consuming process from developing a user-friendly app to identifying the right monetization strategy. Also, you have to curate a library of high-quality original content, including web shows, movies, short films, documentaries, etc.
Live video and over-the-top (OTT) streaming were already popular before the pandemic hit. They grew significantly during the worldwide shut down, and that growth won’t slow anytime soon. There are best practices a business or organization should follow to gain an audience and find long-term success in the post-pandemic world. It would be best if you considered each of these before attempting to bring your content live.
There’s no question that the past five years have seen exponential growth in the online video streaming and over-the-top (OTT) markets. As of 2020, viewership had grown 72% year-over-year, and growth in Q1 2019 was 49% faster than in 2018. In 2021, the live streaming industry is set to reach $70 billion.
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.