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Last year, global mobile consumers clocked in over 935 billion hours, watching content in mobile video streaming apps. That's 65% up from the year before! Unsurprisingly, Netflix was among the fastest-growing entertainment product across several global markets, moving past the 200 million paid subscribers mark.
If you are considering VOD app development, the timing is just right. On-demand and live streaming markets are still in the high-growth stage. So you too can tap into the new revenue pools.
Unlike the traditional TV of decades past, today’s viewers seek more diverse viewing options. They’re watching their favorite content on mobile devices, game consoles, Smart TVs, and other connected devices.
From media to telcos, Over-the-top (OTT) app development and services are becoming increasingly important in the future of almost every industry. In 2019, the OTT market's value stood at $85.16 billion, and the number is expected to reach $194.20 billion by 2025. This shows just how big a threat OTT is to commercial TV channels, fueled by advertisers' and viewers' migration to the internet.
The digital age has made it imperative for entrepreneurs and marketers to brainstorm new ways to reach their customers. While social media marketing and content marketing continue to rule the roost, OTT or over-the-top apps are becoming increasingly effective as customer acquisition tools. In fact, Netflix, Amazon Prime, Hulu, and other such apps are fast replacing traditional TV channels.
The world of over-the-top content (otherwise known as OTT) can be complex. On its face, OTT is the technology that allows viewers to stream videos over the internet. But behind the scenes, there are hundreds of companies and OTT services that make it all come to life. Without this technology, there would be no Netflix, no Disney+, no YouTube, no streaming video as we know it.
Video streaming apps like Netflix are booming in 2020. Over-the-top media (or OTT) is expected to be a nearly $160B industry by 2024. And even as competition grows, Netflix continues to reign king, largely due to the simplicity and beauty of their streaming apps. So you may be asking: How can you make an app like Netflix?
Amazon Prime Video is one of the largest video streaming platforms available. It’s also one of the more complex hybrid SVOD (Subscription Video on Demand) and TVOD (transactional video on demand) services when it comes to making money.
OTT (over-the-top) means film or TV content provided through internet rather than cable or satellite. We equate OTT with the giants: Hulu, Amazon Prime, Netflix, HBO Go, and standalone network apps like NBC, ABC, Comedy Central, and we watch on Roku, Apple TV, Chromecast, Amazon Fire TV, and more.