Streaming is quickly overtaking traditional cable as the number one choice for consumers. In fact, by 2024, more than 46 million households are expected to “cut the cord” – dropping cable in favor of streaming and over-the-top (OTT) platforms. In addition, viewing on mobile devices such as smartphones accounts for a big part of that market; 30% of premium content was viewed on phones in 2020 – up from 23% in 2019.
For nearly 100 years, the broadcast industry remained relatively unchanged. Television led the way, and viewers tuned in at certain times to catch certain shows, movies, or competitions. Since the advent of the internet and the rise of the internet of things (IoT), however, the landscape has shifted seismically.
User experience plays a critical role when you’re offering any service, and the same applies to a video streaming service like an OTT app. If your users don’t have a good experience in engaging with your platform, they’ll likely abandon it and move to another one.
The demand for video content is not abating any time soon. By 2028, the video streaming market is projected to reach $224 billion, growing at a staunch CAGR of 21%.
Consumers continue to love streaming video for entertainment. Publishers are on the lookout for the best video on demand (VOD) platforms to help them reach an ever-growing audience across multiple devices. There are three top-tier VOD platforms to consider in 2021. Each provides a great feature set to the job done.
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.
In the world of video content, streaming is fast becoming king. Not only are more people than ever watching mobile and online content, but various sectors are also seeing tremendous growth in streaming. Sports streaming alone will reach $85 billion by 2024, according to a Rethink TV study.
Should You Build Your Own Streaming App?
Video has emerged as a powerful marketing tool for every business. Whether you want to showcase client testimonials or implement an influencer marketing campaign, videos help you attract your target audience. Also, they offer a simple and engaging way to communicate crucial information about your brand and products.
Never has the value of OTT apps been more realized than during the coronavirus pandemic. With an increase in the number of millennial cord-cutters, OTT provided light when things were plunging into darkness during the global disaster. Mental health issues were on the rise and OTT offered relief from the ample free time that was pushing people into overthinking.