What do you look forward to the most at the end of a hectic workday? Chances are, you can’t wait to sit on your couch with a refreshing beverage and watch your favorite web show. Whether you’re consuming content on the TV or your phone, you’re likely using a subscription-based OTT (over-the-top) service.
That’s precisely how OTT platforms have revolutionized the viewing habits of modern consumers. If you’re a content creator or broadcaster who’s planning to hop on to the OTT bandwagon, we’ve got you covered.
In this blog, we’ll delve deeper into the rise and future of OTT and understand what it means for content publishers.
The Growth of OTT Platforms
In recent years, there’s been a significant increase in the number of cord-cutters across the globe. This change has been fueled by various factors, including the lack of high-quality original content on television.
Impact of COVID-19
The COVID-19 pandemic has emerged as the most crucial catalyst shaping the future of OTT platforms. As quarantine took over the world in 2020, people relied on OTT content to keep themselves busy. It was further escalated by the closure of movie theaters, shopping malls, and other places of recreation.
Binge-watching your favorite shows on Netflix and other OTT platforms became the only form of entertainment during the pandemic. The convenience of accessing awesome content of your choice anytime, anywhere, and on any device helped OTT service providers stand out.
It isn’t surprising that the number of households in the UK with access to an SVOD (subscription video on demand) service surpassed 17.5 million in Q3 of 2020. Also, eMarketer has projected that the number of cord-cutters in the U.S. will reach 50.2 million in 2021. This would mean an 11.6% rise in comparison to the previous year.
Image via eMarketer
Increasing Digital Penetration
Apart from the pandemic, another major factor influencing the future of OTT is the omnipresence of high-speed internet. It’s made OTT services accessible to people living in remote areas, such as developing and underdeveloped countries. So, it’s only natural that the popularity of OTT platforms has skyrocketed in Tier II and Tier III cities in India.
Image via IBEF
The Future of OTT
To begin with, the global OTT market is projected to be worth more than $194 billion by 2025. While the future of OTT platforms looks bright, service providers should expect to face stiff competition. This is because more content creators and publishers will try their hands at launching branded OTT apps in the coming years.
The Risk of Subscription Fatigue
Today’s consumers have likely subscribed to more OTT platforms than they can count. This will be further aggravated by the growing number of new players entering the OTT landscape. Making your mark as an OTT service provider is going to become increasingly difficult in such a scenario.
Future-Proofing Your OTT Platform
How can you ensure that your OTT platform is ready for the future?
Let’s find out.
1. Get an Edge Over Competitors
If you want to attract and retain subscribers, the key is to consistently provide them with high-quality original content. Also, only those OTT platforms that offer a seamless and customized user experience will make the cut in the future.
This emphasizes the need for using AI and machine learning to provide viewers with personalized content recommendations. Furthermore, you should consider using OTT SaaS solutions, such as MAZ Systems, to build awesome-looking and user-friendly OTT apps.
Image via MAZ Systems
2. Focus on Regional Viewers
With OTT platforms attracting viewers from Tier II and Tier III cities, it’ll become essential to develop top-notch regional content. This is particularly relevant to the future of OTT in India.
Apart from creating regional content, you’ll also have to devise affordable subscription packages catering to low-income groups.
Whether you’re an established broadcaster or aspiring content creator, this is the right time to launch your OTT platform. As more people ditch traditional cable TV in favor of on-demand content, the future of OTT platforms will continue to be bright.
Ready to take your content to a larger audience with an OTT app? Contact us today to get started.