The popularity of the over-the-top (OTT) platform has skyrocketed since its introduction to the market. One notable advantage of OTT applications is that they eliminate the need for a cable box to watch videos. This opens up opportunities for content owners, distributors, and marketers to combine scalability with pay TV.
OTT applications bring together the reach and influence of pay TV with the flexibility offered by the internet creating a force that enables content creators, distributors, and businesses worldwide to explore exciting possibilities.
In years there has been a surge of interest in video streaming platforms compared to more traditional viewing methods. This is mainly because these platforms continuously introduce features that attract viewers and provide higher financial rewards for over-the-top content providers.
It might be surprising to know that the global OTT video industry is projected to double by 2023. The 5th generation (5G) standard is gradually replacing the 4th generation network (4G) offering significantly faster internet connections and a more reliable network. As the expansion continues there are trends in OTT platforms that you should keep an eye on. We have discussed the seven factors to consider.
7 Emerging Trends in OTT App Development to Keep an Eye On in 2023
In response to understanding their audiences’ expectations numerous media outlets are exploring ways to meet content demands. This presents an opportunity for your brand to fill in gaps and capitalize on its influence. Some pioneers in this regard include:
1. The Persistent Expansion of the OTT Market
With access to various forms of entertainment it is evident that the OTT market will continue expanding. The convenience of users being able to access a library at any time has been a driving force behind the growth of OTT spaces.
The services offered by leading OTT platforms are currently meeting viewers’ needs. As a result, they also understand that there are things ahead which is why major OTT companies are putting in extra effort to ensure top notch customer support.
It is projected that in a year the value of the OTT market could double its worth. A credible online source predicts that by 2027 the OTT industry will be valued at 1.039 trillion dollars, an increase, from its estimated value of $121.61 billion in 2019.
2. An Increase in Development as a Result of COVID-19
The outbreak had both positive and negative effects on the business world including some dramatic developments for the OTT platform. With people staying and reducing travel due to the pandemic it prompted a shift in how viewers access on demand video content. Consequently, this led to a surge in popularity for OTT services.
The surge in sales of over-the-top (OTT) services during this period can be attributed to the convenience of subscribing to video streaming platforms and accessing content whenever needed.
3. The Expansion of CTV
“CTV”, short for “connected TV”, has become increasingly popular as more people work from home and rely on laptops or mobile devices for tasks. Having the ability to conveniently access video content on a streaming platform is highly desirable in situations.
This has led to a growth in the smart TV market with the introduction of OTT technology. According to a 2023 report by Research and Markets, it is projected that OTT TV and movie revenue in the Asia Pacific region will increase by 56% to $52 billion by 2028.
While traditional television viewing was enjoyable, the convenience of OTT technology made it even easier for subscribers to access programs. Users were encouraged to stream content on their televisions through a simple sign in processes facilitated by OTT technology.
4. Keep Focus on User Experience
In today’s landscape you’ll find a multitude of OTT platforms, each with its offerings and advantages. While one platform may have some unique contents another might provide affordable subscription options.
To put it simply, viewers have an array of over-the-top (OTT) platforms to choose from. This is where the concept of user experience plays a role.
The term “user experience” can be simplified as making the OTT platform convenient for users. It encompasses everything from navigation to recommendations ensuring that viewers can effortlessly enjoy their favorite shows and movies. This applies to both finding and accessing content.
As a result, providing a user experience has become crucial for any over-the-top (OTT) platform and is now considered an essential factor in evaluating their performance.
5. The Use of Music Streaming Services has Replaced Radios
Throughout history radio has held the position as the go to medium for music consumption, across genres. This was the situation, until the introduction of audio streaming. While they offer services like radio, they are more advanced and superior compared to the typical radio systems.
Streaming music has become extremely popular nowadays – it is now the most downloaded app on almost all mobile devices. The number of people using popular music streaming apps has recently seen an increase notably.
Research shows that in the quarter of 2020 there were 400 million users subscribed to music streaming services. This marks an increase from 100 million compared to the period in 2019.
Adapting your products and services to cater to the needs of your target customers is the strategy for boosting your company’s revenue. The use of content fragmentation has become increasingly common as a means to achieve this goal.
6. OTT Content Fragmentation
Let’s explore an example that will help us better understand this concept. Imagine creating an over-the-top (OTT) service called “ShriYoga”. From its name it’s evident that this platform offers yoga video demonstrations and wellness related talks.
Considering your company’s commitment to customer wellbeing we would greatly appreciate your contribution to the ShriYoga website. By doing you can enhance the visibility of your services, attract more individuals who will view them favorably and potentially become paying clients.
7. Businesses are Increasingly Turning to Live Video Streaming
Throughout history companies have invested time and resources into studying marketing and advertising strategies that highlight their unique selling points. In years there has been a surge in popularity for white label video streaming resulting in a shift in customer behavior.
Businesses have found it more convenient than ever to offer customer service and generate revenue. For instance, if you wish to promote your brand and address customers pressing needs and provide them with access to exceptional services, launching a platform that streams videos can be an effective approach.
The advancements described above in OTT app development should instill confidence in the long-term sustainability of this platform. Since the onset of the pandemic there has been an increase in the adoption of over-the-top (OTT) streaming services. This indicates that such services offer the solution for avoiding any potential issues.
Creating your OTT platform could lead to a boost in your regular earnings. However, if you want that to happen, you’ll have to make a beginning and one effective way to do so is, by investing in an OTT video streaming platform that offers a range of features and enhancements.
Author: Pramesh Jain
This article is written by Pramesh Jain. Pramesh is the CEO and Technopreneur at WebMob Technologies, has an experience of over 12 years. He is the intellectual head of software solutions with expertise in client acquisition, project inception, & strategic application growth development.