OTT 2023: The Trending Wave Driving The Entertainment Industry

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Technology has always met its shift with the timely invention, that generally people wouldn’t have anticipated to get introduced with, right! This is because some of the cutting-edge integrated advancements like showcasing entertainment have now made a major difference.  Thanks to the diverse impact of ott. 

So the trending wave of starting an OTT Platform should come as no surprise to observers of the industry.

Stats indicate that from 2017 to 2022, the rise of OTT services like video-on-demand or online advertising has been found to be rapid-growing monetizing generators for Media & Entertainment organizations in the United States.

Combined with an upsurge of regional streaming services and the launch of a new VOD platform from media houses such as Disney, OTT streaming is the new Pay TV.

So in 2021, many of such things are likely to increase the wavelength of digital media.

Let’s explore the biggest entertainment trends of 2021 for you to keep your streaming showbiz high!

What drives this wave for OTT companies?

“This is the biggest shift in the content business in the history of Hollywood,” producer Jason Blum said at a virtual huddle organized by the New York Times. Their message to the movie industry was clear: Adapt or die.

With a rising number of consumers preferring OTT, there is a spurt in the number of OTT platforms streaming audio and video content. Most online streaming content owners create original and high-quality content that reflects on consumer preferences through the best ott video platform providers.

Did you know that, OTT ad spends, has already been predicted to be 31% high by 2020, which is said to be a testament to confidence, especially for the entertainment OTT industry!

Think about it closely. Especially at uncertain times, this seems to be the biggest breakthrough to consider while making your own space in the OTT market.

A spike in mobile users and internet accessibility is expected to push up video streaming users to 82% of Internet traffic by 2022.

And on top of that, big names like Discovery with its entry into the diversified OTT landscape have seen the pie eventually growing.

Even giant media houses like Disney are cashing in on this wave by launching their own OTT services. The launch of Disney+ was met with a response that crashed the service on the first day!

Industry analysts predict that Disney would hit 90 million subscribers by 2024.

WarnerMedia, the American media and entertainment mogul, is also set to launch HBO Max, an online content streaming provider on 20 May 2020 with 10,000 hours of content for $14.99 a month.

To redefine it better explore some…

Highlighted trends across five segments of the entertainment and media industry

Traditional TV & Video

The majority of media consumers keep themselves engaged for more than 2 hours of content in a day when we denote the shift in viewership from a traditional mainstay to seamless online connected devices. Advertisers flocked with opportune moments in OTT where brand messaging is ideally aired & maximizes their focussed audience reach.

Cinema

The entertainment space has seen a new evolving revenue stream model that indicates upward growth of OTT in the film industry. Now movies, TV shows have successfully reached millions of homes entertaining through enormous video streaming platforms. The recent boom in the OTT streaming market follows in many countries like the Philippines, Indonesia, and Australia.

OTT Video

Video-Sharing has been the most popular entertainment media that is cherished by millions of viewers. The interesting aspect of sharing videos is that it doesn’t confine to any particular streaming device/platform. Its adaptive compatibility makes it easy to consume or ingest OTT content. For eg: Desktop, Mobile, SmartTV, Amazon Fire TV, FireSticks Playstation, and others.

Video Games & Esports

Video games are performing extremely well delivering a real-time scintillating experience. Live-action games like candy crush or Assassin’Fist have been turned into web-based series that entice larger demographics with multiplayer online games. Similarly, Esports push several video game publishers to retrieve steady income streams with a competitive video gaming space.

Internet Advertising

At last, the ott business model capitalizes on advertising that is consumer-centric. Customers willingly choose to be entertained while watching shows on their favorite streaming service. Intentionally they are more receptive to view an online ad before the main feature is put up.
Fulfilling user interest needs is set as an ideal goal that will resonate with your brand message.

Growth of OTT Video Streaming Has Impacted the Media Industry

The rise of the OTT has driven industry trends to provide better networks that maximize digital connectivity to its core! As per research data, video streaming platforms reach roughly 332.2 million subscribers.

Since streaming points out certain limitations of accessibility, OTT solutions have been developed in such a way that it attracts millions of subscribers on a regular basis.

In the case of India’s over-the-top platforms have been selling their plethora of content in local & regional areas. Some of the dominant players are SonyLIV, ErosNow, Voot, AltBalaji who are setting an impact apart from top favorites like Disney+, Hotstar, Amazon Prime Video & Netflix.

Why Are the OTT Platforms Gaining Popularity Among the Viewers?

The recent studies about the pandemic response with reference to over the top market provide insights on viewership trends. They have been found with two major factors that have out-stripped huge numbers within the OTT entertainment platform. One pertains to the convenience that is provided to consumers coming up with the ‘anytime at anyplace viewing’ concept.

Secondly, keeping the viewer’s comfort zone in mind, privacy has been the foremost cause of this ever-changing content consumption shift pattern. Gaining popularity within the limited resources of time via creative content originators isn’t that easy, right!

In my opinion, where the world is juggling multiple responsibilities round the clock, the thought on how ott is changing the media industry has put a different but new perspective in my mind. Hitting the right chord is all it takes finally.

Revenue Model: What Brings Monetisation In Future?

With the revenue generation aspect using OTT on-demand videos has kept creativity alive especially for content creators. Due to the emergence of constant original content, the viewership standards are set to have a sharp increase, resulting in a huge revenue-stream flow.

To the best of my knowledge, OTT revenue models in the M & E industry predict slow growth at the start. Having said that, eventually, the market matures with increased revenue & is expected to skyrocket with $30.6 billion worldwide in 2022.

Conclusion:

With more and more players appearing on the OTT landscape, I feel that ideally, every piece of streaming content needs to be offered with full content disclosures and let viewers handpick their choices for themselves. Classifying streaming content with complete disclosures can bring-in utmost transparency with what type of content will be viewing.

The future of automated technologies brings an ever-growing opportunity for original content owners to showcase their creations across multiple platforms.

Capitalize on the exciting current streaming trend by fulfilling user interests through a secure platform with Top OTT platform providers customized for content requirements. Select various video monetization platform plans with a white label video platform equipped with a swift and smooth playback experience.