Gone are the days when you’d glue to TV to avoid missing out on your favorite show. Now, you can stream any video content at any time and anywhere- thanks to OTT. The rapidly-growing popularity of OTT (over-the-top) platforms is attributed to the entertainment they offer with convenience.
Ever since the inception of the internet, opportunities for content creators have expanded. They are able to cater to their target audience more accurately and effectively. The concept of cinema is also dipping; resulting in people moving towards home theatres.
Today, more than 40% of US households own a home theatre system/surround. If you wish to make the most of OTT as a user, make sure you have a strong internet connection. There’s no way you can enjoy a movie that buffers after every minute, leaving you frustrated instead of gratified. You can look for better options, for example, you can elevate your internet experience with centurylink internet. Well, with the blazing speed, is there anything you cannot do?
Let’s have a look at the trends within the OTT landscape that have the potential to transform its shape in the future.
The Ultra-Speed 5G
5G is next-generation cellular technology that is, on an estimate, 100x faster than 4G LTE networks. Today, a maximum number of countries have 5G availability, with China and US leading the numbers with 652 cities, altogether. As 5G is becoming more prevalent, the opportunity for the OTT industry is expanding. It rids you of buffering problems with unhampered online streaming. As a result, users can get real-time experience with 5G, which commits to providing the fastest yet most reliable internet.
Increase in Consolidations
Amazon’s acquisition of MGM, which has a nearly century-long legacy in the film and entertainment industry, attests that we will see a consolidation of brands. Mergers and acquisitions are meant to happen as, there are a number of OTTs, increasing every day and the only target of these platforms is reaching the fragmented audience. The giant OTT distribution companies are already collaborating with other OTT platforms to access a larger customer base and it is expected to continue.
Immersive Streaming Technology Making Waves
Immersive streaming technology could be a major breakthrough for OTTs. Why? Because this technology allows 4k to Virtual Reality(VR) providing a real-time experience to the viewers where they immerse themselves in a real and imagined world. One of the common reasons why immersive streaming technology has become more relevant is the prevalence of the 5G Internet. The 4K streaming requires 30 Mbps of internet, which is not a viable option with low-speed internet connections.
Connected TV- Preferred Option
Connected TV or simply CTV has recently overtaken mobile as the source for OTT streaming. Users connect TVs to streaming devices and technology to watch shows or play their favorite games. The retro-gammers, especially, connect their old game consoles to smart TVs for playing their childhood games. Moreover, the rise in WFH(Work from home) is one of the prime reasons why people prefer TV for video streaming because they need a break from their phones and computers, which they have to constantly refer to during their work.
User Experience is the Key
There are over 50 live OTTs and only a few standout. It takes a minute for a user to switch to another OTT if the interface is clumsy and complicated. Users will prefer the one which has an easy interface to navigate through and is pleasing to the eyes. Therefore, it has become more important than ever for OTT distribution companies to focus on user experience to retain them.
Focus on Content Fragmentation
There are different types of content consumed by various fragments of the audience. It is essential to make sure that your content reaches the right audience, which is only possible if it is distributed through the right platform. Content fragmentation was a major trend in 2022, and owing to its immense significance it will remain equally important in 2023. Content fragmentation is important to reach target audience effectively by curating the content and distributing it through a channel that bodes well.
Localization
There’s a plethora of content on OTT platforms and the only way to pique the interest of a specified audience is by providing them with something they can relate to, and find useful and interesting. Also, providing access to online content in various locations is also another element of streaming localization. It is essential for OTT platforms to expand and list local content. Therefore, OTT platforms have focused on expanding their offerings so that users can stream local content.
Monetization Software
Undoubtedly, monetization has become nothing less than a frustration. Having to manage and pay multiple subscriptions is mindboggling. This has increased the urge in users to have an ideal subscription that offers their favorite shows and channels, and that can ease their stress. However, the usage of monetization software can streamline and manage content licensing with multiple distributors.
OTT Audio Streaming is on Rise
Recently, more people are consuming audio content, live audio streaming, and podcasts. OTT audio streaming has already gained importance and it is expected to continue to do so in the future. Radio used to be the primary source of music, traditionally. But now, it has been overshadowed by Audio streaming applications, which provide flexibility and a wide range of options.
Conclusion:
Media distribution through the internet has made it easier to stream whichever video or audio content whenever you want. OTTs have offered endless opportunities for brands; as well as for customers. However, it continues to shape and transform according to the needs of users. And OTT providers can make more profit by paying heed to the aforementioned growing trends in 2023. Regardless of the changes, one thing is certain that there is a growing adoption of OTTs.
