The entry of OTT in the mainstream content delivery industry has transformed consumer experience in a big way. Consumers are getting new and exciting ways of tuning in to their favorite video content across different categories ranging from sports, movies, news, and to much more. Undoubtedly, the unprecedented growth in technology has made sure that content viewing does not remain as it has been conventionally. Today, consumers across the globe are gaining access to a wide array of content through the internet. Before OTT came to the fore, content delivery was through traditional broadcasting. Indeed, OTT’s position in the mainstream video content market is on an upward trend and much has been said about its influence. Experts say that there is a lot to expect from OTT. Read on to have a clear picture of the future and predictions of OTT in the content delivery industry.
Without a doubt, the expectations of future growth in OTT are high. There is evidence and predictions to show that there is a promise of continued OTT growth in the years to come. According to Videonet, in 2018, for the very first time, online streaming platforms recorded the biggest share of original shows, coming way ahead of traditional broadcasters. Since 2018, there has been unparalleled expansion in the viewing of content via the internet rather than through traditional channels. Certainly, this pattern will continue to rise since consumers are more inclined to OTT platforms.
A further look into the future shows that revenues from traditional channels are set to decline while revenues from OTT viewing are going to increase in the coming years. According to a prediction by PWC‘s Global Entertainment and Media Outlook 2018-2022, traditional broadcasting is set to drop revenues by 1 percent while OTT viewing is set to increase revenues by 18 percent. With such a projection, it’s certain that OTT will continue to grow exponentially in the coming years.
According to an article by IAS Insider, Experts believe that the future of OTT envisions an increase in the production of local regional content by regional OTT players. With OTT becoming a popular platform for consumers to access content, the market segments are increasing rapidly, thus prompting OTT players to produce local content that meets the needs and preferences of these markets. The need for custom-made content offering is growing and with it comes the need for the production of more local content. For instance, 60% of global OTT viewers are in the Asia Pacific region, and that is why OTT players are putting in more resources to produce local content to give the consumers of those regions what they need for entertainment and informational purposes. Therefore, OTT players will look into the future, taking advantage of the need for more local content to expand the popularity and reach of OTT.
Just like it is in any industry, competition will go higher among OTT players. As more and more consumers are shifting from traditional broadcasting to internet-enabled viewing, OTT players are emerging in a big way, and this calls for them to stand out as they seek to capture the attention of the expanding market. For all who want to get ahead and profit much by creating platforms through which consumers can get content through online streaming, they have to invest more in order to differentiate themselves from the competition. In the same vein, as consumers are demanding for quality, OTT players have to invest in excellence. Thus, moving into the future, it is the provision of quality consumer experiences that will enable players to rise above the competition that exists.
One thing that is for sure is that video will be highly popular in the coming years. Streaming has become a highly reliable technology that gives viewers an opportunity to watch their favorite content whenever they want to. With its capacity to support IPTV, OTT, and DVB Hybrid services and the possibility of offering TV content on every device, anytime, anyplace, Beenius has what it takes for the launch of your successful OTT project.