As more and more consumers prefer OTT, the amount of streaming audio and video content on OTT platforms has proliferated. Most online streaming content owners create original and high-quality content that reflects consumer preferences through the best ott video platform providers. Did you know that OTT ad spending is already predicted to reach 31% by 2020, which is said to be a testament to confidence, especially for the entertainment OTT industry! The rise of OTT is driving the industry trend to deliver better networks that maximize digital connectivity at its core! According to research data, video streaming platforms have approximately 332.2 million subscribers.
Better Content and Platforms for the Web
The OTT streaming market offers viewers a wealth of choice. However, abundance has become a bane as viewers must deal with a myriad of subscriptions. With content scattered across many OTT services, viewer loyalty will gravitate toward their favorite content rather than the platform itself.
Keeping viewers hooked requires providing quality content as well as the right business model. In addition, we may see an increase in integration between brands that want to draw complementary strengths from each other’s content libraries. Another strategy used by providers is to bundle OTT subscriptions with other services.
Using AVOD for targeted OTT advertising
More providers will explore ad-based streaming due to the significant revenue potential from advertising. According to recent data, AVOD will be the largest OTT growth segment in North America, with revenues expected to reach $32.61 billion by 2026.
A key reason advertisers are attracted to OTT advertising is the niche audience segments it can target through streaming devices and services. Targeted advertising minimizes wasted ad spend by showing the right ad to the right audience. In addition, OTT advertising allows for interactive advertising where viewers can interact with the content they see rather than passively watching it.
Sports OTT tendencies
OTT streaming services in sports will increase. As traditional TV subscriptions continue to decline, live sports is one area that has yet to fully transition to online streaming. However, the advent of 5G has created a stronger push to use OTT for sports. With OTT, sports fans can easily stream their favorite sporting events live from any device, as well as a plethora of possibilities to interact and engage with the platform, whether it’s fan reaction, betting, fantasy leagues and more.
Simultaneous web video viewing will become a basic feature
In addition to significantly increasing traffic to OTT services, COVID-19 also increases the demand for simulcast viewing and other co-viewing features that inject a public or social element to the OTT streaming experience.
This OTT trend led to the emergence of third-party plug-ins and services that support simultaneous viewing, after which streaming services began integrating proprietary co-watching features into their platforms. The major OTT services Hulu, Amazon Prime Video, HBO, and Sling TV have all introduced co-watching features.
Even as things return to normal after the pandemic, OTT subscribers are now experiencing the value of sharing their viewing experience with friends and family around the world. As a result, we expect co-watching to become a standard feature expected by consumers of all OTT services in 2022.
As more players emerge in the OTT space, I feel that ideally each streamed content needs to provide full content disclosure and allow viewers to pick and choose for themselves. Categorizing streaming content with full disclosure brings the greatest transparency into the type of content that will be viewed.
The future of automated technology brings increasing opportunities for original content owners to showcase their creations on multiple platforms.
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