UNDERSTANDING THE MODERN-DAY MEDIA STREAMING

An over-the-top (OTT) platform is an online platform that avails unique and original content to audiences across the globe. With the increasing demand for fresh content, the OTT service providers are offering video-on-demand (VOD) services. Enabling the chat option along with content streaming, the top OTT providers easily interact with their users. The interaction with the users helps the OTT service providers to enhance their performances and retain more loyal customers on the platform.

OTT platforms circumvent the traditional media distribution channels like telecommunication networks or cable television providers. Almost all the OTT service providers are functioning on the subscription-based model to generate revenue as well.

With reliable internet access and a subscription plan, you can experience watching unlimited content on the OTT platform at your level of comfort. OTT services are monetized based on paid subscriptions.

Why Should You Use an OTT Platform?

In a study, it is found that more than 50% North Americans maintain their Netflix subscriptions. Here are the reasons listed that are compelling for the people to use OTT platform:

●     The OTT platforms offer cost-effective services and a large user base is getting high-quality content at low cost. The traditional methods of watching the movies or shows costs more than the OTT streaming platforms. If you intend to watch, you can watch it anytime at your convenience.

●     Generally, in televisions, the users get to watch repeated shows or movies, however, the OTT platforms have availed original content. Such entertaining content is only available in their exclusive services. To broadcast television content, the OTT platforms like Netflix, Amazon Prime, Disney+ Hotstar get exclusive streaming license.

●     Moreover, these platforms have compatibility with multiple devices such as mobile phones, laptops, TVs, and tablets. The cloud experience lets the user login with one account on multiple devices and align the content of their preferences.

 

How is OTT Content Broadcasted?

The OTT content mostly revolves around video-on-demand and at the same time, the technology deals in covering a broad range of web-based content. 

1.    Video

Video streaming is one of the most familiar versions of the OTT industry. To watch the broadcasted video content, most of the platforms cost money and generate revenue through this model.

2.    Audio

Well, most of you must be unaware of this format of the OTT platforms but audio streaming is another possible through OTT solutions. Internet radio stations and podcasts are the most common example of broadcasting audio content. 

3.    Messaging

Instant messaging options on the OTT platforms let the service providers connect directly with the users. Stable internet connectivity and user retention rate can be a useful way for the OTT platforms to improve their performances.

 

Are OTT Platforms Superseding Traditional Media Distribution?

To scale in the media industry, the OTT services function based on ‘cord-cutting’. It is a practice of canceling TV or phone subscriptions to emphasize web-based alternatives. Cord-cutting has hugely migrated the consumers towards the OTT platforms and this is definitely not a sign of diminishing the traditional networks completely.

Consumer research from 2021 indicates that 80% of the users spend two hours every day on OTT streaming and they have a strong appetite for consuming the OTT content. The numbers for the subscription of the platforms of the same customers is increasing day by day.

Are there any Challenges in the OTT industry?

The OTT industry does have multiple challenges that the service providers face in the market. In the broadcasting of the content, there are pitfalls that are difficult to cope up with. An interrupted user experience in watching the content in the OTT platform increases the attrition rate for the service providers.

The storage bandwidth, user-friendly interface, poor internet accessibility, and higher subscription-based model affect the mindset of the audience to come to your platforms. As an alternative, they switch to other platforms for finding entertainment sources.

However, Enveu gives you a streaming app development opportunity to make the most of your OTT platform potential. With technical expertise and handy solutions, their professionals lets you build an effective streaming solution. 

What are the biggest OTT Opportunities?

OTT streaming platforms have immense potential and this is why they are on the rise at a global level with North America as the major contributor with a 51% adoption rate of the platforms. The OTT giant Netflix has the most recognizable and has seen massive growth in Europe and Asia-Pacific.

Apart from the global adoption rates, major opportunities lie in the non-entertainment markets. A survey conducted determined that 50% of OTT subscribers are more likely to pay for educational content in the form of instructional streaming platforms. The platforms with an emphasis on children's programming or health-based content have an immense potential for the scalability of the content.

OTT platforms prefer leveraging tiered monetization. With more solutions as subscription-based, the subscribers don’t hesitate for paying in-app purchases. Getting a wide net as one of the monetization methods is helpful for the OTT platforms to grow faster in the media market.

Performance marketing is a successful method to attract more subscribers to the OTT platforms for significant scalability. It’s been years that we have got used to the OTT services. Irrespective of this much growth, there is still room for the growth of the OTT platforms. The increase in diversification and competition in the market are clear indications for the growth of the market. So, do you want to be a part of it? Enveu is just the right platform for streaming app development In Canada.

How can you create a Platform for Effective solutions?

To penetrate the OTT market, the new-age players jump into the OTT game and wish to leverage the generated revenue. To be among the top OTT providers, the Enveu professionals give you all the resources. If you have got a business idea to broadcast unique content, Enveu gives you the toolkit to bring your idea to life.