The Rise of OTT Technology: Revolutionizing the Media Industry
OTT Technology has rapidly evolved in past few years. It has completely transformed the way people entertain. Gone are the days when you have to buy DVDs to watch movies. Now the time has come for Netflix and Chill.
With techno revolution, the popularity of streaming platform has increased. With this user can easily stream movies, series on these OTT platforms. Popular OTT platform like Netflix, Hulu and Amazon prime are the best for binge watching. They are extremely popular worldwide, and created a buzz in the media industry.
According to report, the OTT revenue will increased from $60 bn in 2018 to $129 Bn by 2023. With 300 OTT service provider worldwide, 200 alone in US only.
This data show that there is lot of competition in the OTT streaming platform. It not only revolutionized the entertainment industry by also give viewers’ power to choose.
Plus, it streamlines the process of what, when and how they want to watch. With a vast array of content available at the click of button, these platforms have transformed the way we consume entertainment.
In this blog, we will explore the reason behind the success of OTT technology and how they are shaping the future of entertainment. Without further Ado, let’s get started.
“OTT is the future of entertainment.” – Reed Hastings, Co-founder and CEO of Netflix
Market statistic: OTT technology
Over-the-top OTT platform technology has made possible to distribute the content to the client. The ott mobile technologies are key driver of the OTT market which enables to access and consume content on their mobile devices.
Let’s look at some market statistics on OTT technology:
- In 2017,OTT market size was estimated at USD 97.43 Bn. And is expected to reach USD 332.52 Bn by 2025.
- It will rise at a CAGR of 16.7% from 2018 to 2025
- OTT technology market penetration in the US is over 70% .
- North America share OTT market, with high broadband connectivity.
This data shows, the growing popularity and significance of OTT technology in the entertainment industry. With significant market growth can be seen in upcoming years.
Let’s look at the latest trends in OTT technology in the next section.
What Is The Difference Between Ott And Streaming?
Over-the-top and streaming are related but different concepts in the media and entertainment industry. While both OTT and streaming refers to the delivery of audio or video content over the internet.
But OTT specially refers to On-demand app development content delivery over the internet without the need for a traditional broadcast or cable television provider.
Whereas, streaming can refer both live and on-demand content delivery and can be used by both traditional broadcasters and OTT providers.
Let’s look at their comparison between OTT and streaming:
|Deliver audio or video content over the internet without the need of cable television provider.
|The delivery of audio or video content over the internet whether live or on-demand.
|Primarily focuses on on-demand content delivery
|Can refer to both live and on-demand content
|Offers content that users can watch at their convenience, rather than delivering live broadcasts.
|Can offer both live and on-demand content, depending on the service.
|Netflix, Amazon prime video, Disney+, etc.
|Hulu, YouTube, TV sling TV etc
How OTT technology has changed the landscape of media industry?
The ott video technology, has had a significant impact on the media industry, transforming the way content is created, distributed and consumed.
Moreover, this platform has disrupted traditional broadcast television. And allow viewers to access content on-demand at their convenience. Plus, ott tv technology has a global reach , as the content is widely spread worldwide.
For media industry, it has created new opportunities and content creators are no longer bound to traditional distribution channels.
Moreover, OTT platform offer data driven insights into user behaviour and content performance. That provides valuable information for ott advertising technology to create more targeted and effective advertising campaigns.
Let’s move further to the latest trends in OTT technology that are influencing media industry.
Latest trends in OTT technology: Media industry
Today, there are some remarkable ott technology trends that are gaining popularity among the users. Some of the trends are influencing media industry too.
OTT platforms are highly investing in the original content as it set them apart from the competitors. Not only are these platforms generating high quality original shows, movies, but also attracting viewers and subscribers by offering best premium plans.
Mobile first approach
With the rise of ott technology transfer, these platforms are focusing more on mobile-first approach. This means they are developing user friendly interface of the apps for mobile phones and tablets.
You can see AI in ott sports streaming apps to enhance user experience. Moreover, AI algorithms are used to analyse viewer behaviour and preferences to provide personalized recommendations for content.
With interactive content such as choose your own adventure shows, VR experiences and interactive games. This create secure stream ott environment and engage more and more users.
Plus, it creates immersive experiences for viewers.
It has become a major focus for OTT platforms, with more platforms investing in streaming rights to major focus for OTT platforms. This has created new opportunities for sports fans who want to watch live games without a satellite subscription.
Ad supported models
Some of the OTT platforms are experimenting with As-supported models. That offers a lower price subscription tier in exchange for watching ads.
Moreover, this is helpful in creating more affordable options for users while still generating revenue for the platform.
Futuristic OTT technology: Transforming The Media Industry
Whether its app like youtube or OTT technology they are constantly evolving. The future of OTT holds significant potential to transform the media industry.
Here are some futuristic trends in OTT technology that are likely to revolutionize the media industry:
The 5G networks has change the entire games of OTT industry by enabling faster and more reliable streaming solution.
What is better than seamless streaming experiences without buffering or interruption which can significantly improve user engagement.
Virtual and Augmented reality
The video streaming app builder integrates VR and AR in these apps that create more immersive experiences for viewers. This could include virtual tours of movies sets, 360 degrees videos and gaming experiences.
Blockchain based content distribution
Whether you develop audio streaming app or video streaming. This technology has the potential to transform the way content is consumed and distributed. The OTT platforms can leverage blockchain bases solutions to create secure and transparent content.
However, which is helpful in preventing privacy and enabling fair revenue distribution.
Voice Activate interface
With the rise of OTT technology voice activated assistants provide more convenient and accessible user experiences.
Moreover, user can use voice commands to search for content, control payback and even interact with virtual assistants within the platforms.
How much does it cost to create OTT platform?
When it come to the cost to build ott app, it depends on several factors including the platform, features, functionality and the complexity of the app.
The cost when you create your own ott platform can range from $10,000 upto $60,000 or more depends on the functionalities that you want to include in your app.
Cost of designing an OTT platform can range from $5,000 to $50,000 depends on the complexity of the design and design elements required.
However, music streaming app development cost estimated from $75,000 to $670,000 depends on the platform requirements and the development team hourly rate.
It is important to carefully consider the platform budget and requirements before embarking on an OTT platform development project.
When it comes to developing an OTT platform it will require a reliable team of developers.
Working with an experienced development team can help ensure that the project stays within budget.
Plus, delivers a high-quality platform that meets the needs of the target audience. Ultimately, the investment in building an OTT platform can lead to increased revenue, customer engagement, and brand recognition in the highly competitive media industry.
What is an OTT platform?
An OTT (Over-The-Top) platform is a streaming service that provides content directly to viewers via the internet without requiring a traditional cable or satellite TV subscription.
What are some examples of OTT platforms?
Examples of OTT platforms include Netflix, Amazon Prime Video, Hulu, Disney+, and HBO Max.
What devices can I use to access OTT platforms?
OTT platforms can be accessed on a variety of devices, including smart TVs, streaming devices (e.g., Roku, Apple TV), gaming consoles (e.g., Xbox, PlayStation), smartphones, and tablets.
Do I need a high-speed internet connection to use an OTT platform?
Yes, an internet connection with a minimum speed of 10 Mbps is recommended for a smooth streaming experience.
Do I need to pay for an OTT platform?
Yes, most OTT platforms require a subscription fee to access their content. However, some platforms offer a free trial period for new users.
Can I download content from an OTT platform to watch offline?
Some OTT platforms allow users to download content for offline viewing, but not all platforms offer this feature.
Is an OTT platform the same as a streaming service?
While an OTT platform is a type of streaming service, not all streaming services are considered OTT platforms. Streaming services that require a traditional cable or satellite TV subscription are not considered OTT platforms.