How Does The Future Look Like For OTT Platforms?
OTT is in trend for so long and we cannot deny the fact that it will last long since it has given the power of entertainment in the hands of the viewers. OTT platforms are changing rapidly and this change is making the industry more and more diverse. The usual schedule for your weekend is to sit, get your beverage and watch the show of your choice. Modern time is the time to get the entertainment dose on the OTT platform. OTT has revolutionized the viewing habits of modern viewers. It has changed the entertainment industry. Yet there are numerous assumptions that what the OTT platforms and OTT industry will look like in the coming future.
The Rise Of The OTT Platforms In India
OTT platforms were there in the entertainment world but the industry had not got the immense popularity that it got in the near past. The OTT platforms have seen significant growth due to several factors. These platforms have turned into cord-cutters throughout the globe. Several factors have fueled the OTT growth in India and have changed the entertainment scenario throughout the world. Several factors that have contributed to the development and growth of OTT platforms are:
A Push By COVID-19
COVID-19 has given a huge push to the OTT platform and has helped it to mark a difference in the entertainment industry. The regular lockdown and limitations in the times of Covid-19 have made tremendous development in the future of OTT platforms. It was in 2020 when the quarantine took over the world and people were all set to entertain and kill their time while binge-watching OTT content. The growth of OTT content is further escalated by the closure of theaters, gathering spaces, and other places of meeting and gathering people.
All this has made Netflix and other OTT platforms a one-stop destination for many since it has given shows that are away from the
The ease of using OTT platforms and convenience of accessing OTT anytime, anywhere, and on multi-screen delivery has helped OTT providers to stand out away from the entertainment crowd.
Increased Internet Penetration
Moreover, the accessibility of the internet and smartphones have given huge support to the OTT platforms to grow immensely. The presence of the internet and the accessibility of smartphones in hands of all have made the OTT platforms reach remote areas of developing and underdeveloped countries of the world. This has made the OTT services available in even tier 2 and tier 3 cities in India.
High Potential Of OTT Platforms
The growth of OTT platforms is projected to be worth around $194 billion by the year 2025. This shows the huge potential of the OTT platforms. In mid of this huge potential and growth of the platform, it is obvious to see the stiff competition in OTT platform providers. The growth in the sector is leading to more publishers entering the OTT sphere and launching OTT apps rapidly.
The OTT world is open to taking up the world of entertainment and making an impact in the entertainment world. The future will be more enlightened and the market will surely grow exponentially.
Future-Proofing The OTT Platform To Tackle The Competition
Talking about the competition, we are all aware of the fact that OTT platforms and OTT service providers are experiencing cut-throat competition. So, how will you make difference in this scenario?
These can be improved with some slight improvement in the quality of experience you are providing to your viewer. To tackle this stiff competition, OTT platforms need to work on specific sectors to improve over their competitors.
Get Quality Content To Stand Out In The Competition
To attract or retain subscribers, it becomes crucial to work on consistency in providing quality content to the viewer. To cut the competition, one needs to be ahead of it. All this can be possible with the consistency, quality, and experience that you are providing to the viewer.
Try To Give Personalised Experience
Personalized experience will bring your platform ahead of the competition. While bringing a personalized experience, using machine learning and AI may help. People find it more comforting whenever visiting the platform. A user-friendly experience makes it more usual for the user to choose and use the OTT platform regularly.
Give Priority To The Regional Viewers
With the internet penetration and increase in smartphone users, OTT platforms are experiencing growth in tier 2 and tier 3 cities. All of these are likely to develop a dedicated viewer base of the content in the regional language. This is also crucial the give a push to the regional talents and content a larger space.
Consider Giving An Affordable Subscription Package
Apart from making quality content, or making a space for regional content, one needs to take care of the subscription packages. A high subscription price may deviate the subscriber to a different platform. If you are providing an affordable subscription package to the viewer, you are likely to a large portion of low-income groups.
No matter whether you are an established broadcaster or a newbie content creator, this is the time to launch an OTT platform of your own. It is by and large that more people are cutting the cords of traditional cable TV and are favoring on-demand content. All makes the future of OTT platforms brighter than ever.