In the business of online video streaming, it is only transformation and turmoil that are constant. Fast internet connectivity, availability of electronic devices, and technological advancements have made streaming accessible to a wider audience.
As the statistics show, there is a tremendous increase in the platform adoption rate. According to the data released by Allied Market Research, the market size of OTT globally was valued at $121.61 billion in 2019. The market is expected to reach around 1,039.03 billion by 2027. At the same time, the revenue of these platforms is expected to grow at the rate of 11.48% (2022-2027) resulting in a market volume of US$139.20 billion by 2027.
These digits will probably get pace with the changes in consumer behavior. It has taken over the traditional entertainment industry and has aroused as a dominant entertainment form in many households. The industry has started to shift with several developments and will continue shifting in the coming year. There are a number of changes that the industry is experiencing and will see more of it with the new year:
Change In The Competitive Scenario
From Netflix being an untouched streaming giant, this year has brought a change in the competition in streaming. It all come up with Prime Video becoming the number one streaming outlet in the U.S. (as per the research compiled by Parks Associates). This development will soon change the streaming scenarios of other nations. Moreover, with Viacom18 securing the streaming rights of IPL, the picture also got a new look contributing to the changing landscape of the industry. This competitive scenario will continue the making a shift in the competitive landscape.
Ease In Launching Streaming Platforms
Easy launching of streaming platforms have also led to the growth of OTT platforms and the coming year carries the hope of getting a plethora of platform launched. This will be possible with the quick launching technology for the platforms. There there are a number of video streaming platform providers that launches OTT platforms quickly and deliver content across devices. Ott Service providers including Phando, Contus VPlayed, Dream Cast, UScreen, and others are able to launch streaming platforms at a click of a button. Ease in launching, pace in platform delivery, and affordability of video streaming platform launching are alluring content creators and producers to launch and monetize their content instantly.
Growth In The Use Of Connected TV
Without any second thought, bigger screens provide a better streaming experience! The era of content being consumed over a smaller may get a replacement with the decreased pricing of the connected TVs. With the decline in the pricing of connected TVs, the masses can now afford bigger screens without breaking the bank. All this becomes a reality if we see the usage of CTVs in the country. In a recent report by FICCI-EY, CTVs usage is predicted to reach 10 million to 40 million by 2025. It creates a different picture for the modern entertainment industry starting with television-based entertainment, shifting to mobile & other portable devices, and moving towards CTVs.
Increase In The Content Aggregation Platforms
The present era has a plethora of online video streaming platforms. Users are in a constant situation of shifting from one platform to other to consume the content of their choice. Watching content on Netflix, and shifting to Amazon, or Hulu may be tiresome for users. Management may get chaotic with time. This loop of shifting from here and there is being resolved efficiently with content aggregators. OTT aggregators like Airtel XStream, Fleek, Tata Play, and others are providing a one-stop solution for entertainment needs. Platforms like these make content consumption easy and quick. The future, as a visionary to ease content consumption, will probably get more content aggregation platforms.
Every development in the industry will add a jewel to the crown of streaming. These upcoming developments will immensely contribute to the growth of online video streaming platforms. And all these developments will help in getting the right monetization of the original and authentic content. With this, online video streaming platforms can provide an easy, quick, and every-time available entertainment solution audience. The industry holds massive potential for revenue generation and has a brighter future for content owners and producers.