OTT Platforms And Its Evolution In The Indian Entertainment Market
Gone are the days when you need to wait for that show to watch at a specific time. Presently you can actively access any show of your choice anywhere or at any hour of the day. It is all available on over-the-top (OTT) platforms. These are the platforms without which our day is not complete. On your way to college/office, in the mid-break, or during the night at the house, you are all set to entertain without disturbing the person around you.
OTT is a frequently used term by every section of society, be it teens, adults, or grown-ups. It is a space where one can explore at any place or any time. All it demands from the user’s side is a robust internet connection and all is good after that. The terminology OTT is primarily used for video content on the platforms. However, it all touches on audio and podcast streaming, messaging services, or voice calling solutions over the internet.
Different Sets Of OTT Services
Although OTT services primarily take video streaming services, it is much more than that. It encompasses a diverse range of content such as:
Audio: OTT technology also empowers audio streaming services. It is basically the streaming of audio content over the internet. Some of the best instances of audio streaming are podcasts, internet radio broadcasts, etc.
Video: Video streaming is the most popular service that over-the-top platforms provide. All the available content on these platforms is monetized with different monetization policies like SVOD, AVOD, TVOD, and pay-per-view policy.
Voice Over Internet Protocol (VOIP): Voice calling platforms like Skype and WeChat work through internet conventions and are also considered OTT services.
Direct Messaging: Instant messaging via the internet is a fundamentally OTT-based service for messaging. Some of the leading players in this sphere are- Google, Facebook, Skype, WhatsApp, and WeChat.
How Does OTT Platforms Offer Their Services To Their Customers
All of us are aware that OTT platforms are empowered by the internet. Nowadays one can access the seamless streaming of OTT content with a reliable internet connection. The best thing about these platforms is their accessibility of content over the multi-screen including computers, smartphones, laptops, tablets, smart TVs, and gaming consoles.
One can either download OTT applications from the App Store/Play Store or watch the OTT content through the web browser. Digital media players and Smart TVs offer the pre-installed OTT application or allow users to download the application.
Evolution of OTT Platforms In The Indian Entertainment Market
In India, OTT platforms are booming and have got a great hike with the Covid-19 restriction. It has created a huge fan base above the conventional television broadcasting system. The inceptive years for OTT platforms in India are not the Covid-19 years but way back than that.
The first OTT platform introduced in the Indian entertainment market was BIGFlix by Reliance Entertainment way back in 2008. After that, there was no looking back. Although the initial stages were not making a huge difference, changes happen like this only.
In 2010, Digivive was the company that presented the first-ever Indian OTT mobile application named nexGTv. It all provided an acceptance to on-request content and live TVs. nexGTv instigated live streaming of Indian Premier League matches on smartphones and streaming during 2013 and 2014. OTT platforms gained major momentum in India with the arrival of DittoTV and Sony Liv which were dispatched simultaneously.
The number of OTT subscriptions and users is increasing vehemently In India. In 2021, the revenue from the OTT platforms subscriptions across India amounted to around 54 billion INR. It is expected to reach around 102 billion by 2024. In all, India is making a stand in the streaming world and we are all set up to turn into the second largest digital market in the media and entertainment sector by this year itself.
Initially, it came as a platform that is only accessible to some elite section of society but with the increased penetration of the internet and smartphones, it is all available to everyone round-the-clock. OTT platforms are getting immense popularity because of the unique content, adaptability on various devices, and availability at an economical price.
In all, it is steadily turning into a standard platform for entertainment due to lower internet prices and the availability of smart devices. The availability of genres of content such as entertainment, drama, thriller, comedy, sports, etc. on the OTT platforms has helped the platform to increase its tentacles to different sets of viewers. From the initial stage till now, the chief developer of the OTT platforms is originality, engagement, and diversity of available content on the internet.
All these have now looked back. We are moving forward with a tremendous increase in the user base of OTT platforms and cutting of cords enormously throughout the nation. We are experiencing the transformation in the behavior and the liking of Indian entertainment consumers. There is more way to go and more developments to make in the near future.