OTT Platforms, Its Growth, And Statistics Around It
Megastars who bedeck the silver screen are now moving the small yet powerful screens i.e. OTT platforms. People were more likely to reach out to the theaters to watch new releases. But these small handy screens are making entertainment possible in just a few clicks. Big screens are continuously shrinking in size and are now accessible anytime and anywhere. Entertainment is now available in the hands of the viewers. They can watch, pause, resume and rewind whenever and wherever they want. Small is the new big screen since it satisfies the needs of entertainment with comfort. The boost primarily came due to Covid confinement. In the time of Covid, the use of OTT Platforms in India had shot through the roof.
OTT Platforms And Reasons For Its Growth
The increased connectivity, smartphone penetration in the market, and a downscale in the data prices helped in reaching out to the customers in the remote areas of the nation. This has helped the OTT platform to get the biggest investment from the entertainment market leaders in making the original content. The mega-market leaders like Netflix, Disney+ Hotstar, Amazon Prime, AltBalaji, ErosNow, and others are jostling with niche and regional players like Hoichoi, SunNXT, AddaTimes, and others in the market. The other sphere of OTT platforms i.e. the audio competitors like Spotify, Hungama, and Gaana are making a huge difference in the market of OTT. Several aggregators like Tata Play Binge, Airtel Xstreme, JioTV, and Vodafone Play are going forward in the market by bringing a wide bouquet of all the services for the consumers. OTT platforms in India have captured a huge portion of the entertainment market. Due to the rise in the popularity of the regional content, the regional sector is expected to lead the market in India. This is due to the diversity India has.
OTT Statistics And Development
Global Statistics: Compared globally, the OTT sector gets the most revenue in the United States, which is around US$121,800 million this year. Revenue of the OTT sphere is expected to reach US$2.89 billion this year.
OTT And Television: By the end of the decade, OTT will grow by 22-24 percent while television content will decline exponentially.
User Penetration: OTT brands are estimated to get a hike in viewership in the near future. The number of users is expected to reach around 509.7 million by 2026. User penetration is expected to reach around 35.0% by 2026.
To experience a giant growth, OTT platforms need to work hard in the content pipeline. It has to ensure innovations with time and also get a niche property for its audience. The ability to travel any time and anywhere is helping creators to expand the reach of the platform. In it, it is the long-term regional content that is making the platform stickier. With the location access and user data generated, companies are getting ideas to customize their content. This will help to serve every minor need of the platform. India is among the leaders in per capita video consumption. This is due to the increase in the internet and digital developments in the field. This is greatly helping the platform in a positive manner.