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 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.
All the data shows how the sphere is developing and presents a possibility that the platform will probably get a huge hike with time. This is all due to the fact that people are accepting the platform wholeheartedly and making it their one-stop-entertainment platform.
To experience regular growth, OTT platforms need to work hard in the content pipeline since it is the content that can attract viewers for a long time. It has to ensure creativity and also needs to focus on the niche of its audience. The ability to be accessible at any time and anywhere is helping creators or platform providers to expand the reach of the platform.
Apart from content, the experience (UI and UX) plays a crucial role in getting the audience stuck to the platform. With the developments like location access and user data collection/user watch history, companies are getting ideas to customize their content. This will help to serve every minor need of the platform and at last, attract viewers for a long time.
India is among the leaders in per capita video consumption and with all these developments, it will be easier to grow in the same sphere. 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. There is a lot to come, a lot to change and in all, a lot of development we are going to experience in the coming time.