Streaming services have revolutionized the media industry while placing consumers in the driver’s seat. All these can be seen in the increased scenarios of cutting cords from the traditional entertainment world. This is due to the adaptiveness of online content. It all can be accessed at any time and on any device.
Consumers around the globe have started to shift to more personalized, convenient, and scalable digital streaming services. All this is due to the arrival of OTT streaming services. The major portion of OTT growth is due to the availability of affordable, quick, and reliable internet connections. A number of sources have revealed that OTT videos have been given more preference over traditional TV.
Internet And Growth Of Streaming Services
The Internet has contributed a lot to the growth of streaming services and digital content in different parts of the world. With improvements in data services, India is just behind China in the sphere of internet penetration. In a country like ours where people spent more than five hours on average regularly ingesting media, these houses have got more opportunities to develop quickly. Digital media houses are using various tactics to attract viewers and thereafter gain profit in a short period of time. Many leading players are embracing the hybrid monetization model where free content is available along with premium content.
From streaming giants like Netflix and Prime Video to even local platforms including SonyLIV and JioTV, the streaming world is flooded with endless national and international entertainment content. All of this has contributed to a great push for the video streaming services in India.
Apart from that, audio streaming services are also making a huge difference in the entertainment sphere. Now it is not working backstage but rather has arrived at the forefront. Podcast and music streaming apps such as Gaana, Spotify, Pandora, and JioSavaan have grown significantly over time. The revenue of audio streaming platforms/services has amounted to around one billion INR. The expected growth by the fiscal year 2024 is around nine billion.
YouTube is top in the list to contribute to the growth of the music streaming industry. While on the other hand, T-Series has become the most viewed channel in the world. However, the audio streaming market is in its initial stages in India and it assures eminent adoption in the coming year, especially when comparing the audio streaming market of the world.
Device Adaptability And Growth Of The Streaming Industry
As the streaming platforms have grown, there is immense growth seen in the business of content providers and growing needs have been seen in the device space as well. Streaming has become popular on mobile devices and laptops, but there is immense potential seen in other players including Apple TV, Android TV, Roku, Amazon Fire Stick, etc. These devices are bringing change in making entertainment accessible to every section of society, including all those who prefer watching content on their handy mobile devices or those who want a bigger screen to watch the content of their choice.
Some of the major players that the streaming platform provides should include:
Mobile Devices And Laptops
Mobile Devices are the most convenient option for the users to watch their favorite streaming content without being restricted to a particular area. It has become an essential tool for all to communicate, work, and even entertain themselves any or everywhere. While laptops have turned into a need for all to survive in this world where technology plays a crucial part.
Android TV/Google TV is in the entertainment market since 2020. With its latest Chromecast, there is a pause in various bugs and issues that were there previously. Most of the streaming apps are accessible on the platform but storage is an issue. There are few viewers who have experienced the issue and have raised the same.
Amazon Fire Stick
Amazon Fire Stick is a great device for all those who have adopted the Amazon ecosystem. The device is not that much expensive, has got the Alexa voice interface, and has access to most of the applications. The process of searching is quite easy. Users can use the keys to search terms or use the voice search facility to access the content without typing.
Apple TV is considered the most expensive of all. When the customer is spending dollars in getting the device, their expectations will be on the higher side as well. The slick interface of the device provides that effectively. And this made it all bring the utmost satisfaction.
Roku is among the popular streaming device. Most tech sites consider it as their favorite OS. The reason is its easy setup like the Fire Stick and its portable nature. The library of Roku is quite immense. The easy portability of the device makes it an option to carry around and plug into various available HDMI TV.
In streaming, each of the players has its own pros and cons. It shows how crucial it is to be on every player to cover the market of entertainment. If you are looking to target the bigger space in the OTT entertainment segment, you need to show your presence not only on one of them but on all or most of them.
Streaming has flourished in the market due to its accessibility and it is the reason for any streaming services provider to be present across the devices. The presence of the platform on all of the players will make it a success in the present media industry. Phando is dedicated to providing an end-to-end solution for streaming with multiscreen delivery. With our streaming solution, you will be able to increase your reach and monetize your platform efficiently. To know more about our services, connect with us on a call or via email. We will be there to help you soon.