 As per the sources, the global market for OTT streaming is expected to reach over USD 158 Billion by 2024? The Over the Top (OTT) media revolution has transformed how content is distributed to the final audience.
When Covid struck, the lights were going out on live events, shoots, and movie premiers, the only ray of hope amidst all this was OTT’s rise in popularity. The emergence of OTT has disrupted the entertainment sector, and it has made movie watching more confident, accessible and affordable across a vast segment of users. Anyone with a mobile phone and internet connection can catch -up with a film sitting anywhere in the world.
As per the sources, the global market for OTT streaming is expected to reach over USD 158 Billion by 2024? The Over the Top (OTT) media revolution has transformed how content is distributed to the final audience. Taking advantage of the traditional distribution and media networks, the OTT platforms leverage the internet infrastructure to deliver content directly to the
viewers, giving them much more flexibility in choosing the content they want to consume and the time they wish to access the content.Â
OTT broadcasting surpasses various media mediators who control the network to deliver content directly to the viewers. OTT broadcasting puts the professional broadcasters in the front row by giving them the chance to interact with a live audience. Most internet-powered devices that can receive and display the signals can be used for an OTT streaming platform.Â
The Future of Entertainment
In India, the absence of a censorship board for web content has also been fuelling creativity and, hence, viewership on OTT platforms. To continue attracting audiences and keep creativity alive, ideally, all streaming content should offer viewers complete disclosures of their contents, allowing consumers to decide for themselves.Â
According to The Economist, the streaming industry has spent more than $650 billion in acquisitions and content creation to woo consumers in the last five years alone. Although content will remain the biggest draw for audiences, technology also has a huge role. The next decade in this space will very possibly belong to those with the best original content and the most advanced technology, analytics, and user-friendly features.Â
Ultimately, the streaming wars will empower viewers and revolutionize how they consume content. Streaming providers with the most seamless viewing and search experiences and the best personalized viewing recommendations based on tech innovations.
According to a PwC report, India is the world’s fastest-growing OTT market, set to become the sixth-largest around the globe by 2024. The market in India is expected to grow at a CAGR of 28.6% over the next four years, touching $2.9 billion in revenues.Â
Industry trends indicate that with access to better networks, digital connectivity and smartphones, OTT platforms in India have increasingly attracted subscribers daily. Apart from top favourites Disney+ Hotstar, Amazon Prime Video and Netflix, the space sees many local and regional OTT players, such as SonyLIV, Voot, Zee5, ErosNow, ALTBalaji, MX player, Ullu, to name just a few.
Convenience and Privacy Driving Growth
The pandemic response aside, most industry research and studies on these recent viewership trends have found comfort and privacy the foremost causes of this shift in content consumption patterns.
In a world where people struggle to make the most of their limited resource of time, juggling multiple responsibilities within 24 hours, the ‘anywhere, anytime viewing’ concept of OTT platforms hit the right chord.
Today, most viewers, irrespective of their age or socioeconomic status, watch content across more than one screen. Changing consumer lifestyles and ownership of/access to multiple viewing devices have enabled anywhere, anytime viewing.
In short, people have found their ways of consuming content. Content, as always, is king and will always remain a significant driver of consumer growth. Recent years have seen a massive rise in original content being aired on OTT platforms.
Back in 2018, Netflix and Amazon alone had spent more than 40% of the overall production budgets of the world (SG Analytics, OTT and the Media & Broadcasting Industry: The Impact & The Way Forward).
Apart from creating original content and facilitating binge-watching, networks and production houses have also begun to see value in getting rights to live events and performances.Â
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