For the media and entertainment business, unlike most others, the Covid-19 epidemic was a game-changer. Gone are the days when video content are consumed through television or movie theatres. People all over the world resorted to computer monitors for entertainment while stuck inside their homes.
People now have the option of watching their favourite movies and series whenever and wherever they want, thanks to the rise of OTT (Over-The-Top) platforms.
WHAT IS OTT?
The OTT platform is a platform that allows you to watch movies and television shows over the Internet rather than through cable or satellite. It offers a variety of genres of online content. You can pay for the type of content you want to watch on OTT platforms.
TOP OTT PLATFORMS
OTT platforms have an advantage in the entertainment industry due to their ease of use. OTT platforms such as Netflix, Amazon Prime Video, Disney+ Hotstar, VOOT, Sony Liv, and MX Player are among the most popular. Since the outbreak of COVID-19, all platforms have seen a rise in subscription rates.
RISE OF OTT PLATFORMS
Films have been bearing the burden of theatres that have partially opened and then shut due to the second wave for months. With shootings and movie premieres, the only silver lining is the surge in popularity of over-the-top (OTT) content. With the recent government shutdowns and the present status of the economy, OTT appears to be the new normal in the entertainment industry.
In India, the OTT business is only about four years old. Netflix was the first OTT platform to launch, followed by Amazon Prime Video and more than 40 others. The first company to commission Indian originals was Amazon. Following that, Netflix delved into the realm of local content.
Amazon Prime Video has around 17 million paying customers, second only to Disney+ Hotstar (18 million), with Netflix India having five million and Zee5 having 11 million or more.
It made watching movies more easy, available, and economical for a broader range of users. Anyone with a phone having an Internet connection can watch a movie from anywhere on the globe.
The Indian OTT market is anticipated to reach Rs 237.86 billion (US$3.22 billion) by FY25, up from Rs 42.50 billion (US$576.73 million) in FY19, according to a report.
By FY23, India will have 500 million or more online video users, which will rise as smartphone and internet penetration increase.
According to another survey, tier-two, three, and four towns used OTT services more than metros and tier-one cities during the pandemic.
PROS OF OTT PLATFORMS
- It is handy because the content is viewed at any time and from any location. A person with a smartphone and a decent internet connection can watch national and international films and television series of their choice.
- The cost of a subscription is reasonable. You may view lots of online content for a thousand rupees per year or 200 rupees per month.
- OTT platforms provide new and high-quality content. For OTT platforms, unique concepts and filming approaches are tested. The language barrier isn’t an issue because most sites have a range in multiple languages.
- You can watch the video material on multiple devices at any time. It also has a download option, allowing you to watch your favourite movies even if your internet connection is poor.
- OTT platforms offer an ad-free experience to viewers. Users won’t have to view the same advertisement over and over again, and they’ll be able to watch the show uninterrupted.
CONS OF OTT PLATFORMS
- People with poor internet connections will not be able to enjoy a smooth viewing experience. Access to the Internet is also required because the materials are only available online.
- Security and privacy are the two most pressing problems for OTT platforms. The information saved on their platform should not be exploited for illicit reasons, either during sign-in or in their search history.
- Another issue with OTT services is the lack of censorship. Therefore, people of all ages are exposed to a wide range of content.
- People might quickly become addicted to OTT platforms due to the wide range of content offered, resulting in a limited social life.
OTT platforms have a great future. The popularity and utilisation of OTT platforms will only grow when 5G services are launched. Because India is such a large market for OTT platforms, the only way to ensure faster absorption and growth is to offer various plans to cater to a diversified user base with varying income levels.
Anyway, do you prefer to watch movies on OTT platforms or at a theatre? Give it some thought!
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- Check out our most recent article to learn more about the emergence of OTT platforms!
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To learn more about the rise of OTT platforms, see our recent article.
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For a better understanding, please read our article on the emergence of OTT platforms!