Globally, the massive popularity of online streaming services is creating several new opportunities for businesses and being adopted by companies across various industries – whether the goal is to increase fan engagement, reach a wider audience, or deliver unforgettable experiences. Besides, there are multiple reasons behind the increased spending on OTT platforms by industry leaders and even new entrants in the market. Here, you will get to know about 4 major industries that are benefitting from OTT app development and how!
Before diving in, let’s understand the major factors of the exponential growth of the OTT segment.
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Why is there a growing demand for OTT?
Ever since the pandemic hit, we all have seen the acceleration in digitization processes and the growing utilization of mobile apps. Most importantly, OTT app development has become an important field for new audiences who are connected to their smart TVs.
As per the report by Statista, the global revenue in the OTT Video segment is projected to reach US$316.10bn in 2023. Moreover, the user penetration will be 45.7% in 2023 and is further expected to reach 53.0% by 2027. The phenomenal growth can be attributed to increased accessibility of content due to high-speed internet, the qualitative streaming capacity of devices, and constant tech advancements. One major example is- personalized content offering to millions of users i.e. achieved by Artificial Intelligence (AI) at the backend. Both Artificial intelligence and blockchain are revolutionizing the world’s OTT platforms. Now, video-on-demand and replays are available for games that can be streamed live with little delay. Isn’t this exciting?
Now, have a look at the top 4 industries benefiting from the OTT platform development-
Media & Entertainment
The appearance of OTT platforms has disrupted the entertainment sector on a major level as it made access to media content more convenient. The entertainment and media industry comprises television, film, radio, and print where the digital content may range in different forms. However, it relies on audio and video streaming. Let’s understand them first-
Audio Streaming: It is a popular source of entertainment and includes podcasts, radio stations, music, etc. Now, with the availability of audio streaming platforms and apps, users can easily get access to audio streaming on Android & iOS mobile devices, Smart TVs, Apple TVs, Android TVs, and more. The platforms allows music streaming of different languages and genres available, all under single roof.
Video Streaming: With the emergence of video-on-demand streaming services and growing interest in live streaming, the entertainment and media sector has been experiencing massive popularity. Undoubtedly, Amazon Prime, Netflix, and Hulu have become quite popular household names for TV shows and movies. In fact, these video streaming platforms are readily available as mobile apps, TV apps, Chromecast, Blu-ray players, and more
Education is definitely the next big sector that has been positively impacted by video streaming platforms and the rise in remote learning & teaching. In the wake of the pandemic, many educational institutions have introduced their OTT platforms to host video-on-demand for learning, virtual classrooms, and exam rooms. To make these applications more usable and accessible, the apps are offered that can be accessed via a smartphone, laptop, tablet, or smart TV.
Moreover, several eLearning programs now use live streaming and VoD in the background so that the students can attend live classes and can access the content later for their revisions and clear their doubts anytime.
Sports & Gaming
Sports streaming platforms are a good example when answering the question of how OTT impacts the gaming and sports sector. OTT apps allow sports content, live broadcasts, replays, and videos-on-demand to be accessible all from a single app. Moreover, access to analytics and user data is indispensable to producers and distributors– they can use this data to streamline content production and audience targeting to ensure higher revenues and a better viewing experience. Popular OTT platforms include sports streaming as part of their monthly service packages.
Today, professional gamers have already created their industry with streaming technology, often monetizing their activities very effectively. They capture their impressions and game comments on live recordings and publish them online. Sites like Twitch have made live gaming streaming more popular and record more than 15 million active users daily watching content on mobile devices or Smart TV platforms such as Android TV and Apple TV.
Health and Wellness
Health and fitness is a steadily growing industry, thanks to growing public awareness. Additionally, the pandemic has also resulted in a significant rise in exercise and training at home. Nowadays, fitness tutorial videos available online are nothing new, however, the experience of accessing and watching content with good quality is unmatched. This is the reason why there is a massive rise in OTT apps offering group wellness and yoga classes which are easily accessible on mobile phones as well as smart TVs for a more interactive experience.
Having access to professionally run training in the comfort of own home has shown people how convenient this experience can be.
The benefits of running fitness classes and showcasing content using OTT apps are:
- High-quality video: The performance of the CDN allows you to get a high-quality streaming video experience, similar to face-to-face training. The whole experience can be further enhanced by using multiple camera angles and features such as subtitles, different language versions, pause, and rewind.
- Larger customer base: No time or location restrictions are there, which as a result, helps you reach more potential customers.
- Sales channel: The OTT app also acts as an additional sales channel with advanced advertising options, making it effortless to manage subscriptions, orders, and sales promotions.
- Analytics: Gain greater insight into customer behavior through detailed analysis of subscriber data and training video plays.
During the past few years, people have largely shifted from traditional modes of content consumption to online streaming. As more viewers are broadly choosing online streaming, OTT businesses get a major opportunity to deliver quality contents and earn revenue. OTT platforms nowadays can be used for a variety of purposes, such as creating educational content, promoting products and services, and building a personal brand.
So, what are you waiting for? It’s time to invest and get started with your own video streaming platform! Enveu is right here to assist you. Consider choosing Experience cloud as your OTT solutions partner and launch your OTT service without any hassle! Reach out to us and begin your revolutionary journey toward building a successful digital media business.