It’s no secret that the way consumers are connecting with content is changing. Thanks to the influx of technology, consumers now have access to a lot more content. And so, their consumption patterns which were up until a few years ago restricted only to television, have also changed manifold.
In this piece, we explain why those looking at the broadcasting industry need to rethink their strategy:
Advent of OTT
With the advent and the spread of the internet, the broadcast industry has been severely impacted. Unless it’s a live event, gone are the days when a consumer tunes into television to watch a show at a designated time. They want to tune in at their convenience on a device of their convenience to a platform of their convenience (note: easy to use). That’s why the likes of Netflix are growing so rapidly – they are accessible across platforms and have an easy-to-use interface which allows users to browse through their content library.
OTT allows media companies to reach out to the new age user in ways that weren’t possible.
Entry Barrier for Content
The internet is another enabler. Creating one’s own television channel is a big task. Right from licenses to costs, launching a TV channel has its challenges. And then there’s the challenge of geographies.
For a fraction of the cost, one can reach out to an audience around the globe.
Growth of Devices
Gone are the days of only one device (the television) used for content consumption. We have since then moved on from the PC era to that of the smartphone, connected TVs and more.
The number of smartphone users globally is 6.4 billion , that’s around 80% of the world’s population. In the US, an average user spends close to 4 hours of their day on the smartphone. At a time when attention spans are dipping, the user is spending more time on their smartphone than ever before. This proves why one must be on the platform if one wants to stay relevant.
It’s not just smartphones. The connected TVs (CTVs) category is also witnessing growth – as are devices such as the Amazon Firestick and Apple TV.
Keeping in mind all of this, just having an app on OTT isn’t enough. You need to make sure you’re available across all these platforms (and a lot more).
Different countries adopt a different way of measuring views. But, OTT (when partnered with the right SaaS player) doesn’t have that challenge. It has real time analytics and tells you what kind of content is being consumed and where from. So, this way you have the data to see what’s working and what’s not and where are the views coming from. All of this not only helps you create your next piece of content but also helps monetise your content.
All of this seems interesting and you’d want to create your own OTT platform? We at Enveu are here to help!