If you think the year 2020 is a year of the pandemic!! at the same time, it’s the rise of Video Streaming. The OTT industry has grown phenomenally to a 3-year growth in just a year. Covid – 19 has become a catalyst here and large OTT players have minted money during this pandemic.
It’s 2020 and still many industries haven’t understood the reach of OTT. This year saw many of the traditional technologies go to dust where the cause of Digital Disruption was felt in almost all the industries that exist on our planet. This is not the first time the Digital medium has changed many of industries, but this is the first time it has been disrupted at this speed. For example, a 100 Old traditional Cinema Hall Entertainment Industry has almost come down by 80% all over the globe. Likewise for the Newspaper and DVD industry.
With the traditional advertising methods that have failed in recent times, advertisers are yet to target the OTT industry. So the future of OTT will be dominated by advertisers where OTT will offer better service for the customers at an affordable cost. At present, localization is playing a vital role in content delivery to the end-user and this will play a bigger role in the next two years. Still, some of the industries like Gaming, E-Commerce, Education, etc. are yet to taste this VOD industry and I’m sure they have a large scope in the OTT market in the years to come. Innovation will play a major role where most of the top players are busy innovating in their technology, offerings, and customer experience.
OTT platforms are yet to reach the skies. In the years to come, OTT will be available in aircraft. This will give a wider reach of content across the shores. Internet wasn’t available on the aircraft earlier, but with the new technologies, most of the aircraft are offering free WiFi! OTT will take some of the Youtube market shares in the days to come.
With Machine Learning, AI, BigData, etc the OTT operators can save more time, and money, understand consumer behavior and give them optimized customer service. Analytics, RPA, and machine learning will improve the CRO of the OTT business. Google and Apple are exploring tapping the OTT industry in a larger way. They have been surprised by the way Netflix and Amazon take the market share in the Video Streaming services. This is the first time Youtube suffered a visible market hit.
I’m really happy to hear that new players such as Apple and Quibi are also increasing competition by offering new models or technology that aim to differentiate them from the more experienced heads like Netflix and Amazon. Some of the players have partnered with other media companies to improve their customer base. You will see large investments from various VCs, Industries, Corporate, etc to this OTT-business model in the next couple of years for sure.
Some of the industries which will come into OTT are E-Commerce, Travel, Healthcare, Education, Trading, Live Video Calling, Religion, VR, AR, IoT, RPA, etc in the next 2 years. Every consumer’s watching habits will be synchronized irrespective of their location, devices, and subscription. Faster connectivity by harnessing 5G networks will further enhance the viewing experience and accessibility to content, thereby making most of the country’s streaming market more pronounced and an attractive destination for international players.
Bernard G
Digital Transformation Consulting
OTT | VOD | Media Production Consulting
