How OTT Platforms have Helped Businesses Thrive in These Top 5 Industries
We witnessed advancements in technology in almost every industry after the lockdown. But still, some industries were severely impacted while other industries thrived. The interesting thing is that many of them were able to improve their profits thanks to the OTT platforms and custom apps. Artificial intelligence and blockchain are revolutionizing the world’s OTT platforms. Video-on-demand and replays are available for games that can be streamed live with little delay. Sports is another excellent illustration of how OTT apps affect the media industry. So we believe it’s only fair to say something on the topic. How OTT platforms have helped businesses thrive in these top 5 industries? #1. Media and Entertainment The appearance of OTT platforms has disrupted the entertainment sector as it made access to media content more convenient and user-friendly. With social distancing being the new norm, the theatres & cinemas being closed, and concerts forbidden, people confined in their homes were left with very few options for entertainment. Luckily, the OTT platforms were already here and they played a major role in entertaining people amidst these critical times, taking over all the other channels of entertainment. Тhe businesses that thrived were those that assessed the situation wisely and took advantage of OTT app platforms to distribute content and reach a wider audience. Movies, podcasts, radio bulletins, talk shows, sports, and even news bulletins can be accessed on an OTT app platform. Today, consumers prefer access to content that is personalized and flexible. Right when we want it and no matter where we are. Accessible on a laptop, smartphone, tablet, smart TV, and more. In 2010 Netflix had just started stepping its toes into the international waters, and today Netflix is available for streaming in over 190 countries, its revenue reaching approximately 30 billion U.S. dollars in 2021. In 2010, few OTT platforms entered the Indian scene and showcased content that was already being aired on National televisions. A similar setup can be worked out for news channels and entertainment services to make sure that content, traditionally broadcasted on the TV or the radio, can instead be accessed through an over-the-top application. a) Television 📺 Consider the news media on television. This content is broadcasted through cables/satellite, which the viewers can access at the scheduled time only. World News, recaps, documentaries, special coverages, discussions on social/political topics, all of it can be watched at a scheduled time on TV. It is the same for live content, such as breaking news, interviews, big announcements, talk shows, etc. As our appetite for comfort is reaching new heights, the news media has to come up with OTT apps that will enable their audience to watch their TV content, anytime, anywhere. Over-the-Top (OTT) apps for mobile or tablets give you that flexibility. Additionally, internet streaming makes the content available on-demand – you can watch it at any point in time. An example of News streaming OTT platform is Sky News. It is a British free-to-air television news channel that has developed streaming apps for mobile (Android & iOS), XBOX, Apple TV, ROKU, and the web. ZEE5 is another example, streaming all the Zee Network content, including shows, movies, and even news! b) Audio Streaming 🎧 Audio is another important OTT industry, with sites like Spotify becoming nearly synonymous with music streaming. Through an internet connection, users can access a vast library of recorded artists and podcasts. Spotify offers a massive music library and creates tailored playlists based on the user’s preferences and activities. Music streaming apps have become a practical monetization model for independent music artists which offers them easy access to connect with their fans and audience using online tools and evaluates their returns on investment. Due to low costs as compared to releasing songs via other types of mediums the industry has seen a growth of 150% adding up new and independent artists in the past year. Audio OTT platforms have also brought about a change in our listening habits and how we discover new music to listen to. By offering independent artists a stage, audio OTT platforms have influenced the future of music placing the reigns directly in the hands of creators. Because they are user-friendly, audio OTTs no longer only represent millennials and Gen Z, as one might expect, but also include an influx of millions of new users of all ages. This enables creators to connect with a diverse audience and promote their content to people of all ages. The sheer variety and convenience of content consumption could be the primary drivers of this boom. Several key initiatives to entertain users and promote artists can be explained by specifically designed playlists by emerging artists and the promotion of podcasts that are popular across all platforms, even if hosted by a new host. Another significant initiative by audio OTT has been the addition of live streaming to the app, where artists can host virtual performances/live jam sessions and directly engage with their audience, thereby creating and expanding their fan base. Over the last year, the industry has witnessed more than 150 live performances on audio OTT by both national and international artists. c) Video Streaming 📽️ In the entertainment industry, video-on-demand and live streaming services are gaining traction. OTT platforms such as Hotstar, Amazon Prime, and Netflix saw an 82.63 percent increase in time spent during the COVID-19 lockdown in India. These video streaming platforms have become a popular source of entertainment, as evidenced by the increase in time spent on them. These popular video streaming platforms can be accessed via mobile apps, TV apps, XBOX, Playstation, Chromecast, Blu-ray players, and other devices. #2. Sports ⚽🏀 A few years back, the only way people could watch their favorite sports matches was through cable or DTH, on TV. Which is not always practical nor convenient. Imagine missing Ronaldo’s epic goal because you had to go to the toilet. You no longer have to miss anything thanks to the launch of well-known OTT streaming services! You can watch various