Since the advent of OTT (Over-The-Top) platforms, the industry has seen rapid growth. Bypassing the need for traditional cable boxes, OTT apps seamlessly stream content, offering scalability comparable to traditional pay-TV for content owners, distributors, and brands. Combining the reach of traditional TV with the flexibility of the Internet, OTT apps have become a formidable force, creating vast opportunities for creators, distributors, and brands globally. We are ott solution provider & ott streaming services

Amid these advancements, current OTT trends are shaping the landscape. The platform’s growing popularity over traditional viewing habits is driven by ongoing innovations from top content publishers, contributing significantly to its success.

Remarkably, the OTT video market size is projected to double by 2024, propelled by the rise of 5G technology. As 5G replaces 4G, its reliable networks and fast internet speeds are expected to further boost OTT platform growth, cementing their dominance in the entertainment industry. We are ott solution provider & ott streaming services

In this blog, we will explore the latest OTT trends of 2024.

1. The Rise of Niche Platforms and Owned Channels for Small Publishers

The creator economy is flourishing, with small publishers gaining significant earning power. Forbes projects the creator economy to grow into a $104.2 billion market by 2022, attracting nearly $800 million in venture capital.

Local versions of major services like RTL’s Videoland (Netherlands), Now TV (UK), and Viaplay (Nordics) thrive alongside niche platforms like Mubi (classic cinema), Crunchyroll (anime), Shudder (horror), and Yaddo (documentaries). These platforms succeed by focusing on specialized content.

Additionally, various publishers and companies are launching their own OTT platform providers, from food vloggers to sports clubs. The barrier to entry is lower than ever, with ambitious publishers able to start a streaming service for as little as €5,000. We are ott solution provider & ott streaming services

2. Music Streaming Eliminates Radio

Radio was once the primary source for music, but it has been overtaken by audio streaming solutions. Music streaming apps, now available on almost every smartphone, have become the norm. These apps offer services similar to traditional radio but with greater alignment to modern user preferences, making them some of the most downloaded applications.

3. Advancement in Smart TVs Sees CTV Viewers Numbers Picking Up

Smart TV advancements are driving an increase in Connected TV (CTV) viewers. Streaming services revolutionized viewing habits by allowing shows to be watched on computers and mobile devices. However, with the global surge in smart TV sales, expected to reach half the population by 2026, the preference is shifting back to larger screens. Enhanced user experiences on smart TVs are attracting more subscribers to services like Apple TV+, which has 20 million paying members and 40 million global accounts. We are ott solution provider & ott streaming services

4. Telecom Companies Provide Packaged Deals

To stay relevant, telecom companies are bundling OTT subscriptions with their services. This strategy prevents them from becoming obsolete like video rental stores. Examples include HBO Max plans for AT&T users, Netflix and Hulu for T-Mobile subscribers, and Disney+ with Verizon packages.

5. An Increase in Firms Using Video Streaming

Businesses are increasingly using video streaming to market and sell their products. White-label video streaming solutions help businesses engage customers, answer frequently asked questions, and provide high-quality services. This strategy enhances brand understanding and customer interaction. We are ott solution provider & ott streaming services

Wrap Up

The OTT sector, despite its rapid expansion, is still evolving. The SVOD market is nearing a tipping point for monthly customer willingness to pay, while the AVOD market faces challenges related to targeting and privacy. Major players will continue to compete for market share, new niche players will emerge, and user behavior will continue to evolve. We are ott solution provider & ott streaming services

Technological advancements, growing audiences, and diverse monetization options mean that content creators are now more empowered than ever to enter this thriving field.