Top OTT Streaming Trends To Keep An Eye On For 2023
The rise of Over-The-Top (OTT) platforms has been nothing short of remarkable since their introduction to the market. Unlike traditional cable TV, OTT apps enable content streaming without the need for a cable box, providing content owners, distributors, and brands with unprecedented scalability.
OTT apps have amalgamated the wide reach and influence of traditional pay TV with the flexibility of the internet, creating an unstoppable force that has opened up numerous opportunities for content creators, distributors, and brands worldwide.
Today, this immersive platform has garnered more interest than traditional viewing habits, largely due to its ability to continually offer new and innovative services by over-the-top content publishers, leading them to taste success.
In fact, the OTT video market is projected to double in size by 2023, a testament to its immense growth and potential.
As the world transitions to the new era of 5G technology, replacing the previous 4G standard, a more reliable and lightning-fast network has become the trademark of the new normal generation. This further fuels the growth and popularity of OTT platforms.
With this consistent upward trajectory, there are several notable OTT platform trends that demand attention in 2023. Let’s delve into the top 7 trends shaping the industry:
- Continuous Growth of OTT Space: The accessibility to entertainment has become incredibly streamlined, as viewers can now conveniently stream an extensive library of content anytime. The popularity of leading OTT platforms indicates that viewers are satisfied with the current services, yet anticipate even more exceptional offerings. Experts predict that the OTT market could be worth double its current value within a few years, with an expected industry value of $1.039 trillion by 2027, compared to $121.61 billion in 2019.
- Growth Accelerated by COVID-19: The global pandemic had its share of pros and cons for various industries. However, for OTT platforms, it presented a unique opportunity for growth. With people confined to their homes and limited in their travel activities, the demand for on-demand video content surged. This shift in consumer behavior propelled the popularity of OTT spaces, as subscriptions to video streaming services soared during this period.
- Rise of Connected TV (CTV): Connected TV, commonly known as CTV, has gained momentum as individuals working from home seek alternative platforms to access video content beyond laptops and mobile devices. Smart TVs, empowered by OTT technology, have witnessed substantial revenue growth. The Asia-Pacific region, for instance, is projected to experience a 90% increase in OTT TV and movie revenue, reaching $54 billion by 2026. OTT technology, coupled with a single sign-in and internet connection, has made it even easier for users to enjoy exclusive content on their TVs.
- Emphasis on User Experience: The OTT landscape is populated by numerous platforms, each offering unique content and subscription plans. This abundance of choices has elevated user experience to a key factor in platform selection. From seamless navigation to personalized recommendations, viewers prefer online video platforms that prioritize a user-friendly interface. Therefore, optimizing user experience has become an essential criterion for any aspiring OTT platform.
- Music Streaming Replacing Traditional Radios: Music streaming solutions have revolutionized the way people access music, surpassing the traditional role of radios. These platforms provide services equivalent to radios but with enhanced features and customization options. Music streaming has witnessed significant growth, with popular apps reporting a surge in users. In Q1 2020 alone, there were 400 million subscribers to music streaming services worldwide, representing an increase of almost 100 million compared to the same period in 2019. we provide video on demand platform providers in India
- Content Fragmentation for Better Targeting: To maximize revenue, businesses must tailor their services to target audiences effectively. Content fragmentation has emerged as a popular strategy to achieve this goal. For instance, if there is an OTT platform focused on yoga and wellness called “Shriyoga,” businesses in the wellbeing industry can distribute their content on this platform to reach a more specific and engaged audience. This approach increases views and allows businesses to tap into a relevant user base more effectively.
- Increased Adoption of Video Streaming for Business Purposes: Businesses have recognized the potential of video streaming as a powerful tool for sales and marketing. With the advent of white label video streaming solutions businesses have found it easier to engage with customers, provide customer support, and showcase their unique selling propositions.
- Creating a video streaming channel can help businesses enhance their brand presence, address common queries, and deliver high-quality services to their customers. We are live streaming service providers in India
In conclusion, the future of OTT platforms looks promising. The COVID-19 pandemic has further accelerated the growth of OTT, highlighting its resilience and adaptability. To capitalize on this thriving industry, starting an OTT platform on the right foot is crucial. Investing in an OTT video streaming platform that offers advanced features and customization options can help businesses generate significant revenue.
Mogi, for example, is an expert in the field, providing comprehensive white label OTT platforms. If you’re considering launching your own OTT platform, now is an opportune time.
We value your opinion on the future trends of OTT platforms. Feel free to share your views in the comment section below.
If you already have an idea for launching an OTT platform across various devices, schedule a free demo with us, and we’ll guide you through the implementation process.