As the whole world reels from the effects of the COVID-19 pandemic, a recent report published by media aggregator Business Wire highlights the massive growth the global OTT industry has undergone over the past year.
According to recent estimates, more than 913 million people around the world will be subscribing to at least one SVoD (subscription-based video-on-demand) service by the end of 2023, and the overall market is expected to touch a net valuation of $1,039.03 billion by the end of 2027.
But why are OTT streaming platforms experiencing such a boost amidst the pandemic, when almost every other industry is experiencing a downfall?
The simple answer to this is because of the list of elements the best OTT platforms in the world share and in this article, we will explore exactly those.
Without further ado, let’s get started.
Platforms That Work Best For Your Business
Roku is easily the most well-known video streaming platform among consumers globally. As per a company report published at the end of 2019, Roku had more than 36 million premium subscribers in the US, with each of them streaming paid content for 2.5 hours per day on average. Despite continuous competition from service providers like Amazon, Netflix, and Hulu, Roku dominates the market with an overall 36% share.
- Fire TV
Next in line for the OTT throne is Amazon’s FireTV, which in simple terms is a plug-and-play streaming service which when plugged in, turns a normal television into a smart one. Available either as a standalone offering or paired with Amazon Echo, customers can access everything the company has to offer through FireTV. The platform boasts 40 million premium subscribers across the globe and, along with Roku, claims a 70% market share in the US.
- Android TV
Third in line is Google’s own offering, Android TV, which is a standalone operating system customized to the needs of a smart TV. Close to 40% of the smart TVs in the world use the Android TV operating system, and one of the major upsides of this service continues to be the fact that users have access to the Google Play Store, which is home to millions of applications made for TVs.
- Apple TV
Last but not least is Apple TV, which is a set-top-box setup, offered by Apple. The company has 25.1 million premium users in the US and boasts of 13.1% market share. Similar to other platforms shared in this list, Apple TV offers users access to high-definition content at an affordable price.
Benefits of OTT TV Platforms
OTT TV platforms have captured eyeballs around the world due to a number of benefits, the most significant of which are as shared below.
- Better Viewing Experience
One of the primary benefits of OTT TV platforms is the ease through which it allows customers to stream a variety of content over the internet at the touch of a button, thereby significantly contributing to a better viewing experience.
- Leverages Across the Industries
OTT TV platforms perform a crucial role in hosting enterprise and business level applications which offer consumers across industries access to its benefits and offers a great deal of flexibility for business growth.
- Data Transparency and Micro-Targeting
Traditionally TV services used to rely on a sample size to predict consumer behavior; however, with OTT services, the metrics have increased transparency allowing businesses to leverage micro-targeting capabilities.
Basic Elements of OTT TV Platforms
- Powerful Content Recommendations
One of the most important elements of an OTT TV platform is its proprietary algorithm which is able to expertly analyze consumer behavior and accordingly provide powerful and accurate content recommendations.
- Reliable Data Analysis to Track Visitors
As shared earlier, most OTT TV services arrive with highly reliable data analytics, which empowers businesses with exact information about the audience’s choice in streaming.
- In-Built Personalization Tool for Platform Owners
White label OTT TV platforms also arrive with the additional element of personalization, which enables businesses to customize their offerings according to their exact needs.
- Customized Revenue models
Why stick to only a monthly subscription-based model when most OTT TV platforms today arrive with multiple monetization avenues ranging from pay per content to pay as you go models.
- Better UI/UX
Enhanced user experience is key to success in 2021 and beyond, and OTT TV platforms allow your business to leverage this feature.
- Ensure Security
Ranging from dynamic watermarking to digital assets management, OTT TV apps ensure security as the topmost priority for all your content.
- World-Class Picture Quality
Modern OTT TV solutions allow your consumers to gain access to high-quality content at the touch of a button, thus meeting the needs of your business and its audience.
- The Power of the Cloud Hosting
With advanced cloud hosting capabilities, storing your content and effortlessly streaming it on a global scale is easy and affordable.
As the demand for OTT app platforms continues to grow across the globe, now is the time for your business to develop a white label solution of your own and claim your spot in the industry.