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.
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.
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.
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.
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.
OTT TV platforms have captured eyeballs around the world due to a number of benefits, the most significant of which are as shared below.
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.
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.
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.
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.
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.
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.
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.
Enhanced user experience is key to success in 2021 and beyond, and OTT TV platforms allow your business to leverage this feature.
Ranging from dynamic watermarking to digital assets management, OTT TV apps ensure security as the topmost priority for all your content.
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.
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 whitesolution of your own and claim your spot in the industry.
Step into the enchanting realm of Jujutsu Kaisen, a manga sensation that has not only…
In the constantly changing world of careers and online fame, Brandy Renee's name shines brightly…
When utilizing onions, even the most experienced chefs have been known to break down in…
The zenith of the youngster lifestyle boomers has come. However, the way of living for…
Digitizing the company has gone from being something only for entrepreneurs most concerned about the…
You should read some of the wonderful guest pieces on this blog if you're looking…