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OTT stands for “over the top” where content is delivered via the internet connection instead of the traditional cable / broadband operators. The term OTT is commonly being applied to video-on-demand platforms but also refers to message services, audio streaming and internet-based voice calling. Using OTT platforms content is being delivered to end-users through various devices like smartphones, smart TVs, iPads. OTT platforms are providing the facility to watch anything anytime anywhere. Though most of the people map OTT platforms with video streaming services, it is also applied to messaging, voice or video calls and audio streaming.
What Makes OTT Important?
OTT allows flexible subscriptions to its consumers compared to DTH operators. Overall media and entertainment industry is undergoing an evolution as OTT video platforms have witnessed enormous growth in recent years. A couple of factors why OTT platforms are more appealing than traditional platforms:
Unique & original content at affordable cost:
OTT providers have started producing original content in recent years which is exclusively available to their respective platforms. OTT content is more cost-effective than cable packages. OTT platforms offer high-value content at a much lower price.
Compatibility with multiple devices: OTT content can be watched from a large number of devices ranging from Smart TV, smartphone, tablet, laptop, desktop to gaming consoles.
Is OTT replacing traditional media space?
OTT is the recent buzzword in the media space for the last couple of years. Traditional cable and broadband operators have taken a back seat with the staggering rise of OTT platforms. A recent study has shown that people nowadays are spending more time on OTT platforms than driving a car or talking to friends and family. While OTT services aim to “cord-cutting” which refers to canceling the expensive cable connections, this doesn’t mean that the traditional networks will disappear completely. Since OTT services are relatively new, users tend to keep their cable connections as well as Prime and Netflix subscriptions.
Opportunities in OTT:
As there is an increasing demand for content viewed over streaming services so does the opportunity in OTT space. According to the 2019 Consumer OTT Report, North America has the highest consumer so far at a 51% adoption rate. A recent survey suggested that 50% of OTT subscribers pay for educational content which gives an edge to those OTT platforms who are enriched with children’s content.
Original engaging content is a good way to excel in highly competitive OTT space. It’s a great way to get more viewers to subscribe to a service.
Conclusion:
OTT will continue to flourish over time to come. Undoubtedly it is luring the traditional TV viewers to subscribe to these platforms. With the increasing number of internet users and thereby increasing the audience for online video consumption, streaming content has now become a household name.
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