Ever since we are stuck at our homes due to the pandemic, we are very active on OTT platform. Most of us are in the interminable loop of Amazon Prime, Netflix, and Hotstar. There was a time when parents used to ask their children to go out and play instead of watching television. Nowadays, it is the children who ask their parents to take a break from television, to go for an outing. The affordability, accessibility, and convenience of this industry have taken a toll on the entertainment business. There has been an impromptu and rapid shift from DTH cables to smart TVs and Firestick.
Source: anvilmediainc.com
WHAT ARE OVER THE TOP PLATFORM?
Subscription-based and video-on-demand services are the terms used instead of Over-The-Top platforms. They are media delivery platforms where people can stream movies, shows, documentaries, and much more content via the internet. OTT market is rapidly growing, although they are more expensive than cable. With the end of 2024 , it is soon going to be the world’s sixth-largest industry. The US has been the world’s largest OTT industry. It might witness the value increase from USD 85.16 Billion (in 2019) to and USD 194.20 Billion by 2025.
WHEN DID IT START?
OTT started in 2008 when Reliance Entertainment launched a venture BigFlix. After that, Digivive was another venture in 2010 to stream both live and on-demand content. Eventually, the media channel operators introduced their separate OTT services through apps like SonyLiv, DittoTV. Finally, Netflix and Amazon were introduced in 2016. The OTT industry is now more than $47 million and will grow more.
LOCKDOWN SERIES
Everything just came to a halt after the lockdown. School to leisure centers to the silver screen, all the projects and work had to stop. People were now at their homes and almost had nothing to do. This propelled the growth of OTT platforms very rapidly. The average time spent by a person on the screen increased from 20 mins to about 70 minutes. There was an unexpected 55% hike in the overall streaming in India. The lockdown played a significant role wherein people switched from the low-key DTH cable service to OTT. They got a chance to explore new content.
Source: www.gitmemory.com
FROM ROM COMS TO THRILLER TO MYSTERY
One of the prime reasons for the success of the OTT platform is the incredible content. They give a perfect combo of the genres that you want to see. The humongous amount of content available on all such platforms holds the audience to renew their subscriptions. They not only deliver the silver screen content but also come up with their original one. Take a look at the plethora of content like anime, drama, thriller, sci-fi fantasy, comedies, horror, family movies, documentaries, and much more. Moreover, the content on regional languages is also available. OTT platforms like Hotstar, Netflix, and Prime are very popular these days.
NO FOMO
Initially, these platforms catered towards meeting the interests of the age group of millennials. Therefore, the content was created according to their preferences. But now be it 3 years old or 83 years old, everyone is watching and enjoying. Content suiting everybody’s interest is coming up. The platforms deliver cartoons, TV shows, retro movies, and new channel updates. New technologies like voice recorder, AI-generated suggestions, and simplified apps allow anyone to have access to such content.
EASY ACCESS
Any device, internet connection, and subscription at any place would be sufficient to watch your perspective videos. Since, the OTT platform is not connected with cable or television, accessing them is easy. Also, there are no channels, so, one can watch anything anytime without any advertisement. Data services are the cheapest in India so the number of viewers is constantly increasing.
SUBSCRIPTIONS ARE AFFORDABLE
Earlier people did not buy subscriptions as they do now. They resisted paying such heavy prices along with the DTH services. But as the popularity grew and people started taking an interest. Companies like Amazon, Hotstar, and Netflix started growing. Netflix especially for its Indian consumer launched a mobile plan. Hence, the innovative pricing way has instigated to attract and retain prospective viewers.
HOW DO THEY EARN SO MUCH?
These companies earn a massive amount of money. The Net worth of Netflix is US$33.975 billion currently. There are two prime ways by which they earn revenue. They have millions of people subscribing and paying them on a monthly or annual basis. The viewers have to pay a certain sum of money to access the content platforms. Money from advertisements along with subscription is huge source for these platforms. The shows have advertisements in between the videos. This makes up its revenue.
WHAT IS THE FUTURE OF OTT PLATFORMS?
The audience for OTT platform is increasing day by day. The rising use of smartphones and the falling price of data. has left no doubt about the bright future of the market. People are either replacing or purchasing the new smart TVs. As of now, the popularity was up to cities or urban areas. However, the growth is now taking place in tier-two, tier-three and tier-four cities and towns gradually. The people are getting some amazing content. It also comes in many languages. It also has different types of content like history or sci-fi. Moreover, the fast speed of the 5G network will further enhance the accessibility and experience of people.
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