OTT Media Opportunities You Should Not Miss In 2021

OTT Media Opportunities You Should Not Miss In 2021

The pandemic has significantly highlighted the utility and conveniences that the app offers both consumers and businesses. This had led to a rapid acceleration toward a digital and more mobile app-focussed world. The rise of on-demand content and subscription-based video streaming services is one solid example of digital advancement in the entertainment & media industry.

In 2021 and years to come, we will witness more and more brands and enterprises investing in OTT app development solutions and using them as a primary tool to connect with their customers. In this article, we will discuss the various aspects involved in the sudden boom of Over-The-Top streaming services and media opportunities that you should not miss for optimum impact.


OTT Media Trends & Capabilities

Mobile App Demand

Mobile has now become the future of TV and OTT is a segment that brands can not afford to ignore. With overall revenue in video streaming solutions expected to touch $30.4 billion by the end of the year 2024, the opportunity that OTT offers is enormous, yet largely untapped. 

Whether on the move or lying in your living room, mobile is an exceedingly vital component of the OTT media mix. Recent research suggests that younger users are leading the pack in mobile streaming. Millennials and Gen Z are most likely to pay for on-demand and video streaming services than any other generation.

Subscriptions As Monetization Models

Subscription-based video streaming services have become the latest and ultimate monetization model for applications across a wide range of verticals. The magnification of subscription-based apps and SVOD has intensified since the onset of the pandemic. Moreover, users are also switching to their mobile devices for a plethora of activities, from eCommerce and entertainment to finance and fitness. This is also largely being driven by constantly evolving user habits that reflect the ‘stickiness’ of subscriptions. 

As subscription-based models have become a regular expenditure, we have witnessed that millennial and Gen Z viewers, especially, are more consensual to pay for supporting brands or premium app products that they love. 

Also Read: Why Enterprises Need Corporate Video Conferencing Apps?
Protecting Users’ Privacy

With the looming changes in iOS 14, measuring accurate data while also safeguarding users’ privacy is one of the most critical challenges of 2021. Heading deeper into the years to come, supporting a seamless transition to Apple’s & Android’s new guidelines related to data security and privacy should be the main focal point. 

Regardless of what changes get rolled out in the future, we are confident that the OTT media providers can use this opportunity to adjust and offer better solutions to the end-users. 

Monetization Strategies: Welcoming Ad-Support

On-demand video streaming services are lowering the entry barrier by furnishing price-offs and free trial periods for a subscription. 

As with publishing is concerned, a relatively smaller segment of the market is willing to pay any premium fees to get rid of the ads or have an ‘ad-lite’ experience while committing to a subscription. Digital media providers are increasingly switching to advertising and pay-per-view monetization schemes as alternatives to subscription monetization. 

Final Thoughts

The surge in the consumption of audio and video streaming solutions over the past year due to the Covid-19 pandemic has been extensively covered in media. The OTT streaming hours and viewership across the world have shot up expectantly. The latest and most sought-after OTT trends suggest that it will only grow more in the coming years post-pandemic. 

Another crucial aspect for ascending OTT opportunities is the advent of 5G technology. It is going to be the major factor fuelling the increased usage and consumption of OTT app development services. This would further encourage OTT service providers to venture into other forms of live streaming such as live sports and music or video concerts. 

If you are looking to jump on the OTT streaming service bandwagon, feel free to drop us a line. Our team will assist you in building feature-rich and immersive OTT & video streaming applications using next-gen technologies.