OTT industry is rising at a fast pace. According to Statista, on average, a US-based user spends one hour on any OTT platform every day.
The industry is said to reach a market size of USD 1039 billion by 2027. This is a great opportunity for the entertainment industry as their content has a wider audience along with greater revenue potential.
However, for an OTT platform to succeed, it needs to cater to the latest trends in the market. So, here are eight prominent OTT trends that will keep any business on par with the competition:
OTT Trends in 2023 for the Entertainment Industry:
1. Smartphones and Small Screens Preferred for Streaming
OTT entertainment is booming as customers can stream their content on any device with an active internet connection. As Millennials and Gen Z prefer using smartphones for their streaming, it is projected to grow steadily in the coming years. Thus, optimizing content for smooth streaming on smartphones, tablets and PCs will benefit OTT service providers in the long run.
2. Personalization is the Key
As customers spend more and more time on OTT platforms, one of the OTT industry trends is personalized experiences and suggestions. Knowing what individual viewers prefer watching and providing recommendations increases the app engagement time. Also, it helps to promote video content within the platform.
3. Quality of OTT Media is consistently getting Better
With many OTT apps in the market, viewers have a plethora of choices to pick from. Thus, to retain customers, quality of media and smooth streaming experience. Original and unique content drives customers to the platform and the quality of the media that builds loyalty. This helps in getting an edge over the other streaming platforms in this highly competitive market.
4. User-friendly OTT App Development
Focusing on the UX (user experience) ensures that the customer perception of the brand is positive. A better UX delivers higher user retention with personalized recommendations, omnichannel functionality, easy user controls, and more. Brand recollection and visibility are one of the added benefits of enhanced user experience.
5. Track Customer Insights
OTT platform providers can now easily collect and share real-time analytics. Use these details to make the platform better by analyzing customer behavior, patterns, and more. This will help to upgrade your platform along with the content. Make an OTT strategy that can be leveraged to make better decisions in the future.
6. Affiliation Towards Shorter Content
In the OTT industry overview, short content is becoming more popular. Whether it is Reels on Instagram or Tiktok videos, the shift towards short video content is immense. Thus, many platforms are adapting to this trend by providing short-form content from stories to other formats. Making provisions for short content in the app or website can benefit an OTT business.
7. Access to a Variety of OTT Apps and Streaming Services
With customers spoiled for choice, they do not mind subscribing to more than one OTT app or streaming service at a time. They also make the most of limited-time trials, low-priced subscriptions, and AVODs that are easy on the pocket. This is one of the OTT platform trends that makes the competition tough. But, with original content and enhanced UX, the customer can become a loyal fan.
8. Get Creative with Monetization Models
After being spoiled for choice, while the customer doesn’t mind paying multiple subscriptions, that doesn’t mean they would subscribe to every other OTT service. Thus, having a dynamic monetization model that can cater to different types of users will help grow OTT revenue. Companies are experimenting with different monetization models to entice customers.
To keep up with the OTT market trends, choose an OTT solution provider with good features and flexibility. This not just reduces your workload but also helps you gain expert opinions. They are always up to date on trends and use them to enhance the experience of their clients.
Dwarakesh is Video Monetization & OTT Platform Expert at CONTUS VPlayed. Interested in digging deep into video/audio streaming media tools and Love to blog, discuss and share views on the latest technologies, tips, and tricks. He’s also passionate about photography and loves to capture the pure essence of life.