The OTT industry is wrapping up 2019 with some heat in the market. With consumers switching to online entertainment, media consumption habits have undergone a paradigm shift.
Companies have not missed this chance for maximizing their revenue too. There have been new market entrants in the industry. Existing players, on the other hand, have worked on upgrading their platforms according to the latest audio/video streaming trends. Streaming industry in 2019 basically witnessed changes in content monetization, strategic collaborations, and content delivery on mobile platforms and connected devices.
Analyzing these 2019 industry highlights, it can be said that the streaming industry is going to continue expanding in 2020. If you are giving a thought about having your own OTT platform, then you must know what this industry has in store in the coming year.
Let’s have a look at the audio/ video streaming trends to watch out for in 2020:
Preference for mobile devices continues
When it comes to content delivery, mobile devices are the new preferred medium. Various LTE and broadband services offered by different mobile networks are encouraging consumers to extensively use their mobile phones for entertainment. Mobile networks and streaming services have been coming into business partnerships too.
On the contrary, there has been a sharp decrease in cable television subscriptions.
In 2020, we can expect cord-cutting to continue as audio/video streaming on mobile devices keep growing exponentially.
Live streaming keeps engaging more traffic on social media
Live streaming has been providing many opportunities to connect with target audience directly. During its initial stages on social media, live streaming was a non-interactive feature. Increased Internet reach and cloud penetration have helped social media platforms like Instagram and Facebook to establish a two-way traffic. Viewers are now able to communicate with the broadcasters during live streaming sessions.
Higher engagement and end-user experience are compelling companies of various industries to recognize the value of live streaming in their businesses. Such real-time interactive streaming will keep both consumers and businesses interested.
Now considered as an effective marketing tool, live streaming will continue to mark its presence in 2020.
Extended Business Use-Case
As discussed earlier, many business organizations have incorporated video streaming for their brand marketing. With new ways of leveraging technology, businesses have figured out ways to use both video and audio streaming for extended applications in business. Companies can use audio/video streaming technology for customer support.
In 2020, there is a high probability for companies to use streaming for troubleshooting issues. Businesses do not need physical presence of any technician for this purpose. However, with such technology, they will still be able to make user experience interactive.
Using streaming platforms for creating product demos, webinars, educational/how-to guides, social media videos, vlogs, thought leadership videos, and so on will enhance customer support of businesses.
Music streaming and podcasts replacing radio
It won’t be wrong to say that radio is at the verge of declining in 2020. Getting into the statistics, we find that 57% of Gen Z prefer listening to music on YouTube. 39% of Gen X happen to be radio listeners.
Music streaming will continue to be preferred for its own good reasons. Unlike radio, streaming music have no RJs, time checks, or lengthy ads. Listeners can choose from a number of categories having millions of tracks. Moreover, the liberty of being able to play from any kind of device appeals to them.
There is no denying the fact that radio has its own segment of loyal listeners. It covers mass appealing topics like celebrity news, sports, and topics of general interests. On the contrary, we see podcasts gaining more popularity due to the technological leverage that it provides. It caters to niche listeners. One can listen to podcasts related to any topic of choice at any time. You do not have to listen to topics which are not of your interest. You have the liberty to tune in anytime and listen to any episode of a series or resume listening from any point of any track.One of the best features here is that you can create and label your own podcasts. Programs on radio disappear forever. However, due to longer shelf life, podcasts can be listened to months and years.
With tech bundling services being in trend, many companies will offer music streaming as a part of their product or service offerings in 2020.
Internet of Things video streaming has found applications in endoscopic surgeries, law enforcement, and many other settings. As the number of devices requiring Internet connectivity to function is increasing everyday, consumers are the target here.
Application of IoT streaming will be expanding in 2020. Use of IP cameras for doorbell, pet, and security monitoring is just one of the limited consumer applications of IoT video streaming.
As we are expecting availability of 5G Internet everywhere in the coming year, use of IoT video streaming in home monitoring is expected to expand in 2020.
Labels as a service (LAAS)
We see Labels as a Service (LAAS) to be one of the most happening audio/video streaming trends in 2020. Artists can own their virtual label by aggregating their tracks onto a single audio streaming platform. Better management of audio streaming platform with dedicated personnel, mentoring, and repertoire support will be the need. For today’s impatient listeners, segregating music this way will be more convenient. So, greater audience engagement is expected.
Streaming began as a medium of entertainment but has transformed into a prominent industry. OTT platforms are thriving with the expansion of video and audio streaming. This million-dollar industry is undergoing all these trending changes, even as we speak now. Undoubtedly, streaming will turn out to be one of the most used technologies in 2020.
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