OTT platforms have been the buzzword in the neo-entertainment industry in recent years. And this rapid rise of OTT platforms is because of the multi-dimensional convenience that they offer, over conventional media. Especially during the pandemic, when theaters were shut, television channels were broadcasting old shows, and media journalists were “Working From Home”, viewers gravitated towards OTT platforms for fresh and meaningful content.
In addition to providing fresh content, OTT has certain added benefits for live media broadcasting. Many OTT platforms allow the media companies to broadcast live news through HTTP Live Streaming (HLS), enabling viewers to remain updated with the latest happenings anytime, from anywhere. They don’t need to sit in front of the television constantly anymore. And that is why “Digital Media” is seeing a massive rise.
Experts predict that the total revenue of the media industry will reach US$1.25 trillion by the end of 2022. According to Statista, digital media will become the major player soon, generating 55% of the total revenue in the media market by 2027. Hence it’s interesting to know where the industry is headed! Here are the top media industry trends that are influenced by OTT platforms.
Current Trends in OTT That Are Influencing the Media Industry
In the past few years, we have seen some remarkable innovations in the OTT industry that are gaining wide appreciation. And some of these trends are influencing the media industry too!
FAST stands for Free Ad-supported Streaming TV. In most simple words, it means streaming TV shows without any subscription. In this way, the viewers can watch live streaming of TV shows without spending a single penny. The broadcasters and content providers can also earn through the Advertisement model of monetization.
Use Case for Media Industry: FAST channels are impacting the media industry in a big way. Many of the widely distributed FAST channels are connected to multiple media giants already, and this number is expected to grow further in the future. Through this collaboration, the media houses can stream all their live programs online, and gain viewerships even during non-prime time hours.
AVOD: Netflix adopting ad support
Advertising-based Video On Demand (AVOD) is already quite popular, and the planned adoption of AVOD by OTT giant NetFlix is making a strong wave in the OTT industry. Experts suggest that this decision has come after a recent blow to NetFlix in the first quarter of 2022, where more than 200,000 subscribers left the platform. With the leakage of subscription-based services, Netflix is now bound to look for other monetization models, particularly AVOD.
This adoption is not going to be limited to NetFlix only. In fact, multiple OTT platforms have already started to adopt AVOD content. Last year, HBO launched its Ad-supported model, and many other platforms are planning to bring in similar schemes soon!
Innovative Monetization Trends
As we can see, the era of the Subscription Only Monetization Model is coming to an end soon. It is not that the platforms are going to end subscription, as it is one of their major revenue earners. But, along with the subscription, many platforms have started to integrate other monetization models too, like AVOD, Pay-per-view, Pay-per-view bundles, Coupons, and more!
Interactive streaming gives your viewers the choice of viewing. And it has tremendous benefits for media and sports broadcasting too! Let’s understand it better with a use case.
Use Case for Media Industry: In interactive streaming, the news channels can live stream two or more of their talk shows or events simultaneously. The viewers will have to choose the show that they want to view. Hence, it offers a win-win situation for both the broadcaster and the viewer!
Looking Into The Future: 4 New OTT Trends that May Revolutionize The Media Industry
With 5G technology, localized videos, immersive streaming, and personalized UI, the viewers can experience the best news broadcast in OTT. Let’s take you through the 4 major technical developments fuelling this revolution.
5G Technology: Changing The Way of Media Broadcasting
The ultra-low latency and highest quality speed of 5G networks will allow both content creators and viewers to stream and view 4K videos through mobile devices. So, the news anchors don’t need professional studios anymore. Also, it will allow freelance journalists to come up with their own news channels and news videos through OTT platforms. Hence, 5G is setting a new media industry trend of recording and broadcasting news from anywhere in the world.
Use Case: A reputed journalist wants to start his own media broadcasting. But currently, he doesn’t own any professional studio or setup. The 5G network, combined with a reliable OTT platform, will allow him to broadcast his show live, in 4K, with ultra-low latency, with a minimal professional setup. In fact, he can use his laptop, or even his smartphone to do so!
Localizing Media Content: Assimilating Multilingual and Multicultural Aspects
OTT is localizing media content in every aspect. The live captions and subtitles are helping multilingual audiences engage with the news broadcast more effectively. Also, certain content recommendation engines in OTT platforms help you cater to audiences from different geographies, by assimilating multi-cultural preferences.
Innovative Trends in Live Streaming
With the inclusion of augmented and virtual reality, live streaming is becoming more and more immersive. The viewers can now experience what is almost the same, or sometimes even better being present inside the newsroom or location of the event. And the best thing is, you can implement this technology for all types of broadcasts, including live debates, seminars, and even sports broadcasts!
Use Case: BT Sports recently delivered VR-based live streaming for one of the biggest global sporting events, the UEFA Champions League Final. It mainly used 360 technology alongside virtual reality to deliver a next-gen experience to sports lovers.
Personalized User Experience
Nowadays, most OTT platforms use AI-based recommendation engines. These recommendation engines analyze the browsing behavior of the viewer, and deliver them personalized watchlists and enhanced user experience.
Want To Launch Your Own Streaming OTT Platform?
Now that every media house is looking to brighten up its digital presence, it is high time to start a custom-designed OTT platform for your media brand. In this process, Muvi can help you out!
At Muvi, you can start an OTT platform of your own within just 24 hours. We offer fully-managed end-to-end solutions to all our customers. Some of our most prominent features are:
- Muvi lets you deliver video-on-demand, live streaming, and audio streaming together, on a single platform.
- Through the Muvi-based OTT platform, you can live stream effortlessly using the HSL URL. Also, you can stream from any camera, and broadcast on any device.
- Your content remains protected through DRM protection and watermarks. It means that no one can copy or reuse your content.
- With our built-in encoding and transcoding, you can upload all your videos effortlessly, and deliver seamless streaming to your viewers.
- Implement multiple monetization models like subscription, advertisements, and pay-per-view to monetize your VOD and live streaming content.
The future of the media industry lies in OTT! Going by the latest media industry trends, most media houses are now looking to stream through OTT platforms, so that they can reach out to their audiences any time, on any device, from anywhere! If you are also willing to launch your own OTT platform, where you can broadcast your live events as well as VOD content together, connect with Muvi today!