The OTT industry has been growing exponentially since the past decade with the global value of nearly US $121.61 billion as of 2019. According to a recent research report, the global OTT industry is set to reach nearly US $1039 billion by 2027, while growing at a CAGR of 29.4. While these statistics convey the enormous potential this industry holds, it also gives a glimpse of the growth scope for the key market players. The OTT industry being a highly dynamic one, the trends keep changing with time. And it is of utmost importance to be up-to-date with the OTT industry trends, if you own an OTT platform or run a streaming business. In this blog, we have listed out the top OTT trends in 2021 to give you an in-depth idea about the present OTT industry.
Demand for Extensive OTT Solutions
With the increase in usage of smart mobiles, ipads, tabs, smart TVs, laptops, and others, the demand for a wider range of OTT solutions is spiking gradually. As the viewers are not only streaming on their mobiles but also on multiple platforms and devices, the OTT service providers are focusing more on a broad range of apps and platforms such as LG TV apps, Android & iOS apps, Roku app, Apple TV app, Android & website apps with Chromecast streaming and many more! Gone are the days when OTT only implied a simple app and website and as this trend is likely to grow further, the OTT service providers are gearing up with a broader range of solutions.
- There are nearly 56.4 million active users of Roku in the United States itself as of the third quarter of 2021
- At the end of 2020 more than 665 million households owned a smart TV globally
- The global smart TV industry is set to reach US $126.52 billion during 2021 to 2027
Growing Inclination Towards Immersive Streaming Technologies
With the growing user engagement with both VODs and live streaming, such as sports, music concerts, award ceremonies and other events, not only 360 degree streaming is gaining popularity, but also VR technology is expected to take the whole experience to the next level. Parallel to the conventional OTT apps, the VR apps on the devices like Quest, Oculus Go, Rift, and others are being used to stream 360 video content. Furthermore, with the rapid advancement in AR (Augmented Reality) and VR (Virtual Reality), the days are not far when they will transform the whole viewing experience for the OTT users, be it sports streaming or other events or video content. To give you a glimpse, the leading sporting events like NBA, NFL etc. are opting for live streaming with AR and VR technologies to enhance the users’ experience. Not only this, statistics revealed that nearly half of the consumers are willing to experience AR in various video content like movies, series etc. over OTT platforms. These depict the huge potential the immersive streaming technologies hold for the future of the OTT industry.
- The global VR industry is set to reach US$ 20.9 billion by 2025 from its benchmark of US $ 6.1 billion in 2020
- There were nearly 13.48 million units of virtual reality device shipments globally in 2020 and the number is expected to reach 112.62 million units by 2026
Surge in Popularity of 5G
The availability of high speed internet connection has always been a major driving factor behind the growth of the OTT industry. And with the introduction of the 5G technologies, streaming high resolution videos on various devices has become even easier and more affordable. Starting from better coverage to faster data speed and increased reliability, 5G technology tends to remain a game changer for the ever-growing OTT industry.
- The number of global 5G subscriptions is set to exceed 3.4 billion by 2026
- 5G networks tend to cover 40% of the world by 2024, while handling 25% of all mobile traffic data
- 5G lowers the end-to-end latency in live streaming by 10 times, while delivers in 20 times faster speed for live streaming along with a higher bandwidth
Also Read: 5 Things You Need to Know About OTT Services
Subscription Bundles on Rise
Being affordable and more apt for the viewers’ choices, subscription bundles are getting highly popular around the globe. For instance, the Disney Bundle includes subscription to Disney+, Hulu, and ESPN+, all at the same time. Some of the exclusive perks that makes it high on demand-
- More variety of content
- Viewers get access to the exclusive content from the multiple OTT platforms at the same time
- Less chance of subscription churn as users get a diverse range of content through a single bundle subscription
- More flexibility in terms of choosing content based on preferences
Personalization and UX on the Forefront
Personalization and UX have become two of the most trending factors in the OTT industry for a while now. Most of the top-rated OTT platforms have already started leveraging AI (Artificial Intelligence) and Deep Learning to provide the users with the personalized content based on their watch history, ratings, likes, dislikes etc. On the other hand, the UX has become a distinguishing factor among the leading OTT platforms in this competitive industry. Despite being a dynamic factor, some of recent UX trends for the OTT platforms are-
- Short and easy onboarding process
- Multiple user accounts such as kids, parents, user1, user2, and so on
- Easy navigation
- Personalized experience while browsing through content
- Catchy and easy to understand graphic icons, buttons, typography etc.
- Compatibility with multiple devices
- Trailers or video previews
Getting Started with an OTT Platform
No doubt that the OTT industry is subject to grow significantly both in terms of volume and value. And no matter what the OTT trends are, one of the constants in this industry is- rising demand. With more and more viewers opting for OTT platforms to stream the content of their choice, there is no looking back for the leading market players. If you are wondering when is the right time to launch your own OTT platform, it is definitely now.
With Muvi, the all-in-one OTT platform provider, you can launch your fully featured white label OTT streaming platform in just a day. Muvi offers you an all-in-one solution for VOD, live streaming, audio/music streaming, live broadcast and many more. Built-in CDN to DRM, or AI, you get everything and can start your own OTT business even without an in-house technical team.
Take a 14-day free trial today to get started (no credit card needed)!