Trends That Are Shaping the Over the Top (OTT) Services Market

The entertainment industry has been transformed dramatically by over-the-top (OTT) technologies. On-demand subscription-based OTT platforms such as Netflix, nexGTv, and Amazon Prime have grown in popularity over the past couple of years and are rapidly displacing traditional TV programming as the preferred entertainment medium.

The use of blockchain in the OTT domain is expected to increase by the coming years, as it can enable content creators and distributors to store, archive, copyright, and distribute digital content. The unchangeable, decentralized public ledger from Blockchain will also allow OTT platforms to implement more effective policies and restrictions on access. This will help ensure that digital content remains easily available to authorized users while protecting it from infringements of copyright and piracy.

What are over the top (OTT) services?

An over-the-top (OTT) technology is any program or service that delivers a product over the Internet, bypassing traditional delivery. Over-the-top services are usually related to media and communication and are typically lower in cost as compared to the traditional delivery method.

Types of over the top (OTT) services:

 

Online gaming

Online gaming has become one of the growing areas of application. Companies operating in this sector use OTT platforms to efficiently release and distribute online games, with scalability across different locations for multiple users. Users prefer the gaming content to be of HD quality. The industry has grown to include more developers and gamers that are emerging. More people connect with online play and streaming via gaming. Gaming helps people build relationships and make friends online, strengthening their voices in a previously impossible way.

Music streaming

Music listeners expect highly advanced customization when using streaming services. And that demand would certainly increase in the time ahead. Platforms like Spotify and Apple Music are leaders in this space, but in the world of streaming music, they have yet to fully realize the possibilities of personalizing. Technology is at the forefront of personalization advances. Through combining machine learning with human curation, data-driven playlists can become smarter over time, likely to result in an astonishing level of fine-tuned personalization.

Video on demand

Video on Demand (VoD) services reshape the traditional television sets by providing unique features such as high-quality video and exclusive customer-specific video content via broadband or mobile networks. Video on demand provides access to movies, television programs, web series, live streaming of concerts or events, music, etc. A significant trend seen in the market for on-demand video is the increased acceptance of mobile TV and multi-screen content viewing services. Increasing mobile penetration and continually expanding online users across the globe are also expected to provide notable opportunities for the video on demand industry.

Over the top (OTT) services across different industries:

 

Media and entertainment

A collective change in media consumption sensitivities has emerged in the last few years, with people preferring over-the-top media services compared to traditional media. Instead of glorious life-changing tasks, existing use is weighted towards core activities such as reminders, setting alarms, streaming music, and weather checking. The devices, however, are better suited to questions and interaction. News media sees potential where inquisitive readers can ask the reporting questions and be fed links and details from the massive pre-existing content catalog.

Gaming

With 5G on the horizon, mobile Internet speeds have been expected to hit blistering levels anytime soon. This implies less reliance on buying in-store games, and much more able to stream or simply play mobile games. Streaming will also mean that mobile gamers don't need to download updates regularly or download updates at all. This is because gamers are going to play out the latest available versions. Games will change massively as streaming will allow multi-players on a larger scale, and fake multiplayer times (especially for hyper-casual games) will be over.

How have industry players introduced their strategies to shape the market?

In March of 2019, Apple announced the launch of Apple Arcade, the world's first mobile, desktop, and living area game subscription service. Arcade features brand new, original games from Major Studios, Acclaimed Indie Developers, Ken Wong, Hironobu Sakaguchi, Legendary Creators, and Will Wright.

The same month, Google introduced the Stadia, a new platform for online gaming. The company was targeting to join the segment of internet-based services through this launch. It is a cloud-based platform that can be used by consumers simply by clicking on the button 'Play Now'.

Based on its series, Netflix released new video games in June 2019, to make efforts to turn the streaming platform into a gaming empire. The new games were named as Stranger Things 3, a teen-series title, The Dark Crystal: Age of Resistance, a prequel to Jim Henson's 1980s movie, etc.

Over the top (OTT) services trends and a look into the future of the industry

The OTT services market is growing with the increased penetration of smartphones as well as the easy accessibility of high-speed mobile internet packages. The content usage experience is expected to take an exciting turn over the coming years, with technology advancing by the day. Even to this day, interactive digital video-based content allows a viewer to actively participate in the plot development, thereby providing an extra-immersive experience. Today, OTT platforms allow audiences to experience seamless digital entertainment through multiple media channels, whether through mobile apps or online websites.

Free Valuable Insights: https://www.kbvresearch.com/over-the-top-services-market/

Cutting-edge technology such as artificial intelligence and machine learning will allow OTT players to collect, analyze and generate insights from vast amounts of digital data related to habits of viewing users. This will not only help players streamline their way of curating and recommending content to their fans, but will also allow them to create original content that is in sync with the viewing needs of different demographic audiences. Such a tailored approach will significantly improve OTT adoption in countries where each regional market has its entertainment preferences and responsiveness.

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