Last Updated on June 26, 2023
The Over-The-Top Video streaming industry is gaining tremendous growth all around the world. Leading video streaming OTT providers, especially in the SVOD (Subscription-based video-on-demand) market have started investing more in original content.
Many new linear video formats like FAST and vMVPD have entered the market to address the entertainment demands of the audience. As the annual projection of paid subscriptions has increased by 12% in 2022, there is fierce competition in the market.
Each brand is vigorously putting effect to retain its customers and finding ways to keep them updated with all the latest trends and features of the OTT market.
To support your OTT business, and stay ahead of the competition, we have compiled an updated list of the latest and emerging OTT trends in 2023. These trends will shape the video streaming market and will leverage your streaming business.
OTT Market Trends
The global OTT market is expected to continue its upward trajectory in the coming years, driven by factors such as increasing internet penetration, rising adoption of smartphones and connected devices, and the proliferation of high-quality content. According to a report by ResearchAndMarkets, the global OTT market is projected to grow at a CAGR of 14.2% between 2021 and 2028, reaching a market size of $332.2 billion by 2028.
The OTT market is segmented by type of content and platform. Video streaming accounts for the largest share of the OTT market, followed by music streaming, gaming, and e-commerce. On the platform side, smart TVs and streaming devices are the most popular ways to access OTT content, followed by smartphones and tablets.
The COVID-19 pandemic has had a significant impact on the OTT market, with the lockdowns and social distancing measures driving a surge in demand for OTT content. With more people staying at home, there has been a higher consumption of video streaming services, leading to an increase in subscriber numbers for leading OTT providers.
OTT Streaming Trends
Original content is becoming increasingly popular among OTT viewers, as they seek fresh and unique programming that is not available on traditional TV networks. Platforms like Netflix, Amazon Prime Video, and Disney+ have invested heavily in producing original content, resulting in a surge in subscriber numbers and viewership.
Emerging technologies such as 5G and AI are set to transform the OTT streaming experience in the coming years. 5G will enable faster and more reliable internet connections, enabling viewers to enjoy high-quality streaming without any buffering or lag. AI-powered personalization and customization of content will enhance the user experience, as platforms leverage data to recommend content based on user preferences.
Integration with social media and other platforms is also becoming more common among OTT providers, as they seek to create a seamless and connected experience for viewers. For example, some platforms allow users to share content directly from the OTT app to social media platforms, while others offer interactive features that allow viewers to engage with the content in real-time.
As OTT streaming continues to grow in popularity, a number of trends have emerged that are shaping the future of this industry. In this article, we will explore some of the most important OTT streaming trends that are driving the growth and evolution of this industry.
- Increased Subscription: Subscription-based OTT platforms, such as Netflix, Amazon Prime Video, and Hulu, are becoming increasingly popular as they offer original content and a wider range of options compared to traditional television. These platforms are also less expensive than traditional cable and satellite TV subscriptions, making them a more cost-effective option for many consumers.
- Personalized Recommendations: OTT platforms are using advanced algorithms to provide personalized recommendations to users based on their viewing history and preferences. This helps users discover new content that they are likely to enjoy and makes the overall viewing experience more enjoyable and convenient.
- Multi-device Accessibility: OTT platforms are now accessible on multiple devices, including smart TVs, laptops, smartphones, and tablets. This means that users can access their favorite content anywhere, anytime, and on any device, making it even more convenient and accessible.
- Live Streaming: Live streaming of events, such as sports, concerts, and news events, is becoming a popular feature on OTT platforms. This allows users to watch live events as they happen, without the need for a traditional cable or satellite TV subscription.
- Short-form Content: Short-form video content, such as TikTok, is becoming increasingly popular on OTT platforms. This type of content is usually under 5 minutes in length and is designed to be easily digestible and entertaining.
- Interactive Content: OTT platforms are exploring interactive content, such as choose-your-own-adventure style programs and gaming content. This type of content allows users to interact with the story or game in real-time, creating a more immersive and engaging experience.
- Virtual and Augmented Reality: OTT platforms are incorporating virtual and augmented reality technology to create immersive viewing experiences. This technology can be used to create virtual environments that users can explore, or to enhance existing content with additional visual elements.
- Social Integration: OTT platforms are integrating social media features, such as sharing and commenting, to create a more engaging and interactive experience. This allows users to interact with friends and other viewers, share their thoughts and opinions, and discuss the content they are watching.
In conclusion, OTT streaming is a rapidly growing industry that is changing the way we watch television and consume video content. The trends discussed in this article are shaping the future of this industry and are helping to make OTT streaming even more convenient, accessible, and enjoyable for users. Whether you are a fan of TV shows, movies, sports, or short-form content, there is something for everyone on OTT platforms. So, if you are looking for a convenient and cost-effective way to access your favorite video content, now is the time to sign up for an OTT subscription.
Frequently Asked Questions (FAQ)
- What is OTT streaming?
OTT streaming stands for “over-the-top” streaming, which refers to the delivery of film and television content over the internet, without the need for a traditional cable or satellite TV subscription.
- How does OTT streaming work?
OTT streaming works by delivering video content over the internet to a user’s device, such as a smart TV, computer, tablet, or smartphone. The user accesses the content through an OTT streaming app or website, and can choose from a wide selection of movies, TV shows, and other video content.
- What are some popular OTT streaming platforms?
Some of the most popular OTT streaming platforms include Netflix, Amazon Prime Video, Hulu, Disney+, and HBO Max.
- Do I need a fast internet connection to use OTT streaming?
Yes, a fast and reliable internet connection is necessary for a good OTT streaming experience. A minimum internet speed of 5 Mbps is recommended for standard definition video, while a minimum of 25 Mbps is recommended for high definition video.
- Is OTT streaming expensive?
OTT streaming can vary in cost, depending on the platform and the level of service you choose. Subscription-based platforms, such as Netflix and Amazon Prime Video, typically cost between $8 and $16 per month, while ad-supported platforms, such as Hulu, are usually free.
- Can I use OTT streaming on multiple devices?
Yes, most OTT platforms allow users to access their content on multiple devices, including smart TVs, computers, tablets, and smartphones. However, some platforms may have restrictions on the number of devices that can be used at the same time.
- Is OTT streaming better than cable TV?
Whether OTT streaming is better than cable TV depends on your individual needs and preferences. OTT streaming offers more convenience and flexibility, as well as a wider selection of content, while cable TV typically offers a wider range of channels and live programming.
- What is the difference between OTT streaming and streaming video on demand (SVOD)?
OTT streaming and SVOD refer to the same thing – the delivery of film and television content over the internet. The term “OTT” is often used to distinguish this type of streaming from traditional cable or satellite TV, while the term “SVOD” refers to the subscription-based nature of this type of service