Ever since the OTT platform first entered the market, it has experienced rapid growth. Without the need for a cable box or traditional methods, OTT apps can seamlessly stream content, providing content owners, distributors, and brands with scalability comparable to traditional pay-TV. OTT TV apps merge the reach and influence of traditional pay TV, and the flexibility of the Internet creates an unstoppable force, opening up opportunities for content creators, distributors, and brands worldwide.
In the midst of these developments, current OTT trends are shaping the landscape. Today, this expansive platform has garnered more interest than traditional viewing habits, driven by ongoing innovations in services offered by top content publishers, which consistently contribute to their success.
It’s noteworthy that the OTT video market size is projected to double by the upcoming year, 2024. This surge is propelled, in part, by the emergence of 5G as a trendsetter. The new normal generation is displacing 4G, establishing itself with more reliable networks and blazingly fast internet speeds. This technological shift is expected to further propel the growth and influence of OTT platforms, cementing their position as a dominant force in the entertainment industry.
Subscription OTT video viewers penetration by region, 2024
In this blog, we’ll talk about the latest OTT trends of 2024. So, let’s get started!
1. The Rise of Niche Platforms and Owned Channels for Small Publishers
Everyone is talking about the creator economy and the earning power of small publishers these days. According to Forbes, the maker economy could grow into a $104.2 billion market by 2022, and attract nearly $800 million in venture capital.
While services like RTL’s Videoland in the Netherlands, Now TV in the UK and Viaplay in the Nordics act as more local versions of Amazon and Netflix, there are a number of niche platforms whose highly exclusive content is winning them fans and loyal viewers. Services like Mubi (classic cinema), Crunchyroll (anime), Shudder (horror) and Yaddo (documentaries) have found significant success by sticking to their chosen niches.
Going even smaller, there are now a range of publishers and other companies launching their own OTT services instead of or in conjunction with publishing on a well-known platform. We are seeing food vloggers, religious channels, yoga studios, gyms and sports clubs all launching their services.
As a business, whether big or small, you now have the opportunity to use models that will benefit you the most while keeping your loyal followers engaged within your four walls.
Technological accessibility is driving this OTT renaissance. At one time, launching a broadcast channel required inexplicable levels of investment, but not anymore. Today an ambitious publisher can start a streaming service for as little as €5,000.
2. Music streaming eliminates radio
Radio was the dominant source of music until audio streaming solutions emerged. Music streaming services are in trend and have taken the form of mobile applications that can be easily downloaded on almost every phone device.
In earlier days, radio was considered the prime source for playing any kind of music, whereas today it has been replaced by modern audio streaming solutions.
Millions of music applications are being used by people and that will increase eventually more in the upcoming years. While they provide the same services as radio, these are more aligned and better than traditional radio systems. Today music streaming is trending and has become the most downloaded application on almost every phone.
3. Advancement in Smart TVs sees CTV Viewers Numbers Picking Up
Smart TV advancements bring an increase in CTV viewers. Taking Up Because they made it possible for people to watch their favorite shows on computers and mobile devices whenever and wherever they wanted, streaming services and video platforms were revolutionary.
However, sales of smart TVs are surging globally; by 2026, half of all people will possess one. When you can enjoy a show on your 72-inch television, why watch it on a 13-inch laptop screen?
enhancements to the smart television More people are using UX to watch TV and are subscribing to services like Apple TV+, which currently has 20 million paying members and 40 million global accounts. As long as this pattern persists, business owners will have more chances to compete.
4. Telecom Companies Provide Packaged Deals
How do telcos respond to and remain relevant in the era of media streaming? It has shown to be a wise decision to bundle in OTT subscriptions, such as Spotify and Netflix, HBO, or Disney+, together with music streaming services, like Pandora, to keep this business model from going the way of the video rental store.
For instance, HBO Max streaming plans are available to AT&T users, Netflix, Amazon, and Hulu binge-watching is available to T-Mobile’s Simple Choice subscribers, and Disney+, Hulu, and Verizon are available to Verizon consumers.
5. An increase in firms using video streaming
Finding the best strategy to promote and sell their USPs has always been a top priority for businesses. Businesses are starting to see a difference in usage as white-label video streaming has become more popular. Businesses now find it easier to interact and close deals, whether it is through customer service or sales to customers.
For example, launching a video streaming company can assist customers in better understanding your brand, address often asked questions, and offer them high-quality services in general.
Wrap Up
Despite its phenomenal expansion, the OTT sector is far from developed. While the SVOD market is nearing the tipping point for monthly customer willingness to pay, the AVOD business has numerous issues related to targeting and privacy.
It’s certain, though, that the major players will continue to engage in fierce competition for market share, that newer, niche players will frequently join the fray, and that there will be more notable changes in user behavior.
Because of the increasing accessibility provided by technological improvements, the growing audience that generates commercial opportunities, and the variety of monetization options available, content creators like you are no longer excluded from this field.
