Over-The-Top (OTT) platforms make it accessible for users to access content while enabling video content producers and distributors to attract and retain the clientele. With nearly 3.5 billion users globally, these platforms are loved for being reasonably priced, convenient, and offering content on demand.
Streaming has been around for longer than most think. The first commercial stream was produced by StarWorks in 1992. Now, there is intense competition with prominent companies like Netflix, AppleTV+, Disney, Hulu, Amazon Prime Video, and HBO Max.
OTT platforms are less expensive than traditional cable. A survey by Zemoga suggests that the average consumer spends approximately $8.53 per month on OTT services. These services offer accessibility and convenience by allowing users to view content anywhere and anytime. It also provides businesses opportunities for targeted advertising.
OTT apps allow customization of viewing experience. Businesses can easily set up an OTT app in the cloud or choose an on-premise option, with the former being favored for its cost-effectiveness, reliability, and security.
Already, studies reveal that about 64% of Wi-Fi-connected homes use OTT apps and spend almost 100 minutes a day. The OTT industry is predicted to develop into a $120 billion industry by 2022.
Businesses invest in technologies like IoT, artificial intelligence, cloud services, machine learning, and analytics for delivering personalized viewing experience and better customer engagement. Developing an OTT app allows businesses to connect with their audiences, improve sales, stream content like product tutorials, help guides, new offerings, and promotional deals.
OTT advertising, highly targeted and personalized, can yield higher conversion rates. Even though it reaches fewer consumers than traditional TV ads, OTT ads are professional, shorter, and suitable for various devices. In conclusion, OTT apps currently present opportunities for businesses to enhance their marketing campaigns and reach out to more customers in the evolving streaming industry.
