OTT is fast growing as a quick alternative to traditional cable television show offerings. Interesting new web-series, the ability to watch the pre-loaded television shows any number of times repeatedly, and a massive collection of multi-lingual movies make OTT streaming extremely famous among the youngsters.
The traditional entertainment channel shifted from television to the internet at the beginning of this century, and OTT platforms started delivering television and movie content via the internet. The iGen youngsters love watching their favorite shows on their laptops or smartphones rather than using the tv.
What is OTT?
OTT stands for “over-the-top” platforms that offer an easy way for entertainment through the internet. Since the services like movies and television shows are delivered over the top of the internet by the content owner like a production company, it gets the name OTT.
Shows like movies, music albums, documentaries, reality shows, and the specific shows created for the OTT platform get streamed through the internet.
Easy streaming with an internet router, unlimited music, movie, and television shows, plus the specially created shows for OTT platforms make it a much more attractive option than traditional cable networks.
Over the top streaming platform market in the US alone is valued at around 85.16 billion. It will reach over 200 Billion before 2025, making them one of the world’s most significant entertainment industries. Such platforms’ growth has risen by 67% after the Covid-19 as most people relied on internet-based services to pass the time during the lockdown.
Viewers can watch the shows aired on the television only on specific channels. OTT enables the viewers to view shows from various media on one single platform at a low subscription cost. They also give original shows and air the shows before being aired on television and with unique undeleted scenes to attract more viewers.
Why do you need to know about OTT in 2021?
The 2021 entertainment trend forecast states OTT will continue to grow enormously in the next three years owing to three main reasons.
The changing lifestyle and increasing work pressure do not give the current youngsters the freedom to watch television shows at a fixed time. They want to watch the shows when they are free, during the weekend, or late nights when they get done with the chores.
The ability to watch any show, anywhere at any time, is the success formula of OTT. Streaming shows on the laptop or mobile phone and watching them lying on the bed is preferred rather than settling before the couch at a specific time when the show gets aired.
Choosing internet “over” cable connection to watch shows is the future of the entertainment industry. Watching shows on different devices while chatting with friends and checking email is useful to the viewers. OTT shows can be paused and viewed later when reviewing the email or attending a call. OTT platforms offer ad-free streaming, and the presentations can be watched uninterrupted for a little extra cost.
OTT gives access to various shows from across the world with easy translation services and subtitle options. It offers useful recommendations based on previous choices and fills the user screen with infinite content explicitly catered to their interest. The subscribers get exposure to famous shows aired around the world.
How can you access OTT Services?
The content can be watched through smartphones, laptops or computers, or connected to the television through relevant devices like Amazon Fire TV Stick. The modern smart tv enables watching the OTT services on the television with a smartphone and the OTT app.
Standard devices which enable watching all the OTT platforms together like Roku or give only their specific content through their streaming stick like Amazon Fire TV Stick are also available. Plugging these devices in the HDMI port of the television streams the relevant contents.
OTT’s offer colossal content for a very low monthly subscription enabling the youngsters to catch up on their favorite shows and movies from the comfort of their home using just their mobile. Customized Roku TV equipped better than Smart TV’s to stream OTT services fast is replacing the traditional television sets in many homes.
Apple TV providing all its iTunes and original content for a low cost looks similar to Amazon firestick and is used in nearly 23% of houses in the US for uninterrupted music streaming as only this device allows Apple iTunes music streaming access.
OTT vs. TV, How are they different
Television differs from OTT in three main ways – it is for all age groups and targets all the audience equally. The OTT media’s primary target audience is an audience aged 18 to 29 who rely on their mobile phones and laptops more than their tv’s for entertainment. Nearly 65% of youngsters in this age group rely on the OTT platforms entirely for their entertainment.
Television operation with a cable network is relatively easy to operate, and there is a specific time to broadcast a show, and the shows start and end within a few months. The larger demographics aging 45 to 65 still prefer television more and like to watch their favorite shows settled together with their family.
Only 14% in this age group prefer using OTT. They are overwhelmed by the choices given and alarmed by the slightly complicated way to stream their favorite shows using the internet, streaming sticks, hard-to-navigate menus, etc. They prefer to switch on the television and use their remote control peacefully.
The user has to view what gets aired on the channels, and they cannot choose what they want to see and when. The age group between 30 to 45 prefer using both platforms. The principal value for them in the OTT is seeing their favorite shows no longer airing on the television.
Most popular OTT streaming services
Netflix and Amazon Prime are the two primary OTT streaming services dominating the industry with a market share of more than 58% of the entire market. Nearly 69% of people use Amazon Prime worldwide due to its low cost and versatile program choice. The reason for Amazon’s massive success worldwide is its integration of local language shows and movies based on regional preferences.
35% of OTT viewers give importance to watching original content and 30% to watch sports. Only 19% watch movies and 18% opt to watch old or current television shows aired through cable networks.
Netflix tops the US market OTT with nearly 159 million users making it the most preferred OTT in North America. Hulu, HBO Now, Sling, and Disney Hotstar are other famous OTT platforms gaining prominence in various world regions. Every country has its own favorite OTT platform and many small streaming services catering to the regional languages.
The bottom line
Prospects and trends of entertainment depend highly on the OTT media. OTT definition has shifted from “over the top” internet service to “over the television” in many households because of low cost and massive content.
OTT will continue to change in the future as the movies and shows will start to get released increasingly over these platforms rather than traditional movie theatres, and the platform continues to grow, reinventing itself, providing fantastic entertainment and chance to new talent increasingly.