Since the emergence of the novel coronavirus pandemic, people have started watching shows and entertainment series on platforms such as Netflix, Amazon or Sonyliv as the movie theatres are either shut or have restrictions. It has been noticed that there has been a massive jump in viewership on these platforms.
OTT refers to Over-the-Top, which means streaming across various devices whenever one wants and at any time. It is known for a new delivery of films and TV shows conveniently as the content is provided on the internet with no requirement for traditional broadcast, cable or satellite pay-TV providers.
When it comes to requirements, customers only have to subscribe to the platform and have a high-speed internet connection that supports those applications. India’s dynamic market of over 40 OTT providers comprises regional players focusing on the country’s huge local-language populations.
OTT delivery takes place on various mobile OTT devices, including smartphones and tablets, to download OTT applications to stream without any delay. Personal computers like consumers can view OTT content from desktop-based applications or web browsers, Smart TVs comprising Apple TV, Roku, Firestick and more. Game consoles, namely PlayStation, also back OTT applications.
Features of OTT
- Control: OTT provides control over your viewed content, brand, user experience, audience, monetization, including data, whereas applications like YouTube doesn’t give you that facilities
- Ad-Free Content: OTT has the possibility for ad-free content by allowing subscription services such as (SVOD), one-time purchases (TVOD) and more monetization ways. Even if advertising (AVOD) is the suitable model, OTT offers the power of specific advertising and control over the campaigns and inventory, comprising direct sponsorships. The whole viewing experience goes without any ad, which many viewers also like.
- Reach to Consumer: OTT is the platform for arriving at your specific audience directly with the content and providing a premium video experience that one controls. Providers can get the responses in feedback from the users through direct engagement and interaction by using OTT.
- Consumer Freedom: Consumers are placed in the driver’s seat, and they can figure out precisely what they want to view and only pay for the content and services they require. OTT offers a straightforward approach to adjust the models to the market for a maximum uptake period.
India had as many as 17 crore OTT platform users at the end of 2019, with the given market size of approximately Rs 500 crore. As per the reports, digital video streaming platforms may arrive at Rs 4000-crore revenue market by the end of 2025.
The Bengaluru-based market research firm RedSeer provided the data saying that the usage of OTT platforms rose from 181 billion minutes in January 2020 to 204 billion minutes in January this year. It added, “Higher number of releases is leading to strong growth for originals and movies consumption on various OTT platforms.”