OTT platforms are increasing in numbers, and with new trends, companies need to evolve to sustain in the competition and provide the best platform to users.
Fremont, CA: OTT industry is evolving rapidly. OTT stands for "over-the-top," which primarily refers to media distribution over the internet. IP networks distribute more and more media today. Some industry leaders advocate that the viewers stop differentiating between OTT and broadcast TV entirely.
There are six major OTT trends to look out for:
5G internet has become standard, especially in urban areas. This next-generation cellular network technology provides faster and reliable internet speeds, opening a world of possibilities for OTT platforms and video streaming. While testing, 5G has proven to be roughly 100 times faster than the best available 4G LTE networks.
Accessible streaming technology
Streaming 4K videos can take up to 30 Mbps of internet bandwidth, and live video streaming, requires double that, which is not usually achievable with the present internet connections. With 5G technology and its ability to support extra bandwidth, streaming 4K videos and other 4K streaming solutions is possible. It is expected to see more immersive streaming experiences like 4K and VR (Virtual Reality) coming within the next one to two years. 360-degree live streaming is also a new possibility with these network connections.
Shared screen viewing
The worldwide pandemic has had a tremendous impact on the OTT industry, with a spike in consumption as people have been forced to stay inside their homes due to global lockdowns. To help consumers isolate themselves and social distance, many OTT platforms like Netflix and Disney + have introduced technology that allows people to watch movies together on a video chat and stream in sync. For example, Disney Plus’s GroupWatch and Netflix’s Teleparty have been massive successes.
With so many OTT platforms available, viewers can choose the services that they would like to use. For the increasing competition within OTT platforms, success lies in their User experience (UX). These platforms should have an extensive library of content for users and have interfaces that are intuitive and easy to navigate. For example, when Netflix and Hulu are compared, Netflix platform is easy to navigate, pleasing to the eyes of users and offers content selection. Netflix's algorithm is user-friendly, and its apps are easy to navigate on most devices.
With increasing subscribers of the OTT platform, the need to evolve is great as there are numerous OTT platforms available to choose from. Services that fail to comprehend the increasingly complex and available number of choices to the audience will struggle against those that address the need in time.