The Indian over-the-top (OTT) market is exploding. The only area in which home entertainment expenditure has increased over the last five years is on streaming video services like Netflix. This sector of the industry, on the other hand, is growing at a rapid pace. Streaming of video content, for example, increased by 72.4% during the first quarters of 2018 and 2019.

Additionally, in 2018, 13% of households in India no longer had cable subscriptions. By the end of 2021, up to 27% of Indian households are projected to be cord-cutters.

OTT is huge, and it’s an industry that’s just going to become bigger. OTT advancements and future OTT trends to watch for in the next year will be discussed in this article.

What Is OTT Why Does It Matter?

“Over-the-top” refers to media delivery over the internet, and the term “OTT” is an abbreviation of it. Today, an increasing amount of material is distributed through IP networks. Many in the business believe we should cease distinguishing between over-the-top (OTT) and traditional broadcast TV. We’re on the verge of a world where all TV will be delivered over the top (OTT).

The over-the-top (OTT) business is really maturing at the moment. OTT trends are getting more established as the underlying technology becomes more stable.

VOD and live streaming’s underlying technologies are improving in both sturdiness and stability. The industry is still changing, even if big changes are not on the horizon. This is because key companies are changing their products and how customers behave.

Trends in the OTT Industry for 2021

We’ll look at seven key OTT trends in this post. While discussing how 5G will impact video, we’ll also take a look at key companies entering streaming solution markets.

You’ll be better prepared for the future if you’re aware of current and prospective over-the-top content industry trends and industry highlights.

5G Is Transforming Everything

As 5G internet is anticipated to be the norm, particularly in metropolitan areas, it will fundamentally alter how people watch media in the future. Faster and more reliable internet connections will be provided by this next-generation mobile network technology, opening up new opportunities for OTT platforms and streaming media.

More importantly, 5G will improve the quality of live sports and event streaming by reducing network interruption and delays to just one millisecond, ensuring a perfect watching experience. Consumers are willing to pay more for OTT services if 5G improves video quality and reduces buffering, according to 29% of respondents.

Access to Immersive Streaming Technology

While we’re on the subject of 5G, the following fashion trend has emerged as a result of it. With a consumer-grade internet connection, streaming 4K video needs at least 60 Mbps of bandwidth. This can’t be achieved with most connections.

However, thanks to 5G technology and its capacity to handle more bandwidth, 4K video as well as other 4K streaming options will be available to users. As a result, in the next year or two, we may expect to witness more immersive streaming services including 4K and VR (Virtual Reality). With all of these new network connections, 360-degree live broadcasting is also possible.

Subscription Bundles Are Increasing In Popularity

A worldwide study conducted by digital content provider Apester found that 60.1% of respondents were fed up with the abundance of streaming options available. It’s fair to argue that we’ve reached a moment when there are maybe too many choices in the OTT sector, both internationally and locally, with so many OTT services on the market, such as Netflix, Prime, Disney +, AppleTV, Hulu, and Discovery +, just to mention a few examples.

OTT video monetization is becoming more innovative, however. As an alternative to the subscription model, service providers are increasingly resorting to monetization methods such as pay-per-view and advertising. Bundling various subscription plans to create channels is becoming more popular in certain instances.

Shared Viewing Is Becoming The Norm

People have been compelled to remain at home as a result of worldwide lockdowns, which has had a significant effect on the OTT sector, causing a fast rise in consumption. Many OTT platforms, such as Netflix and Amazon Prime, have developed technology that enables individuals to view movies together on the same video chat, enabling platform users to stream simultaneously.

This helps customers isolate themselves with social distance. Streaming services like Netflix’s Teleparty and Amazon Prime’s Watch Party have been huge hits, and they represent a lucrative new trend worth following.

User Experience Is Essential

Viewers now have a plethora of OTT platforms in India from which to select, giving them more control over which services they utilize. Success resides in the User experience for those seeking to get an advantage over their rivals (UX). As a result, viewers expect platforms to offer a large amount of content and user-friendly interfaces. As an example, Netflix has an intuitive interface, an appealing aesthetic, and a wide range of available content when compared to Voot. Users will have no trouble navigating their applications or their algorithm since it is user-friendly.

Prime, on the other hand, has a clumsy interface and a poor search engine. With this easy comparison, it’s clear why Netflix is 10 times more valuable than Voot for most consumers. Basically, success is fueled by a positive user experience.

CTV’s Popularity Is Growing

“CTV” stands for “connected TV,” and it describes how OTT (over-the-top) streaming media is used to provide content to TVs. This has grown in popularity in the last year as people switch from using mobile devices to viewing more material on TVs. Smart TVs, game consoles, and specialized streaming devices make this feasible.

It’s interesting to note that the rise in CTV streaming hasn’t translated into a decline in streaming on mobile devices, tablets, or desktop computers in the same proportion. It’ll be fascinating to watch whether mobile streaming continues to gain traction, as it has in the last several years.

Amazon’s Fire Stick, Roku, Apple TV, Xbox, PlayStation, as well as the Nintendo Switch are all popular streaming devices for CTV.

Increasingly Difficult Competition

There are still new OTT streaming services emerging, even if much of the power is concentrated around a small number of large companies. These platforms can only function at a high level with the help of an online video platform.

Dacast, Vimeo, Brightcove, and many more reputable OTT hosting providers are now available for consumers to select from. In addition, cloud-based OTT hosting is proving to be a cost-effective solution.

People use these platforms to help manage and distribute their material. A few desired characteristics include video monetization, white-label streaming, enhanced security, and live streaming.

An Overview Of OTT Trends for the Next Decade

The OTT business is finally maturing, as shown by the present trends. New OTT technologies are developing, while others are being combined and eased out. Formats like CMAF are becoming more popular, which may further upend the status quo.

Moreover, the streaming business is now confronted with new difficulties. Unprecedented changes have occurred over the last year, so it will be fascinating to watch how things unfold in 2021.

These hosting solutions are required as more and more individuals use these platforms to help manage and distribute their digital material. A few desired characteristics include video monetization, white-label streaming, enhanced security, and live streaming. Due to the abundance of choices, we may expect to see a substantial increase in the number of smaller OTT streaming services in the years ahead.

Conclusion

Now that you know all about the upcoming trends, you might be able to better determine which OTT platforms to subscribe to. For more updates about OTT in India, keep reading Selectra.