With the emergence of the COVID-19 pandemic in this world, OTT platforms are booming. The OTT sector is enormous, and it’s just rising bigger. Let’s take a look at some recent OTT developments as well as some OTT trends to keep an eye on in the next year.
Let us discuss the top 7 OTT(over-the-top) industry trends in 2021.
1. 5G is changing:
We anticipate 5G internet becoming commonplace, particularly in cities. This next-generation cellular network technology will deliver significantly quicker and more consistent internet rates. 5G proved to be 100 times quicker than the fastest 4G LTE networks now available in tests.
With 5G, there are several constraints to consider. Walls and other impediments, for example, can cause 5G signals to be disrupted. Carriers intend to get around this by deploying large networks of tiny network access points. When 5G is unavailable, users can fall back to 4G LTE signals. Regardless, this technology will transform the entire industry.
2. COVID-19 Inspires a Revolutionary Shift:
The OTT business saw a fast increase in consumption in March 2020, when individuals began to stay at home due to government-mandated lockdowns. After a few weeks, the increase leveled off.
Another OTT trend that emerged from COVID-19 was the development of technology that allowed people to watch movies together via video chat. Users can stream in real-time on several platforms. Even when it was safer to be physically separated, the goal was to bring people together.
3. Competition in the OTT Hosting Industry :
Even though only a few significant businesses control the OTT streaming sector, new OTT streaming services continue to emerge. To function at a professional level, these platforms require the help of an online video platform.
There are a plethora of competent OTT hosting options available at present time, including Dacast, Vimeo, Brightcove, and others. OTT hosting on the cloud is also becoming a more cost-effective solution.
These systems are used by people who need help with content management and dissemination. Advanced security, video monetization, dependable content delivery, white-label streaming, and live streaming capabilities are all desirable qualities.
4. User experience(UX):
Because of the user’s experience, platforms have been increasingly popular in recent years (UX). Viewers prefer streaming services with easy-to-use UI. Also, they want the best stuff accessible on the market today.
5. Connected TV (CTV):
The term “connected TV,” or “CTV,” refers to the streaming of content on televisions using over-the-top (OTT) technology. This has grown in popularity in the last year as viewers have begun to watch more television content rather than their mobile devices. Smart TVs, gaming consoles, and dedicated streaming devices make this possible.
Surprisingly, the rise in CTV streaming hasn’t resulted in a major drop in streaming on smartphones, tablets, or laptops. There has been a broad preference for mobile streaming for a few years, so it will be interesting to observe how this trend develops in the future.
6. OTT monetization:
60 percent of consumers in the United States watch subscription-based OTT video services every day. Many viewers, on the other hand, have grown tired of paying for several services.
However, increasing innovation in terms of OTT video monetization trends has resulted as a result of this. As an alternative to subscription monetization, providers are increasingly resorting to pay-per-view and advertising revenue.
7. Accessible technology:
Streaming 4K video uses roughly 30 Mbps of internet bandwidth related to the latest OTT developments. You’ll need at least twice as much bandwidth for live video streaming. For consumer-grade internet connections, this isn’t particularly typical. The emergence of 5G, on the other hand, will allow for an increase in streaming video quality by allowing for 4K streaming solutions.
4K video will be able to be streamed thanks to the additional bandwidth. The next 1-2 years will be defined by 4K and VR (Virtual Reality) streaming. With these improved network connections, 360-degree live broadcasting will be considerably more possible. In general, the streaming experience will become much more immersive in the not-too-distant future.
The future of OTT streaming is not so far. In the year 2021 video will account for about 82% of total internet traffic. OTT video will create huge success in the entertainment industry. For effective growth in the business with OTT trend, businesses and individuals make sure to avail the technology in a more proper way to gain revenue with it.