The COVID-19 forced millions of people into lock-down, thereby driving the surge in (Over the top) OTT content consumption. Being stuck at home means people have more time at their disposal to consume content. Thus, consumers are using online streaming services to stay connected, informed, deal with the higher leisure time, and decompress from the pandemic’s stress.
Therefore, globally, consumers are using OTT content remarkably, with countries like India, China, the UK, South Korea, North and South American countries taking the lead. KPMG also witnessed this rise happening across devices and demographics. Already, the global OTT market is expected to reach $332.52 billion by 2025, with 2020 christened the kick-off of the “streaming decades.”
Therefore, the ripples of the COVID-19 presents unique opportunities for brands, advertisers, and marketers to meet their ever-changing consumer demands. There is a need to harness OTT’s many advantages to meet gain the edge.
More Time For So Little Escapism
According to experts, three main habits and desires drive the current growth in OTT preference. First, traditional television channels can no longer create new content because of the lock-down and social distancing restrictions. In their quest for fresher content, more people are exploring OTT streaming services.
Secondly, this gravitational pull comes from the need to escape the gloom and doom of the coronavirus pandemic and fill the gap of loss of favorite real-life experiences.
For instance, the pandemic drove sports tournaments and major leagues to a halt. Therefore consumers are now watching their favorite reruns, match highlights, moments, video games, and taking part in virtual game tournaments.
Finally, more consumers are discovering the convenience of OTT streaming solutions. Now they have diverse choices and ultimate control over the contents, platforms, and devices they can enjoy.
Harnessing the OTT Content Landscape
Although it seems as though easing the lock-down may flatten the market, experts say the expanse of choices and freedom will sustain the market as consumption habits will never go back to what they were. Therefore, OTT platform players must rethink their strategies to factor in the long-term perspective.
Brands now have opportunities to use OTT streaming solutions to leverage their existing content libraries and reach out for potential content acquisitions. They must harness this cost-effective way to reach their consumers across mobile devices, desktop-based apps, web-browsers, smart-TVs, and digital media places.
OTT streaming solutions are not just about video-streaming (via platforms such as iTunes, Netflix, Youtube, etc.). They also include audio-streaming (internet radio stations and podcasts), messaging (via social media platforms such as Facebook, Google, WeChat), and VOIP (WeChat, Skype) solutions. Some experts also believe OTT platforms can be refined and bundled to feature in traditional cable packages.
Perhaps, the most significant advantage of OTT streaming solutions is monetizing through various forms, including paid subscriptions, storefront payments, custom ad placements, ad engine integrations (AVOD, SVOD, and TVOD), and lots more. This gives brands, marketers, and advertisers more control over their content strategy.
A Dive Into The Future
There is no doubt OTT is here to stay. Still, there is a current shortage in consumer-centric, tailored content readily available. Therefore, brands, advertisers, and marketers have unique opportunities to explore. OTT streaming services such as Video365 with embedded analytics can provide actionable insights to understand the market and the future deeply. Therefore, OTT offers excellent capabilities to target high-value audiences and present content to achieve higher engagement. For instance, the advertiser can consider partnerships and co-branding with subscription video-on-demand platforms (SVOD) to offer a higher level of fusion across diverse content categories. OTT provides the solution for small and mid-size businesses currently seeking cost-effective ways to sustain their brands’ imprint in consumers’ hearts.
Now is the time for brands to boost awareness and tell their stories uniquely and more effectively. From making text, audio, and video ads to demos, webinars, feature films, documentaries, and sponsored movies, OTT presents tons of remarkable success initiatives.