MEDIA ENTERTAINMENT INDUSTRY BENEFITTING FROM OTT PLATFORMS
The OTT platforms market is increasing at a rapid pace globally. OTT apps' subscribers have grown from 150 million to 600 million within 5 years and it is expected to increase to 1.1 billion within a year.
OTT apps' growth can be due to an increase in high-speed internet services, feasibility of streaming devices, and technological advancements. With the help of Artificial Intelligence, OTT platforms are offering personalized content to their millions of users.
OTT platforms bring many benefits to different industries along with the Media & Entertainment industry.
The Media & Entertainment industry highly depends on video and audio Streaming OTT platforms, where the content ranges from movies, music, sports, news, talk shows, etc.
Television (TV): The TV industry broadcasts a variety of content like sports, news, TV Series, etc., through a satellite that reaches millions of users. OTT platforms stream this content through Smartphones, Smart TV, and other streaming devices. This content on the OTT platforms can be live or can even be streamed later on their convenience as it is available on-demand for the subscribers.
For example, we can talk about sports, where the subscribers watch them live or even it is available on-demand for OTT platform subscribers, where they watch them later or even watch video highlights, experts' opinions, game replays, etc. We can also talk about TV shows or even news channels, where users can watch TV Shows online live or can be streamed later on these OTT platforms.
Video Streaming: Live streaming services or video-on-demand services on the OTT platforms are gaining a lot of demand nowadays in the entertainment industry. OTT platforms launch many web series or even provide users to watch movies online. Disney+ Hotstar, Amazon Prime Video, Netflix have become a common name now among the users. These popular OTT platforms launch a lot of original and true content through their medium and attract a lot of demand for themselves. They provide users to watch movies online and also with web series to be streamed online on their OTT platforms. These OTT platforms are available on Smartphones, Smart TV, and many other streaming platforms.
During this lockdown in India, OTT platforms like Disney+ Hotstar, Amazon Prime Video, and Netflix have seen a rise of 82.63% in the time spent by subscribers. Video streaming platforms have become a go-to source for entertainment and this has paved way for new OTT platforms entrants in the Entertainment industry.
Audio Streaming: Audio streaming is also becoming one of the demanded services among the OTT platform subscribers nowadays as audio is one of the most popular services a user asks for. With the help of OTT platforms, music of different languages and genre are available at one place. This is helping many unknown or lesser-known artists to get explored among millions of subscribers. OTT platforms' music streaming services may include podcasts, radio stations, or even the latest songs of different artists, movies or albums, etc.
ott streaming platform has been increasing in recent times among internet users to watch movies online or to watch web series or to even stream music online. It in turn helps the Media & Entertainment industry to increase their user or viewership base with the help of these existing and also new OTT platforms making their way.
