Covid- 19 has made social distancing the new norm, with most businesses coming to a halt or shifting online. Talking about the traditional entertainment industry, theaters are no longer gaining heavy footfalls because of the escalating Covid-19 crisis. This has seen the rise of OTT platforms, with viewership increasing to 53% by 2027. Also, the revenue of the OTP video platform is expected to reach a valuation of $275.30 billion by the end of the year 2022.
With digitalization, OTT app development services have revolutionized users’ content-consuming behavior. Movies, TV shows, and web series on the OTT platform, particularly binge-watching, have now become a popular kind of indoor entertainment embraced globally. Without a doubt, the global OTT apps will accelerate and generate a huge income surpassing a billion-dollar threshold by the end of the year 2026.
How OTT App Development Unlocks Better Business Opportunities
OTT platform takes precedence all over traditional methodologies for reaching out to the right target audience or prospective users. Businesses now opt for custom OTT app development services and capitalize on the opportunity. Let’s have a look at how OTT app development can open up doors of opportunities for you:
Increasing Demand For Omni-Channel Experience
Digital-age consumers have super-fast internet connectivity and smart devices at their disposal that triggers the demand for an omnipresent experience concerning access to media content. OTT apps allow the real-time accessibility of content, whether video or audio, in any virtually compatible device.
In the upcoming years, over 60 million OTT users will be utilizing TV sets and mobile devices for streaming OTT content. This gives convenience to digital-age consumers to stream media content anytime and anywhere across different devices.
Advertisement Supported OTT Platforms
The OTT platform is not just restricted to providing entertainment but also making business. Various businesses are now approaching OTT platforms to get their ad displayed between the streaming sessions of their users. The on-demand streaming channel collaborates with brands and allows them to advertise their products and services.
The OTT users are more receptive to the advertisement, and that is the reason why businesses are now approaching the OTT platform for scheduling their digital marketing plan for the promotion of their products and services across various demographics, regions, and target consumers. This helps them to garner maximum engagement and reach.
Personalizing Customer Experience
By developing an extensive OTT app strategy, brands can deliver personalized content to their customers directly. Unlike traditional content broadcasting methods, OTT app development services offer complete convenience and access, which is why it is known as an on-demand video service.
Several companies are now approaching different OTT app development service providers to boost their engagement rate and reach out to their prospective customers. With features like smart search, multilingual support, multiple payment gateways, multiple content categorization, a watch list, and others, you will be able to create personalized experiences for your customers.
Decentralized Video Streaming App Development
Blockchain-based profile creation, easy-to-use search, and incentivized user interactions to share content are a few key attributes of the decentralized video streaming app development. Also, these OTT video platforms support unlimited concurrent viewers with real-time AI-based video analysis.
OTT Maintenance and Support
You can get continuous support beyond a specific OTT platform’s conventional migration or deployment process by hiring a top-notch OTT app development company. The experts would help you fix the application’s threats and bugs, secure databases, and finetune checkpoints to ensure a great OTT streaming platform. They will work on the underlying issues and offer support beyond delivery and deployment.
Perks of Building an OTT Platform
OTT platform offers a number of benefits to content streaming businesses as they can reach their viewers and keep them engaged with their video streaming services. Also, these platforms create a unique brand experience by giving users access to media content. Here are some of the top benefits of developing a custom OTT platform:
- Better Scalability
The custom OTT solution helps businesses launch their own platform to garner more user engagement, thereby increasing their business growth.
- Boosting Brand Awareness
OTT videos are in itself efficient for boosting interest, brand awareness, and perception. Almost 70% of the viewers keep themselves engaged in 3 hours of videos streaming per day. This indicates that a chain of brand awareness and user behavior will create more customer loyalty and keep your users retaining your OTT app.
- Cost and Time Effective
Developing your own OTT platform with a white-label video streaming service provider is cost-effective as it cuts down the time for processing and increases all technological advancements of the solution provider.
- Monetization
The OTT service providers can monetize their online streaming platform with different business models. For instance, for viewing premium videos, the users need to pay a particular fee to get access to the same. Also, with the implementation of the video-on-demand model, you can unlock various revenue opportunities.
- Convenience
The OTT platforms offer the users the convenience to view the videos of their choice from a wide range of prominent genres, including sports, movies, spiritual, e-learning, and fitness, and explore various other entertainment domains of the OTT streaming application.
Get Ready to Transform your Business with Robust OTT Solutions
OTT platforms and applications have completely altered the digital entertainment industry contributing to a growth in the demand for OTT app development services. This is because it offers a promising ROI in the video streaming industry. So, if you want to create a strong foothold in the OTT streaming business marketplace, then make sure that you work with an exceptional OTT app development company.
By hiring the best-in-class OTT software development service provider, you can avail a wide range of services, including multi-screen app development, live streaming, video content management system, and more. The experts would utilize a broad spectrum of features and build you market-ready software. Get started today!
