The Impact of COVID-19 on Video Content Consumption
The COVID-19 pandemic has transformed the way people consume video content. With social distancing measures in place, people are spending more time at home and relying on streaming services for entertainment. This has led to a surge in the popularity of Over-The-Top (OTT) platforms and OTT software, which provide on-demand video streaming services over the internet.
The pandemic has accelerated the shift towards digital channels for content consumption, and the trend is expected to continue in the post-pandemic era. According to a report by PwC, the global OTT market is projected to reach $72.8 billion by 2023, with a compound annual growth rate (CAGR) of 13.8% from 2019 to 2023.
OTT services offer numerous advantages over traditional TV and cable services, such as on-demand viewing, no time constraints, and a variety of content options. This has led to a significant increase in the adoption of OTT platforms among consumers, which in turn has created new opportunities for video businesses to expand their reach and engage with their audience.
In the following sections, we will explore the benefits of OTT apps for video businesses and why they are the future of the industry. We will also discuss how to create an OTT app for your video business, including building it in-house, outsourcing to an app development agency, or leveraging an OTT platform provider.
OTT Services: The New Wave
OTT services have disrupted the traditional video distribution model, offering an alternative to cable and satellite TV services. OTT platforms allow users to access video content through the internet, on a variety of devices, including smart TVs, smartphones, tablets, and gaming consoles.
OTT services offer many advantages over traditional TV services, including on-demand viewing, personalized recommendations, and the ability to watch content anytime, anywhere. These benefits have driven the growth of the OTT industry, which is expected to continue to grow in the coming years.
The popularity of OTT platforms has led to an increase in competition among service providers. This has resulted in a wide range of content options for users, including original programming, live sports, and movies. In addition, the rise of OTT services has also created new opportunities for video businesses to reach audiences and expand their revenue streams.
OTT platforms also offer several monetization options, such as subscription-based models, pay-per-view options, and ad-supported services. This flexibility has made it easier for video businesses to monetize their content and generate revenue.
Overall, the rise of OTT services has transformed the video industry, providing new opportunities for video businesses to reach audiences and monetize their content. In the following sections, we will discuss the advantages of OTT apps for video businesses and why they should consider investing in an OTT app for their brand.
The Growing Popularity of OTT Platforms
The growth of OTT platforms has been rapid, with more and more consumers choosing to stream their favorite video content online. This shift towards OTT platforms has been driven by several factors, including increased accessibility, convenience, and affordability.
The Rise of OTT Industry
The OTT industry has been on the rise for several years, with major players such as Netflix, Amazon Prime Video, and Disney+ leading the charge. These platforms have disrupted the traditional TV model, offering consumers more options and greater flexibility.
The OTT industry is expected to continue to grow in the coming years, with a projected market size of $220.54 billion by 2027, according to a report by Grand View Research. The report also predicts that the Asia Pacific region will see the fastest growth in the OTT market, driven by factors such as rising internet penetration and increasing disposable incomes.
Understanding OTT Video Streaming Apps
OTT video streaming apps are the backbone of the OTT industry, allowing users to access content from their preferred devices. These apps provide a seamless user experience, with features such as personalized recommendations, easy navigation, and one-click payments.
OTT video streaming apps have become increasingly popular, with consumers spending more time on their mobile devices than ever before. In fact, according to a report by App Annie, mobile video consumption increased by 40% in 2020, driven by the pandemic and the rise of OTT platforms.
OTT User Penetration and Market Growth
OTT platforms have a broad reach, with users across all age groups and demographics. According to a report by Conviva, OTT viewing increased by 57% in 2020, with the average viewer watching 3.4 hours of content per day.
The growth of the OTT market has also created new opportunities for video businesses to expand their reach and engage with audiences. By investing in an OTT app, video businesses can take advantage of the growing popularity of OTT platforms and connect with their target audience in new and innovative ways.
6 Reasons Why Your Video Business Needs an OTT App
As the popularity of OTT platforms continues to grow, video businesses can no longer afford to ignore the potential of OTT apps. Here are six reasons why your video business needs an OTT app:
1. OTT App Helps Increase Conversions
OTT apps provide video businesses with the ability to offer branded apps on various platforms, such as Apple TV, Amazon Fire TV, Roku, and others. This increased visibility and discovery can lead to increased conversions, as users are more likely to engage with content when it’s easily accessible and readily available.
In addition, OTT apps offer one-click payment options, making it easier for users to make purchases and subscribe to services. This convenience can lead to higher conversion rates and increased revenue.
2. OTT Apps Reach More Consumers
OTT platforms offer the ability to reach more consumers than traditional TV services. With no time constraints and on-demand viewing options, users can watch their favorite content anytime, anywhere.
This flexibility has led to a significant increase in the adoption of OTT platforms among consumers, making it easier for video businesses to expand their reach and connect with audiences around the world.
3. OTT Apps are More Appealing to Consumers
OTT apps offer several advantages over traditional TV services, such as control, accessibility, and affordability. Users have greater control over their viewing experience, with the ability to pause, rewind, and fast-forward through content.
OTT apps are also more accessible, with a wide range of content options available on a variety of devices. Finally, OTT apps are often more affordable than traditional TV services, with lower subscription costs and no equipment or installation fees.
4. OTT Apps Helps Retain More Customers
OTT apps offer users the ability to watch content on their preferred devices, which has led to an increase in mobile video consumption. By investing in an OTT app, video businesses can take advantage of this trend and retain more customers.
In addition, OTT apps offer a personalized viewing experience, with recommended content and features tailored to each user’s preferences. This can lead to higher engagement and increased loyalty.
5. OTT Apps Helps Improve Audience Engagement
OTT apps offer several features that can help improve audience engagement, such as free trials and valuable content. By offering free trials, video businesses can encourage users to try out their service and increase the likelihood of conversion.
OTT apps also provide analytics and insights into user behavior, which can help video businesses understand their audience better and improve their content strategy.
6. OTT Apps Helps Increase Your Revenue and Grow Your Brand
OTT apps offer several monetization options, such as Subscription Video-On-Demand (SVOD), Transactional Video-On-Demand (TVOD), and Ad-Supported Video-On-Demand (AVOD). This flexibility allows video businesses to generate revenue and grow their brand by providing a seamless user experience and valuable content.
How to Create an OTT App for Your Video Business
Creating an OTT app can be a complex process that requires significant resources and expertise. There are several ways to create an OTT app, including building it in-house, outsourcing to an app development agency, or leveraging an OTT platform provider.
Method 1: Building It In-house
Building an OTT app in-house requires significant resources and expertise, including a team of developers, designers, and project managers. This approach can be expensive and time-consuming, with upfront investment costs and ongoing maintenance expenses.
However, building an OTT app in-house offers greater control over the development process, allowing video businesses to tailor the app to their specific needs and preferences.
Method 2: Outsource Your OTT App Development Requirement
Outsourcing your OTT app development to an app development agency can be a cost-effective solution that offers access to expertise and resources. App development agencies can provide a full range of services, from design to development, testing, and maintenance.
This approach can be less expensive than building an app in-house, and it allows video businesses to focus on their core competencies while leaving the technical details to the experts.
Method 3: Leverage an OTT Platform Provider
Leveraging an OTT platform provider offers the easiest and most cost-effective way to create an OTT app. OTT platform providers offer pre-built solutions that can be customized to meet the specific needs of video businesses.
There are two types of OTT platform providers: white-labeled OTT apps and Software-as-a-Service (SaaS) platforms.
White-Labeled OTT Apps
White-labeled OTT apps are pre-built solutions that can be customized with the video business’s branding, content, and features. This approach is less expensive than building an app in-house and offers greater flexibility than a SaaS platform.
SaaS Platforms and Content Management Systems
SaaS platforms and Content Management Systems (CMS) offer pre-built solutions that can be customized to meet the specific needs of video businesses. These solutions provide access to a range of features and tools, including video hosting, content management, and monetization options.
OTT apps offer numerous benefits for video businesses, including increased conversions, greater reach, and improved audience engagement. By creating an OTT app, video businesses can take advantage of the growing popularity of OTT platforms and reach audiences in new and innovative ways.
There are several approaches to creating an OTT app, including building it in-house, outsourcing to an app development agency, or leveraging an OTT platform provider. Each approach offers its own advantages and disadvantages, and video businesses should carefully evaluate their options before making a decision.