GUEST REVIEW: Digital transformation has impacted virtually every industry, and the entertainment industry is no exception to this category. Over the past decade, the way people consume entertainment has been completely transformed. The OTT market continues to witness a shift in the way users consume and interact with content, with the pandemic further accelerating its growth trajectory. according to a Statista reportOTT revenue in the Australian market alone will reach A$8.5 billion by 2026, with a CAGR of 8.39%.
As we try to gradually enter the post-pandemic world, there is a permanent behavior change and a preference for online video streaming services over traditional media. The M&E industry is constantly looking for new ways to adapt to the digital landscape and deliver the best to its clients. OTT video streaming allows consumers to experience content on the go, anytime, anywhere and on any device. Customers, channels and content, all digitized, has resulted in a whole new ecosystem of value.
Digital transformation has helped the media industry recover, redefine the real meaning of entertainment, and harness its true power. In addition, the entertainment industry is rapidly scaling by creating more and more content through movies, TV series, and live and recorded content based on customer choices, as well as providing a seamless means of accessing it. As a result, we are witnessing unprecedented innovation in the production and delivery of OTT content. OTT requires smart engineering to ensure consumers have optimized viewing experiences. The technology is poised to transform OTT platforms, allowing them to strengthen their competitive advantage.
Improved user experience
The core of any successful OTT platform is great content with a seamless viewing experience. Therefore, it is imperative to include UX as part of the OTT platform development process. Leveraging cutting-edge technologies, OTT gamers continue to enhance their platforms, delivering a smoother viewing experience, easier content discovery, and an omnichannel experience across many devices.
This technical revolution has led to the development of advanced compression technology and has enabled OTT platforms to implement quality monitoring solutions throughout the content journey, from upload to delivery. Due to this improvement, customers can now get improved streaming quality with very low buffering and low latency while consuming less and less internet bandwidth.
Combine OTT platforms
Today, a typical OTT platform uses an enterprise-grade production solution to create and distribute content, and then uses multiple social media platforms and other modes to expand its reach and awareness among consumers. Most OTT platforms are looking for an integrated solution that becomes a one stop shop for their entire journey from production to consumption.
All-in-one OTT subscriptions
Subscription fatigue and the inconvenience of switching between multiple apps have led to the launch, adoption, and growth of a larger number of aggregator OTT platforms. Today’s added platforms provide a single window that allows consumers to organize their streaming subscriptions as channels their way. For OTT platforms, bundling offers a larger audience as their customers have more options to discover relevant content. For viewers, it makes it easy to integrate all your streaming channels and services into one curated app.
Data insights and analytics
Since the customer is at the heart of the OTT business, there needs to be a proper data-driven content strategy. Data and analytics help develop a 360-degree view of the customer. Provides access to real-time and historical user data to enable actionable understanding of customer behaviors, whether for content, user experience, or business model.
Based on deeper insights from this data, OTT providers can make informed decisions and fine-tune their recommendation engine. In this way, the user experience is improved through a more precise and personalized dissemination of content.
The time has come when technology and transformation are driving growth in the OTT space, and this will only grow and deepen in the future. To set up the next generation OTT platform, OTT players need fully integrated technology building blocks consisting of pre-integrated OTT back-end solutions (such as CMS, content discovery, usage analytics, etc.) along with design and application of World class UI/UX. developing. The integration of technology into OTT platforms has improved the overall customer experience and enabled OTT players to target personalized content to their subscribers while making content discovery an intuitive experience. In a nutshell, technology has helped OTT players focus on business growth while effortlessly managing day-to-day operations.
The future of entertainment depends on consumer preferences, and to meet their needs to provide enjoyable experiences, technology is constantly driving the growth of OTT platforms. Therefore, a strong technology game plan is important in OTT to implement modern technologies, delight the user experience, stay relevant, and continue to satisfy end consumers.