From zero to $70 billion in 10 years. Streaming is booming!
There are tons and tons of content out on the Internet. And as audiences want to consume this content everywhere -and on every device- the global OTT market is projected to surpass $70 Billion in 2021. That’s huge for something that didn’t even exist ten years ago!
We are entering a new phase: people no longer consider OTT services “Over The Top” but as “Content.” Netflix is now perceived as television, and as such, you expect to find it easily when turning your TV on, or in the App Store.
The number one trend: Lower entry costs for content providers.
What’s interesting in the streaming world today?
Just recently, a robust OTT platform like Netflix or Spotify would cost millions of dollars and years of development. Now, you can deploy an award-winning OTT service for a few thousand dollars in a matter of days!
This disruptive development in streaming technology has allowed smaller content providers to tap into OTT, such as local TV companies, radio stations, fitness instructors, or chefs. They have the ability to reach another level of engagement with their community, and we’re currently seeing their tremendous growth.
What have we learned? Your apps have to be perfect.
One key insight that any new player should consider is the value of apps: our data shows that at least 50% of the audiences watch content through them. If you want to be successful, you must have an app because if you don’t, people won’t be able to find you in their app stores or receive the experience they expect. And as the market has high standards on the level of design, performance, and functionality of any streaming service, not everyone can do it.
Where to start?
New streaming technologies allow good content creators to get started right away, as long as you have the right partners. This is critical since consumer expectations are really high nowadays, mainly because people have experienced Netflix, Prime Video, Hulu, or HBO Max. By following the best practices from the biggest players, you must deliver on the three top priorities of any new streaming service:
By partnering with a solution provider, you can really focus on what you are good at: creating content (a tough thing to master). Make sure you focus on that, while a technology provider takes care of development and optimization!
Don’t divide your own efforts because the quality would be affected, and you might lose engagement with your audience. It’s as simple as this: if you are a filmmaker, you’re not also selling popcorns at the theater. Somebody else is taking care of that!
Our award-winning platform allows content providers to create their branded streaming app, enabling new business models with innovative distribution, engagement and monetization tools for the ultimate end-user experience.
Schedule your free demo at www.streann.com and embrace the future of OTT.
