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This blog is published byShantanu Shrivastava
The world today has moved from OTT being a niche market to a mass-market product. With the explosion of hyper-personalized audiovisual content creation and distribution, waiting for your favorite shows to air on TV and sitting through never-ending advertisements is a thing of the past. The digital media industry is more dynamic, complex, and uber-competitive than ever before.
Stay-at-home has rapidly catalyzed the pace of this transition in the past few years. The global OTT market size was forecasted to reach USD 1,039.03 Billion by 2027 from USD 121.61 Billion in 2019. This was fueled by a rise in demand for OTT services in developing regions of the world, the growth of an array of revenue models like SVOD, AVOD, TVOD; the availability of a wide gamut of content, an ever-increasing demand for live streaming channels, and latest industry trends & developments.
As the OTT business continues to expand, new expectations and challenges are on the horizon. Backed by an ever-increasing user base, content creators, and competitive data prices; OTT players are battling for a share of the consumer pie.
It won’t be wrong to say that 2020-2021 was the year of OTT with consumers seeking out digital entertainment both within and beyond their comfort zones. As OTT continues to reimagine content consumption, consumers now stream videos across multiple devices beyond their living rooms: on smart TVs, mobile devices, desktops, or laptops- both on small and big screens, from browsers or apps – anywhere, anytime! OTT has unquestionably ushered in a new world order with something for everyone.
It’s true: technology at the core will revolutionize the next generation of OTT delivery. In the quest to offer a seamless viewing experience, embracing cutting-edge technologies and addressing challenges with a new perspective to achieve customer growth & retention; an increase in ARPU is key.
DIGITAL CONTENT TRANSFORMATION
It is essential to make postproduction less cumbersome, fast, fueled by insights, and cost-effective. It is imperative to build trust and ensure that content is secure and respects consumer privacy.
Technology is a driver of the OTT revolution. Imagine a post-production world where you can have content watermarked, have DRM/NFT-DRM, and derive insights for content fragmentation and localization for wide and effective reach before you finally schedule the content for consumption – tech has undoubtedly unplugged endless possibilities.
Here’s how technology is playing a pivotal role in enabling end-to-end OTT content:
It is critical to have a Consumer Data Privacy & Personalization in place. It’s important to measure effectiveness of AdTech expenditure and ad verification for precise targeting and eliminating waste. This will eventually lead to increased user engagement and consistent, quality experience.
DIGITAL TRANSACTION TRACEABILITY
EXPERIENCE, ENGAGEMENT & REPORTING
Every video streaming platform is trying to improve customer experience, work on faster go-to-market strategies to offer multi-device support and ensure steady customer growth with improved retention. While it will be interesting to see how OTT evolves in a rapidly changing marketplace, there is no doubt that digital technologies will play a crucial role in shaping its exciting future.
is an Associate Director in Media and Entertainment Domain of Product Engineering Services at Happiest Minds Technologies Limited. He has 14+ years of extensive experience in digital transformation and Product Engineering. Shantanu is passionate about Product Management, New technologies and GTM strategies.
Shantanu Shrivastava is an Associate Director in Media and Entertainment Domain of Product Engineering Services at Happiest Minds Technologies Limited. He has 14+ years of extensive experience in digital transformation and Product Engineering. Shantanu is passionate about Product Management, New technologies and GTM strategies.
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