How OTT Media Services Created Demand In the Market

 

Guys, I am Writing this post on the rise of OTT(Over-The-Top) in the market. When I was studying in 12^th Standard than I have heard about the Netflix, Hotstar, Amazon prime or other OTT Products first time in the market.

Now, I have Analyzed the current situation of OTT which is growing Rapidly. There are many Reasons for increase in demand in the market.

The very First Reason is the Cost Effectiveness. Over the past few Years, the internet facility became so cheap and reasonable to use through mobiles, Laptops and smart TV devices and customers are paying Rs 5 for a GB data. The subscription charges for these are cheaper than the customers were paying for the dish cable and dish TV. So that, the OTT created Demand in the Market through the cost efficiency.

The Second Reason for the increase in Demand is the Choice of the specific Programs or events. Many Customers want to see the specific Programs or Events So they will prefer the OTT. It is also a major Effect to increase the OTT demand.

The Third Reason is the rapid updates by these platforms according to the needs and demands of the customers and they are also active in the Digital Marketing. As the Market Paradigms are changing fast & it is essential that you keep your platform updated with all new features on time. So, they are providing the new features which we want and making its usage so reliable and handy to its customers and also increasing our knowledge. Through the OTT 82% of the Audience is Aware of AR, VR & 360⁰  Videos, even 29% of them are using it. This clearly means, how much an OTT platform can benefit if they keep updated according to the market and with new means of Producing and showing contents.

The Fourth Reason is Subtitles & Multiple Audios, Through the OTT we will choose the language also. According to the survey, International Audience is two time more likely to sign up if they visit your Platform and find the subtitles in their own local language. In India also we have many languages, so if the platform will provide the multiple subtitles & audios in the regional language their market will increase more rapidly.

The Fifth factor is catering the services across various Devices such a web, mobile, Tablet & smart TVs also and make it simple for them to find & subscribe to your platform. In traditional means, they did not provide users the flexibility to access content through whichever mode they want to and this resulted into cutting cords & switching over to the modern media.

Did you know there are over 10 million roku devices in the market & Apple TV has seen the largest growth in year 2014-2015.

In the current scenario due to Corona virus Crises the OTT demand rises in the Market. In the first quarter of 2020, Netflix added a staggering 15.8 million paid subscribes as a lock down audience turned to the platform in the absence of other entertainment options. During covid-19 situation the customer will see the entertainment programs during lockdown, then they will prefer the OTT. Such that they can see their own preferable shows, web series or movies through OTT. The few OTT platforms are even offering extended free period of drive subscription in the wake of the corona virus crises.

In the virus situation many movies were released in amazon prime. So that the demand increased in the market.

At Last I want to say that the OTT is the Future of TV viewers as they are preferring OTT platforms over Traditional TV.