OTT---The Future of Entertainment!
In the past two decades, technology and innovation have transformed almost every sector in the world. Moreover, with internet penetration, the enhanced use of smart gadgets, media, and entertainment space witnessed a radical shift in the delivery of content to consumers.
Today’s consumers wishing to consume media anywhere and anytime! With the advent of OTT content and its growing popularity has completely transformed the entertainment landscape. This shift has brought an increased penetration of broadband services, the adoption of smartphones, and the disclosure of OTT streaming services.
The emergence of the OTT platform has disrupted the media and entertainment sector. It has made entertainment convenient, accessible, yet affordable across a vast segment of the users. Anyone with a mobile and internet connection can catch-up with a show, web series, or movie sitting anywhere in the world.
The progress in the entertainment and media industry was spearheaded by the birth of OTT streaming service providers. Unlike traditional TV networks, OTT players deliver multimedia content directly to consumers over the internet, without any need of hard drives. The OTT platforms are subscription-based which allow unlimited access to entertainment on a supported device for a periodic fee.
OTT platforms are bringing entertainment to the audience with the biggest catalog of movies and shows in a multitude of languages. Based on the growth and scope there is no doubt, the OTT platform will be the future of the entertainment industry in India, with the diverse content and growing audience.
Technology is the biggest strength for the success of OTT platforms and as per the recent reports, it is believed that by 2022, India will be the top ten markets, for media and entertainment. OTT has provided an opportunity for creative talent to produce good series to export abroad with the intent that India could be one of the entertainment leaders in the world.
OTT---The Need of the Hour
In the COVID scenario, due to a series of lockdowns and shut down of theaters, the audience was looking for some interesting content and this derived demand was fulfilled by the OTT platform. OTT has delivered all-genre content simultaneously with an affordable rate and flexible watching.
Because of its increased popularity, the consumers have started to look at OTT as a separate entity and has also become a place for advertising. OTT platform also become prominent in giving crippling advertising revenues.
“OTT will be the new normal for the world of entertainment”
While the OTT platform is giving a new turn to the entertainment industry, it also needs to focus on creating value in its customers. there is a need for self-regulation in OTT, where it has to balance the creative liability and has to provide intended information to the audience of what they are watching.
OTT has given creative content wings to fly making it reach a wider audience. If we consider the growing future of OTT in the coming years, VOD-video on demand will be the upcoming thing in multiplexes. Coming to the theatre, it will remain in the entertainment space, but theatre has to tweak its consumer experience.
OTT platforms are a gold mine for the writers, new-generation content creators who have the golden opportunity to showcase their imagination and creativity with an increasing demand for varied genres of content.
Merging of OTT platforms & Film industry
During outbreak times, most of the movies were streamed on OTT causing discomfort to the big players of the film industry to adjust to this new normalcy, but research shows that even post-COVID-19 world, OTT streaming services will continue to dominate.
OTT players can help content reach millions of consumers at a low-cost of formal release and ad promotions. The production houses can potentially make millions within the first week of release thereby monetizing their online promotions. OTT releasing can minimize the monetary risk by giving a minimum guarantee deal for covering production cost. Release via OTT platforms could eliminate the threat of piracy as well.
New OTT Trends
The demand for interesting and high-quality content is increasing every day fostering a common person to access OTT platforms.
Watching movies online becomes cheaper and common making OTT platforms to find newer and creative ways to make advertising profitable.
Already, many proooduction houses are presenting their content over various platforms such as YouTube but soon will reach out to rising OTT platforms.
Theaters will become an exclusive and luxury expericne to the audience as they can watch new releases and old classics at the fraction of subscription costs that to from the comfort of their own homes.
ott streaming platform will hit the OTT platforms after their initial releases in theatres.
Movies and TV shows can rake more profit margins on digital platforms.
India’s OTT industry is new and apparently, its contribution towards the entertainment will cushion to the media, film, and entertainment industry in the future.