Top OTT Trends To Watch Out For In 2022
Written By:- Vikrant Khanna (Co-Founder CEO Mogi I/O)
In the past few years, there has been a major shift in the landscape of video streaming and OTT platforms. The ongoing pandemic has only accelerated the adoption of streaming services. According to estimates, the global OTT market will have a value of $194.2 billion, with a CAGR near 14% by 2025.
Additionally, a considerable chunk of the global consumers has already opted for cord cutting; and more and more people are expected to join the bandwagon in the future. We might see a time when the entire global population will have gone cord free. This is one major reason why even small and mid sized content creators and owners have started to launch their own streaming services. We are Top Ott App Development Company in India
The result? A highly competitive OTT space. If you are planning on launching your own OTT platform in the coming year and wish to stand out, you will have to beat this intense competition. And for that, understanding the OTT industry’s future is key. Here, we will discuss the top OTT trends to expect in 2022, so that you can create a success plan that’s meant to work. Read on—
- Originality will drive acquisition
Content is king, and we have seen content proving to be a powerful determinant of success in the world of content marketing. However, in the OTT world, the phrase “content is king” translates to “original content is king.” Originality is important because content is now being valued more than the platform on which it is consumed. Both OTT service providers and content creators will have to be more innovative with regards to what they put in front of viewers. It will not suffice to offer content sourced from TV channels, OTT providers will have to provide original content to distinguish themselves from other competitors and earn more business.
Note that the OTT market is getting crowded, and services continue to multiply unabated. This makes it absolutely necessary that OTT platforms focus more on content originality. Newer genres, more localization of content, and more focus on vernacular languages and dialects will pull a higher volume of users to the magical world of OTT.
- More and more people will migrate to bigger screens to enjoy their favorite OTT content
Viewership will quickly start transitioning to the big screen even in countries like India as devices with larger screens such as television get more budget-friendly. In fact, the prices of smart TVs have come at par with mid end smartphones. As a result, we may see more people enjoying content on TVs. But then this will bring a new challenge into the scene— the need for even better compression and video quality. To materialize this, newer codecs for better compression will be required. In addition, more R&D in this area would be needed.
- Newer genres will explode
The OTT industry is becoming more competitive.
OTT platforms will have to come up with innovative strategies to not just retain their existing customers but also to attract new ones. They can make themselves more attractive by delivering niche content for a more targeted audience. In the times to come, we will see OTTs exploring newer content genres such as environment, theater, adventure, travel, spirituality and the like.
- Series to drive frequency of viewership and renewals
In the world of OTT, we are witnessing new trends every now and then. Take web series for instance. Web series are a fairly recent content innovation but have taken the entire web space by storm. With them, people have instant access to not just new international movies and series but also fresh local content.
Interestingly, the love for series lingers in viewers for long. For instance, series like GOT and House of Cards still attract new viewers and their fans don’t mind watching them on repeat mode. These fans often keep coming back to their preferred OTTs for more of their most loved shows. They develop some sort of loyalty towards their favorite series and the OTT platforms on which they are streamed. This also drives renewals.
Web series in India are celebrated for doing even more. They have effectively slashed major industry weaknesses. So, in the year 2022, we can expect to have more acting-focused, and well written series with relatable characters across OTT platforms.
- Richness and depth of content library will drive stickiness
There has been a tectonic shift in consumer behavior and the way content is being consumed. This can be attributed to the multiple initiatives taken by OTT platforms to ensure a continuous stream of entertainment. Having a deep content library is certainly one of the most important of these initiatives. It’s not that there is variety only with regards to themes, there is also content in a variety of Indian regional and foreign languages. This has resulted in a boost in OTT viewership.
In the year to come, we may expect to see OTT platforms enriching their repositories of content with items dealing in a variety of subjects and languages in a lot of different content formats. And as users will discover their preferences, they will want to dive deeper into the space. Incorporation of AI and other advanced technologies into OTT platforms facilitate content recommendations based on users’ tastes. And this has only made it easier for OTT platforms to entice and hook customers.
- 2022 to be the year of small and mid sized content creators
While 70% of consumers have at least one major OTT subscription — Netflix, Amazon Prime Video, or Hulu — many look to other media outlets to fulfill their specific content demands. And that’s where your brand can step up to fill in the gaps. We are OTT Platform Development Company in India
Every day, scores of small/ mid-sized businesses get OTT apps off the ground. What used to be a business opportunity only huge media outlets could capitalize on is now totally within your budget and power, provided you get the right support. And for the right support, it’s important to hire a service provider that will pay heed to your specific requirements and serve you accordingly. You also need a service provider to fit your tight budget. And since there is no dearth of affordable service providers these days, the year 2022 could witness a surge in the number of small and mid sized content creators and owners exploring the OTT space.
However, it’s not advisable to dive headfirst into the world of OTT without a plan. It will only cause your time, resources, and money to go in vain.
AVOD to outstrip other monetization methods
OTT may be considered the future of media. As more people go digital, we see OTT slowly taking over traditional TV. Another trend we see is that of AVOD capturing a considerable chunk of the streaming market. AVOD, an ad-supported video on-demand service, allows consumers to view content for free. The content is free to watch because the revenue comes from ad streaming. The AVOD revenue model allows advertisers to reach targeted viewers in a high-quality, contextual environment. According to a report by Rakuten Advertising, 60% of consumers don’t mind viewing ads to gain free access to video content. And this is the backdrop against which ad-based video on-demand (AVOD) has grown. With a growing number of subscription based OTT players, and steadily growing subscription prices, there has been widespread subscription fatigue. This explains why a lot of OTT players are taking to the AVOD revenue model. In 2022, we will only have more content creators and owners joining this bandwagon.
The OTT space already seems crowded, and you might feel there is no place here to put your foot down securely. But if you desire to make it big in the media space, then creating an OTT platform could be a great place to start. But success in this field is only possible when you have a well-thought-out action plan. With the right plan, and a thorough understanding of the top OTT trends to watch out for in the years to come, deciding the right strategies for launching a successful OTT platform will be a breeze for you.