Top OTT Trends To Watch Out For In 2023

In modern times, the streaming industry has become a crucial part not only of the global population but even more for Indian netizens for their regular entertainment intake. Irrespective of the place of the users, streaming has become part of their daily content consumption.?

As per the recent data released by Allied Market Research, the market size of OTT globally was valued at $121.61 billion in 2019 and is expected to grow 9X in the coming five years. These digits will grow with the changes in consumer behavior.

Some of the trends that OTT platforms may see shortly include:?

A sudden surge in the demand for regional and authentic content

India is a hub of regional diversity and with this heterogeneity, there is immense content creation and audience engagement opportunity for the streaming industry. With the launch of 5G, faster & better streaming delivery has become possible. This has boosted the demand for the original content and thereafter regional OTT platforms.?

Ease and speed of launching new OTT platforms

OTT platform providers like MakeMyOTT, Phando, Contus VPlayed, and Brid.tv have enabled quick creation of OTT applications with a click of a button. The ease, speed, and affordability of launching OTT platforms are attracting content creators, producers, and owners to launch their platform and monetize it instantly.?

Surge in Connected TV usage

Bigger screens have better streaming experiences and with the declining cost of connected TVs, the masses can now afford big television sets without breaking the bank. The data have the same story to tell. As per the FICCI-EY report of 2022, the usage of connected TV has reached 10 million in India and is expected to reach 40 billion by 2025. Therefore, the future has a different picture of entertainment that started from television sets shifted to smart devices and is now is expected to be consumed increasingly through connected TVs.

Finally, consolidation of the OTT platforms due to the rise of content aggregation platforms?

Multiple OTT platforms are putting the viewers into an endless loop of switching from here and there. For instance, being a cricket enthusiast, I keep a subscription to Disney+ Hotstar and to watch FIFA, I do require to get a subscription to JioCinema in India, not only this but to watch documentaries or series I am in endless requirements to get the subscription of giants including Netflix, Amazon or Hulu. These multiple subscriptions make management chaotic. OTT aggregators such as Airtel XStream, Tata Play, and Fleek are some of the players in the industry who help in providing one solution for entertainment reducing the need for multiple subscriptions. This consolidation is picking up pace and the future might see more aggregators in the OTT entertainment industry.?

These changes will present changes in the industry and will put the industry into a sphere where monetization of one's authentic content will be easy, quick, and accessible to everyone. Certainly, the industry has a better revenue generation opportunity for both content creators and owners.