The OTT industry has seen a boom in recent years, especially during the COVID-19 pandemic; therefore, we look at the Top 5 OTT Industry Trends in 2022.
Do you know that the OTT video industry is estimated to double its size by 2023?
From entertaining you to connecting to your loved ones, OTT Industry has a lot to offer you at a single click. You can watch your favorite series, video call to your loved ones living far away on another continent, or just ask someone to meet you with a single message.
Yes, OTT Industry doesn’t just concern media and entertainment apps but our social media apps too.
Now that we have stepped in 2022, we look at the Top 5 OTT Industry Trends in 2022!
What is an OTT Platform?
OTT stands for Over the Top platforms, meaning any platform offering services via the Internet. So, you have your video streaming platforms offering you entertainment, social media apps allowing you to text or Video Chat anyone over the Internet, and they all are a part of the OTT Industry.
Thus, OTT platforms offer the following three major categories of content:
- OTT Voice calling: that consists of apps like FaceTime, WeChat, Skype, Zoom, Viber, WhatsApp, and more.
- OTT messaging: that consists of apps like Skype, iMessage, WhatsApp, Telegram, and more.
- OTT Television: that consists of apps like Disney’s Hotstar, Disney+, Netflix, Amazon’s Prime Video, and more.
Advantages of OTT Platforms
- Reduced costs
- Original and quality content available
- Multi-platform services are also available
Disadvantages of OTT platforms:
- Poor network connection causes issues
Top 5 OTT Industry Trends in 2022
- 5G Will Change The Game
Starting with the trend that started last year in 2021, and in 2022 we will see a wide coverage of 5G worldwide. It will be faster, more reliable, and make OTT streaming platforms 5G’s killer apps. This advancement trend will change the entire OTT industry in a better way making it more fun.
- Localization and Content Fragmenting on OTT Platforms
Localization is another trend that we will witness this year. Brands and creators will expand their reach to a larger audience with viewers in different locations through this step.
Content fragmenting will attract viewers from different niches-preferences. Thus, content localization can tie into content fragmentation this year to attract more viewers.
- Consistent Growth of OTT Platforms
The Covid-19 global pandemic saw an upwards growth in the OTT industry, and this growth will continue and remain consistent in the coming years.
The addition of more OTT platforms, user-friendly content, and other aspects will grow the OTT global market.
- Media Giants Will Rule The Premium Market
The already “Media Giants” in the OTT Industry like Netflix and Disney+ will continue to grow and dominate the Premium Market of this industry. This is because they provide premium content to its viewers and thus, will make it difficult for others to compete with them.
- Streaming Technology Will Become Accessible
Immersive streaming tech will make OTT platforms more accessible. For example, CTV (connected TV) will be on the rise and continue to be in demand; the advent of 5G and the rise in VR technology will continue to make a way in the OTT Industry. All these trends in technology will grow as technology becomes more accessible to viewers.
Thus, these were the Top 5 OTT Industry Trends in 2022 that we will witness. OTT platforms will be on the rise and boom the industry in the coming years.
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