India’s OTT market has been booming ever since the global pandemic. Moreover, households’ entertainment expenditure in regards to movie streaming platforms like Netflix has rapidly increased over the past 5 years. With the industry progressing rapidly, there’s been an increase in the amount of video content consumed and streamed by people. This can be estimated to be a 72.4 percent increase during Q1 of 2018 and 2019.
Similarly, about 12 percent of households in the US have cut their cable subscriptions and about 27 percent are likely to do the same this year itself. The Over-the-top market is enormous and for businesses seeking to stay updated with the latest trends, here are 7 OTT trends to keep an eye on in 2022.
Trends in the OTT Industry for 2022
Staying updated with the current trends provides clarity on what to look out for in the coming years. With the pandemic creating havoc in our lives, people turned towards OTT platforms as a means of staying entertained within the safety of their homes. The OTT service providers have since then been improvising and introducing innovative techniques to keep their customers satisfied.
Let’s dive straight into a few trends to look out for in 2022.
5G will be a game-changer
The next-generation internet is replacing 4G and is becoming quite standard now. 5G will offer users a reliable cellular network and speedy internet. From the tests conducted, the next-generation cellular network has already proven to be about a hundred times better than 4G LTE’s best networks.
IHS Markit has also noted suitable gains for the video streaming industry in regards to 5G. This cellular network will further contribute to the boon of the event streaming and live sports industry in 2022. This trend solely depends on the success of the over-the-top content publishers.
Immersive Streaming Technology
Immersive streaming technology is very likely to emerge in 2022 and the coming years since 5G is an upcoming trend. If you want to stream a 4K video, you will at least require 60 Mbps of internet bandwidth. And many connections these days are unable to meet this requirement.
With the introduction of 5G cellular data in the market, streaming 4K quality videos has become possible. 5G can manage more bandwidth compared to 4G and enable users to enjoy a multitude of 4K streaming alternatives besides videos. Because of this, we can surely expect numerous immersive streaming services to step foot in the market next year.
These services include virtual reality and 4K videos. Some people believe 360-degree live broadcasting to be achievable as well in 2022.
Subscription bundles are acquiring popularity
Since there are tons of streaming alternatives available in the market, numerous people are fed up regarding the same. Today, we have reached that phase where there are quite too many options available when searching for OTT streaming services.
Both locally and internationally as well, the OTT sector is flooded with several OTT streaming platforms like Netflix, Apple TV, Disney+ Hotstar, Amazon Prime Video, Hulu, MX Player, Zee5, Alt Balaji, and many more. This has led to OTT service providers wielding several innovative monetization tactics like advertising and pay-per-view.
It’s during such instances where bundling numerous subscription plans in order to curate channels is becoming popular.
Shared Viewing has become the normal
Due to the global pandemic that took place in 2020, people had to abide by strict lockdown measures, which resulted in an increase in OTT content consumption worldwide. Several platforms have taken this opportunity to introduce new features that let people stream movies and TV shows together while using the same video chat to communicate.
Netflix Party can be a suitable example of this. Netflix has recently launched its Netflix Party feature that enables users to stream content together while sharing a common video chat. They can simultaneously control the video’s playback speed and play/pause as well. Amazon Prime Video’s Watch Party has become a similar success for the same reason.
User Experience Is Vital
Due to a plethora of OTT streaming services available in the market, users have an upper hand and are able to exercise their control by choosing which streaming platform services to proceed with. For OTT platforms seeking to acquire an edge over their competitors, user experience can be a deciding factor.
Viewers expect these platforms to provide a variety of content with a simple user interface that lets them navigate through the platform with ease. Netflix, for example, possesses an intuitive UI and is quite aesthetic as well. Voot, on the other hand, lacks in terms of appealing aesthetics and fails to offer a variety of content as well.
When it comes to Amazon Prime Video, the streaming platform possesses a clumsy interface. On top of that, its search engine works poorly, making Netflix an easy win when compared to the two.
CTV’s getting popular
Connected TV, commonly referred to as CTV, is acquiring a lot of fame due to OTT platforms providing media to TVs. Initially, viewers used to prefer consuming content on smartphones. However, people have started to stream more content on TV as OTT platforms are curating customized packages for the same. With the introduction of game consoles and Smart TVs, CTV’s are getting quite popular.
Moreover, with an increase in people switching to TV to watch content, the amount of viewers consuming content from their smartphones hasn’t decreased at all. And is more like in the same proportion.
The current trends clearly outline how much the OTT industry is maturing. With the introduction of a multitude of technology advancements, viewers are looking forward to numerous trends in 2022. Since several unpredictable changes have taken place ever since the pandemic, we can’t wait to find out what 2022 unfolds and how it influences the OTT industry.
A few trends that are likely to appear in 2022 include video monetization, top-notch security, white-label streaming, and live streaming. Moreover, because of several OTT platforms available in the market today, many viewers are looking forward to a rise in smaller over-the-top streaming services.