Title: Rise of OTT platform and its impact on entertainment industry by the year
2030
Content:
The advancement in technology and proliferation of the Internet has led to the wide
exposure of entertainment platforms to a massive audience including teenagers,
adults, and senile. In this research paper, we study the impact of Over-the-Top
media on society as a whole especially after the pandemic when there was a sudden
shift in remote work culture, educational practices being held online, families
spending valuable time together, and majorly the access to viewers. Besides the
convenience of receiving, the media has certain other advantages too. It has opened
up the possibility of streaming ad-free content and undisturbed viewing. Also, the
customer is truly the king here; he or she can watch what they want and when they
want. However, there have been no studies so far that have examined the impact of
OTT media on society, families, and individuals.
There has been a prodigious change over the past decade as how there has been a
shift of television viewers to Over-the-Top platforms which are now easily
accessible to anyone through the internet. The widespread availability of broadband
internet has led to the emergence and steady rise to prominence of many platforms,
including YouTube, Netflix, and HBO Go. By satisfying media-hungry consumers’ needs
and adjusting to their increasingly busy lifestyles, these platforms have found
success.
The traditional TV-viewing experience is no longer restricted to real-time or the
living room TV. Nowadays, users may consume content on laptops, tablets, portable
devices, and gaming consoles whenever and wherever they want. Especially the
demand for OTT media and entertainment has seen a concurrent and large increase
during the post-pandemic era, with internet usage increasing from 40% to 100%
during that time. The widespread lockdowns have contributed to consumer awareness
of the potential of OTT media services, enhancing their capacity to influence the
daily consumption of content. By offering tailored content recommendations and
focused adverts, media firms have also contributed to unlocking additional value
for each of their unique viewers by utilizing Artificial Intelligence (AI) and
Analytics. With the rise of cross-platform smart voice assistants ensuring the
creation of a smart home ecosystem within the homes of the consumers, the
transitions underway in the media and entertainment space enable customer-friendly
easy content search with voice commands through Smart OTT Platforms will enhance
customer experience by every passing day.
India’s OTT streaming video market is currently in its second growth phase with
total revenues of $3 billion in 2022. To know about the impact of OTT platforms in
India, it is important to consider consumers’ passive involvement, and interests
which helps in analyzing the last action.
According to a survey by RBSA Advisors, India’s video OTT market is anticipated to
grow from roughly USD 1.5 billion in 2021 to USD 12.5 billion by 2030 as a result
of access to better networks, digital connections, and smartphones. According to
the survey, Tier II, III, and Tier IV cities and the population who speak Indian
languages would be responsible for the next wave of growth in the OTT environment.
The significant expenditures made in original and acquired content by OTT services
like Netflix, Amazon, Disney+ Hotstar, and others will assist subscription video-
on-demand in making up 93% of the total OTT income (as opposed to 87%) while
expanding at a CAGR of 30.7% between 2019 and 2024.
