The growth of OTT apps is no doubt fueled by the accessibility, flexibility and cost factors that make them so appealing to a broader audience. Those who use OTT services as users would have found a wide range of content options including videos on-demand and live streams; they would have also benefited from a variety of subscription options including pay-per-view, all-in subscriptions and rentals. OTT app providers use the public internet to facilitate the transfer of data, allowing people from either end of the world to communicate without a hitch.
The same advantages of OTT apps are just as beneficial for businesses, too. When answering the question of how OTT apps help entrepreneurs, we can also add the convenience of using a pre-built app into the mix. Building an OTT platform is a complicated and multi-layered process; entrepreneurs looking to start out can use existing OTT platforms or sign up with a provider that allows unlimited customisation for an economical fee.
The Impact Of The OTT Industry On Global Markets
The answer to the question of how industries benefit from OTT apps is that there’s no industry that won’t benefit from using OTT platforms to meet their goals. Whether its healthcare, education, startups, finance, energy, or any other, it’s safe to say that nearly every industry has been touched by the impact of OTT in an irreversible manner.
Here are a top few industries that can be transformed through the use of OTT apps:
Media and Entertainment
The media and entertainment industry covers film, radio, television and print in general. The range of content that is produced is wide and includes movies, podcasts, radio bulletins, talk shows and news bulletins. It only makes sense, then, that such a content-heavy industry might depend on an OTT app platform to reach a wider audience. Sports is a good example when answering the question of how OTT apps impact media industries. Games can be streamed live with minimal delay or watched in the form of video-on-demand and replays. A similar setup can be devised for news channels and entertainment services to ensure content that traditionally was broadcasted on the TV or the radio can instead be accessed through an over the top application.
One industry that has reaped a plethora of benefits from OTT services is the education industry. Online courses use OTT platforms to host tutorials, tips and classroom supplements in the form of video-on-demand. These can be viewed at the student’s own convenience and are accessible for posterity. Due to the coronavirus pandemic, a lot of traditional schools and institutions have begun using OTT platforms to host not just video-on-demand but also virtual classrooms, exam halls and assignment centres. All of these can be accessed through a smartphone, laptop, tablet or smart TV and a stable internet connection. The use of OTT platforms was so all-pervasive that even the UNESCO suggested it continue to be used in order to cope with social distancing and lockdown regulations.
Health and Fitness
Home workouts were on the rise due to convenience and lower costs; this rise has only been amplified by the lockdowns across the world that are forcing gyms and fitness centres to shut shop. This industry often administered its content in the form of video-on-demand (think Youtube and IGTV fitness channels). However, the pandemic has caused members of the industry to get constructive and look at different avenues to bolster their dwindling revenue. As a result, live streaming home workouts on pay-per-use or subscription models are becoming more and more popular. Personal trainers can continue to engage with their clients through lives and video calls; OTT apps have also allowed the simulation of group classes and yoga days to a believable level from the comfort of each participant’s home.
The revenues from sports media rights are set to hit US$85 billion by 2024, according to a Rethink TV report. This goes to show how lucrative the world of sports streaming is set to become; indeed, several investments and acquisitions are already paving the way towards that transformation. OTT apps allow sports content, live broadcasts, statistics, replays and videos-on-demand to be accessible all from a single app. The access to analytics and user data is indispensable to producers and distributors– they can use this data to streamline content production and audience targeting to ensure higher revenues and better viewing experience.
Entrepreneurs can leverage OTT platforms to build a brand image even before their business takes off. The benefits of over the top apps for entrepreneurs are that they’re much cheaper to use than build and provide immediate access to a wide variety of target groups within the country or around the world. Using OTT platforms ensures higher conversion rates and better customer and brand loyalty; with effective strategies for OTT apps and engaging content, entrepreneurs are more likely to stay top of mind.
OTT services have benefited enterprises and individuals across the world, thanks to the whole host of benefits that they offer. They’re not as rare or as niche as they sound– in fact, some of the most common apps today just happen to be top OTT platforms, such as Netflix, Skype and Amazon Prime.
OTT apps are indispensable for building strong relationships and aiding communication at low costs or even free of charge.
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