The online streaming platform market has accelerated in the recent past mainly due to the pandemic. As the audience could not move out in search of entertainment, they were left with the option of watching movies, web series, and more on the OTT Platforms. The OTT content creators were also proactive in bringing novel concepts and entertaining the audience. This led to a huge upsurge in the viewership and also paved the way for new OTT companies to foray into this market.
With the speed at which subscriptions and viewership are on the rise, it is estimated that the global online streaming platform market will be increasing at a rapid pace. This is a huge thumbs up for innovative technologies and creative content to venture out in this enterprising market.
Broadly there are three prominent viewership models in the Online Streaming Platform Market
SVOD: Subscription-based video on demand
In this model, the audience can consume as has content as they wish at a flat subscription fee per month.
AVOD: Advertisement-based video on demand
In this model, generally, the audience is not charged any fee for viewing the content. This model essentially requires the audience to sit through the different advertisements they broadcast from time to time.
TVOD: Transactional-based video on demand
This model is divided into 2 sub-categories namely, ‘Electronic Sell through’ where the audience gets lifetime access to the subscribed content, and ‘Download to Rent’, where the audience has limited-time access to the subscribed content.
All the players in the online streaming platform market, are constantly finding out innovative ideas to increase their subscription base.
They are collaborating with the mobile network operators and are working with them to understand the customer’s choice and behavioral patterns, which in turn helps them in creating the content that appeals the most to the audience.
Unique product offerings are aggressively marketed to ensure increased subscriptions and audience engagement
The online streaming platform market is largely dominated by players like Youtube, Netflix, Disney + Hotstar, Amazon Prime, Dailymotion, Vimeo, etc. Focused players like National Geographic Channel, Discovery, kids platforms, and news platforms are also increasingly in demand by the respective viewers. New entrants like Sling, Starz and Zumo are gradually increasing their footprints in this market.
Increasing competition: With new platforms on the rise, it is very crucial to hold on to the present customer base.
Content Creation: Content creation needs to be done quickly and also has to be trendy and better than the competition. This puts a lot of pressure on the platforms to find out new content creators.
Pricing Models: Price war is the major challenge faced by the incumbent players as the new entrants are providing excellent content at throwaway prices, just to increase their subscription base.
Cost of Content Creation: With the increasing demand of actors, directors, and production teams, their costs have skyrocketed impacting the cost of the final product.
Post-COVID Scenario: With the malls and entertainment centers opening up, the viewership is bound to have an impact in the near future.
The online streaming platform market will be aggressive and competitive in the days to come. The new players will have to work in unison to match the standards set by the established players. The coming future will be dominated by technology, and OTT players will increasingly invest in enhancing their digital competence. The players will also resort to collaborations, joint production, joint distribution, et. c to reduce working costs and increase their presence. The audience is going to be the ultimate winner as there will be a vast array of never-ending creative and impactful content.