The appetite for OTT content had already begun to increase, but 2015 saw it reach its greatest heights yet. The OTT Playbook, Part II: Keys to Building Momentum study makes an interesting read. Produced by Parks Associates and sponsored by Vindicia and Ooyala the report contains a lot of eye-opening information about OTT today and an insight into its future.
The report looks at various aspects of OTT, such as the number of current providers and the main factors that attract viewers to an OTT service. It also enables us to see how providers today and in the future will need to evolve to survive.
What does the OTT market look like today?
According to the report, there are currently more than 65 providers of an OTT service on a global basis, providing content to around 1.6 billion subscribers. Other interesting facts detailed include that 70% of those subscribing do so in order to watch specific content and that approximately one-third of those using a subscription service are interested in accessing original content. Other identified reasons for using a service include the amount of titles available and how recent the content is.
Also identified in the report is the fact that consumers want to be able to view content across as many as four separate platforms, with large screens still being the preferred option for in-home viewing.
The future of OTT
There is no doubt that OTT is currently in good health, but that does not mean that providers can sit back and relax. In the OTT Playbook, Part II: Keys to Building Momentum study it was noted that many other major players, such as Warner Bros. and Samsung, are looking to join the OTT market. This means that more providers will be clamouring to provide content to subscribers.
While the growth of OTT is undoubtedly a good thing, providers will have to evolve in order to maintain their position in the market. Consumers will have a wider range of choice and they will expect access to an ever growing list of content. They will also expect a cross-platform service that is reliable and affordable. Providers will have to pay great attention to developing a product that has something new to offer, in order to keep ahead of their competitors.