As there is an increase in the domination and penetration of smart devices like smartphones and smart TVs, the growing demand for VOD content and a higher rate of user payment are the prime reasons for the rise in OTT streaming services.
With the availability of Multiple attributes like flexibility in packages, narrow genre choices, availability of wider devices, lower costs, and penetration of high-speed internet facilities, the adoption of OTT services has become the face of New-Age OTT platform streaming.
The OTT market across the globe is touted to register a whopping 11.22% CAGR in revenue and adding up to 2.25% in the subscriber count over the calculated period.
Success and Presumption of OTT streaming lies in the flexibility of the content
Over the Top, (OTT) services deliver flexible and compatible content anywhere or anytime across all versions and devices. The presence of OTT platforms is not restricted only to movies or television, as more and more businesses are approaching them for their business needs.
OTT is becoming an impending phenomenon in the everyday life of Consumers
The OTT Live streaming in this pandemic has catapulted the masses to maintain their routines and connect with their communities. Live streaming brings the scope for connecting with any area of the field right at your convenience with ease of access.
The Leading OTT streaming services across the Globe in 2021
Although there are multiple OTT streaming providers in the market, few of them top the list for their niche services and wide range of offers in OTT delivery. Presently, the focus lies on both the OTT streaming and Video-On-Demand.
Let’s dive below to explore them further.
It is simply touted as one of the largest On-Demand streaming channels on the internet by featuring more than 15,000 titles.
Netflix holds 35% of the global OTT streaming share and is undoubtedly the leading OTT provider in the U.S. Starting from original shows to Anime, there is a wide range of series and films delivered in state-of-the-art video quality.
It is labeled as one of the original OTT streaming services with the evolution of streaming technology and Netflix holds three different monthly pricing plans for exclusive, ad-free, and unlimited streaming. Netflix holds a massive library of original and On-Demand video content with the availability of a large number of OTT devices.
- Top-Notch Video Quality
- Includes Exclusive Anime
- Availability on a larger number of OTT devices
- Wide Library of Contents
An over-the-top video streaming service owned by the Walt Disney Company with access to TV series, movies, and programs by Marvel, Star Wars, Pixar, Disney, and National Geographic.
It is quite famous for memorable cartoons and its streaming service offers more than 7500 video content varieties of animated and feature films. Disney+ offers unlimited access to premium, Ad-free streaming and can be wrapped with other streaming services such as Hulu and so on.
It has more than 116+ million global subscribers and offers 100 shows in HD quality but does not have the provisions for Live TV.
- Excellent bundle deal with other streaming services
- Disney+ App made available on multiple devices
- A wide variety of Animated and Family feature films
Hulu is touted as the Third highest OTT service in the U.S. and covers 11% of the market share globally. It is a versatile video streaming service with multiple pricing plans and a Live TV package.
Hulu subscribers get access to comedy shows, dramas, blockbuster movies, documentaries, and much more. Concerning Netflix, Hulu holds a minor difference in terms of the availability of new episodes as they get uploaded a day after their premiere.
It is a popular OTT service with four ranges of pricing plans and multiple add-ons, wrapped packages that give viewers access to collections of content.
Cheaper subscription plans have Ads and Ad-free content costs additional and the Live TV package is quite extra.
- Availability of Free trial
- Excellent Bundle deal with ESPN+ & Disney+
- Versatile service in the market
The first dedicated sports OTT streaming is unique in terms of focusing on the Live video streaming of sports events. The package possesses a rich category of sports streaming content, sports series, original shows, and live events.
The subscribers can follow a different range of sports such as boxing, basketball, wrestling, soccer, and much more.
With an attractive package rate, you can avail it with Disney+ for a nominal prize. ESPN+ Live shows come with multiple advertisements and it offers a bundle deal with Hulu and Disney+ to make up for the non-sports-related content.
- Special bundle deal with Hulu and Disney+
- Wide range of sports-oriented content
5. Prime Video:
An OTT streaming channel from Amazon that enjoys massive loyal audience support and offers twenty-six thousand On-Demand videos with wide genres to choose from.
Prime Video offers unlimited access to a huge video content library with a subscription fee and gives the availability of additional content for rent.The prime feature of Prime video is the direct access to films premiering and running in theatres.
You can also have additional access to sporting events, live programs, popular shows, and so on. It gives excellent HD quality video streaming and compatible streaming on up to three devices. Prime Video gives an excellent all-around offer and is value for money who access their Amazon account.
- Availability of Free trial
- Included with the Amazon Prime subscription
- Balanced Library of live and original content
6. HBO Max:
An OTT video streaming service that streams content from Warner Media (a parent company of HBO) offering more than two thousand five hundred celebrated shows and Warner Media exclusives.
You get the right to access the most popular franchises like The Big Bang Theory, Morty, and much more. There will be access to all the premiering movies at no additional cost.HBO Max gets you covered in watching all the newest movies in the market. There will be limited sports content and it does not support Live TV.
It comes in two flexible pricing models across the globe. Viewers have to pay extra charges to get access to Ad-free content and make downloads. HBO Max supports 4K streaming and gives HD delivery of content.
- Premiere of New Films at no additional Cost
- Wide variety of Original shows & Franchises
7. CBS All Access:
Paramount+ is the OTT streaming channel that gives exclusive access to CBS content at a very affordable price. It holds a rich On-Demand library of exclusive news as well as classic shows like CSI, All Rise, Twin Peaks, and much more.
By making the subscription to CBS All Access, you get access to tons of shows from the extensive CBS On-Demand catalog and live content from the CBS channel. There are specific CBS shows with attractive costs and competitive pricing as it supports multiple platforms.
The prominent advantage of Paramount+ is that it is very affordable and costs a bit extra for access to Ad-free content.
The Ad-free package offers Live TV services inclusive of world sports broadcasts. You get offline downloads, HD quality, exciting offers with the availability of App on multiple devices. It is the perfect balance of On-Demand and Live video content.
- Availability of a variety of devices
- Very much affordable
- Balanced display of Live sports and On-Demand content
Ample Opportunities of OTT Streaming
The OTT industry is booming as technology becomes a dominant video consumption medium. As the OTT is massively growing over the past few years, there is an exponential growth in the revenue from 6.1 dollars in the year 2010 to a huge spike in the numbers in 2021.
“OTT media revenue is speculated to reach 159 billion by the year 2024”
The US SVOD market is the largest across the globe and there will be the emergence of More OTT channels with a further five million subscribers by the end of 2025. With heavy competition from young OTT providers, the growth for big players like Netflix and Amazon Prime will get hindered.
The World OTT market is regarded for 110 billion in the year 2018 and is speculated to rise in the year 2026 at 439 billion
How to Start Your Own OTT Streaming Services?
Building an OTT platform with the assistance of CONTUS VPlayed will enable the capitalization of the opportunities and prospects to reach out to global audiences directly. You can shape your unified streaming channel with the infusion of highly sophisticated technologies to access on a variety of devices.
CONTUS VPlayed enables you to own the OTT streaming channel with complete ownership of the content and the freedom of picking the right revenue streaming model. Listed below are the ways in starting your own OTT services.
1. Choosing an enviable niche
Before starting an OTT business, it is mandatory to decide on the niches in the market such as sports, Fitness, Entertainment, eLearning, Lifestyle are some of the popular ones in greater demand. The revenue prospects of your OTT will depend on the chosen dedicated niche.
2. Building Content for OTT site
Business owners should focus on the planning of the content and have an efficient content-building plan to involve the customers in your niche. This enables clear transparency of what viewers can expect out of your OTT service.
3. Find your target audience
The ultimate goal is to deliver a superior streaming experience that caters to the needs of the target customers and ensures retaining of customers and increased revenues for business growth.
4. Prominent attributes of OTT streaming
The features and functionalities are the mandatory essentials in formulating an OTT business plan. Listed below are the basic and advanced technological features necessary for OTT content providers.
- Sign-in and Registration- To allow the users to access your OTT content, there must be the proper creation of verified accounts and log-ins using phone numbers, email, and so on.
- User Profile- Virtual dashboards allow the users to make smooth navigation and get significant insights. Ensure your users have multiple profiles and management of content.
- Finest UI experience- OTT streaming providers need to hold UI & UX as two major aspects for efficient streaming. You have to personalize your OTT services to deliver a superior viewing experience.
- Search- The Search option must be visible for varied age groups and you must ensure the inclusion of multiple genres in the drop-down menu to satisfy the interests of your audience.
- Watch List – The watch list functionality is a prime feature that is most sought after by users. The users can add videos to watch later with this feature.
- Screen Mirroring- Integration of screen mirroring feature will ensure the user access on multiple devices and screens.
- Payment integration and In-App purchases- Integrating this attribute into your streaming service will allow the users to make purchases or payments without leaving the OTT app as the secure payment gateways will ensure seamless money transfer.
- Video Player- Integrate the features of analytics and reporting to the video player to bring insights into the performance of your content.
- Create and Manage Video- There must be proper video library management for effortless access to the content. Ensure easy management for content creators to upload, organize, create, and change the details.
- Discount and Promotion coupons- You must generate the discount coupons and promotions in a fashioned manner to bring in more audiences.
- Analytics- With the addition of strong analytics tools and features to measure the engagement and performance of the users.
5. Creation of the Right OTT App
You have to customize and make decisions based on your streaming services or videos for increased business growth. Choose the OTT apps based on your streaming content and there are apps such as Apple TV, Android TV, Apple Ios,iPad, iPhone, Roku TV, Amazon Fire TV, LG TV, and so on.
6. Choose your Business Model
The right business model is essential for streamlined video monetization and the business model is a significant aspect in determining the success of your OTT business.
There will be a wider distribution of content and maximization of income with the customized video monetization models of CONTUS VPlayed. They offer custom-built multiple subscription models that are designed to increase revenues and maximize the content potential across all mediums.
- Transactional Model- The users can freely sign-up for the OTT service but should make the payment to access the content. It is generally like a pay-per-view model as it holds a one-time payment and users can own or download content and allows maximizing on the profits in a short period.
- Subscription Model -The users can access the content for a fixed subscription fee. This model will be the perfect alternative for a viable revenue strategy. OTT giants like Netflix, Hulu, Prime work based on this business model.
- Advertisement business model-The most common business model for OTT monetization is AVOD. Advertisements are the most profitable source of income and it is very effective while you own a large audience base. This model will be effective in the instances where the target audiences are less likely to pay for the content regularly.
- Hybrid Model- This model combines the transactional, advertisement, and subscription-based models in a new pattern. It helps in making money from content and simultaneously satisfying the interests of your audiences.
With the significant study of the market, launch your own streaming platform for improved business prospects as more businesses are leveraging the OTT video services to deliver quality content and attract larger audiences. Avail the expert assistance of CONTUS VPlayed for increased ROIs, progressive streaming, and technological nuances to ensure a seamless viewing experience for every business demands.