6 min read
12 New Developments In OTT Platforms For 2022
2022 is starting as an exciting year for OTT platforms and streaming services. We see the introduction of many new device capabilities with the capacity to connect and interact with each other.
Mobile devices and other technology in the OTT space will have a variety of uses ranging from smart home innovations to expansion by smaller OTT streaming services.
It's also important to note that there will be a massive increase in the number of people with access to OTT providers and an expansion of people using multiple services. Customers will flock to OTT platforms more significantly than any other platform. Around 198 million people are expected to be engaged with OTT service providers by 2022.
12 OTT platform media trends to watch out for in 2022
Most media outlets are interested in obtaining information about consumers' needs and detailed information on these requirements.
Here are some of the latest developments that will be important for the OTT industry in 2022.
5G is changing the game
In 2022, 5G internet was introduced in most urban areas. The new cell networks are working to provide better internet access speeds. According to the latest tests, 5 GSM has a rate of around 100x better than other 4G-based networks. It is said that quality video streaming may become the biggest winner with 5G.
OTT video providers notice this as an emerging benefit to streaming content providers and content delivery in video streaming. 5G could also finally see a boost in live streaming of sporting events.
Having high latency is a requirement in an increasingly competitive environment. This trend is being followed in OTT content publisher growth. With so many streaming services in the OTT space fighting for dominance, the customers are winning.
User experience is key
With countless OTT platforms being offered, the consumer can pick and choose the service they wish to use. In the eyes of a competitive user, success lies in User Experience (UX). There are new OTT services offering specialties such as video chat, virtual reality, live sports, and other niche content in addition to traditional video content and event streaming.
Viewers’ demand platforms have an extensive library with intuitive interfaces and a user-friendly interface. The Netflix platform of web-based streaming services is attractive and straightforward in content selection. They are user-friendly, and the apps available are easily accessible. With 5G, some OTT services will be able to expand their OTT technology to create a better experience not possible in the past.
Media giants rule the premium market
In recent years, premium OTT markets have seen some shifts to tectonics. After years without a major player, Netflix finally made an impact. Throughout the past year, media giants such as ABC Television have launched Peacock Prime, Disney+, and HBO Go. Disney+ topped 3.2 million downloads immediately after release, and The Walt Disney Company reported 129.8 million subscribers worldwide as of the first quarter of 2022.
A streaming app on AppleTV+ and an unlimited streaming subscription on AT&T and Comcast will soon be available. A new OTT industry trend has prompted the massive rise of media companies expanding sports streaming sites bringing better quality video and premium content to some niche audiences.
Subscription Fatigue Encourages Innovation in OTT Monetization
Currently, about half of professional TV viewers are using OTT subscriptions. It has hurt OTT Pricing as OTT subscribers see more choices leading to OTT services creating different subscription packages and even ad supplemented content as many viewers streaming behaviors shift to being more budget-conscious with inflation rising.
The OTT industry is quickly gaining momentum, and diversification in content management and alternative methods of video monetization is explored.
Immersive streaming technology becomes accessible
Streaming 4K videos can take up about 30Mbps internet bandwidth. Live video streaming requires doubling your bandwidth. This is rare on consumer-grade internet connections. The 5G revolution could also boost 4K streaming and a rise in the streaming video market with better internet connectivity and reliable content delivery.
A new video bandwidth will enable streaming 4K videos on smart TVs or other connected devices with ease to enhance the streaming experience. Expect a shift in 3D video to 4K in 3-5 years. With this new connectivity, it becomes easier to watch live streaming on 360 devices via the Internet.
Rise of subscription bundles
Over 60% of paying subscribers to OTT services are fed up with streaming media. We are at a point where OTT services are becoming more common globally than ever. With the rise of bundled services such as Amazon Prime Video, HBO Max, and even OTT streaming services like Disney+ partnering with Marvel, ESPN, and National Geographic, bundles are becoming more popular as the OTT market becomes more complex. Nonetheless, these developments drive innovations in OTT video monetization to maximize revenue.
Strategic Targeting Capabilities
For the longest time, TV advertisers have targeted general demographics like age and gender, thus hindering their ability to drill down to the specific audiences they want. With the introduction of targeting programmatically, you can utilize the same data-rich sources as you get in display advertising, which gives you the ability to target audiences based on interests and categories of behavior.
An Ever-Growing Amount of Inventory
As streaming becomes more and more appealing to consumers, more and more content owners are making their content available to consumers. This means that the amount and variety of content that you can access via streaming continue to grow every day. It's valuable to advertisers in the OTT market because it will continue to attract more audience volume and diversity in this arena and even more localized content making its way into OTT streaming services offerings.
By retargeting your OTT audience programmatically, you can retarget households after being exposed to an ad. So, we can advertise messages in a chapter-by-chapter related model when it comes to sequential messaging. For example, if a household saw ad "1", we now know that it's time to show them ad 2. This gives viewers a new perception of your message and brand and allows them to follow a more extended advertisement through its entirety. Household extension targeting via tv viewership data gives us the ability to be strategic and provide a series of creative promotions. With improved tracking, the ads can even track across new network connections.
Attribution Tracking on a New Frontier
Leading OTT platforms can see the full path from OTT viewership to the website visitors to the conversion with full attribution tracking. As an advertiser, you can finally close the loop from television to digital and fully understand the user story across all touchpoints.
Rapid COVID-19 video streaming growth proves sustainable
In March 2021, consumers began to stay home as the government ordered many businesses to be shut down. Within days OTT services platform users reached their highest point. For Disney+ to attract subscribers, it pushed early films to its site. Frozen 2 and other Marvel films were released relatively early on video streaming services skipping the movie theater. The movie would help parents work from home without their regular childcare while the kids watch movies, but the popularity of such releases met some resistance.
OTT streaming services continue to grow
It's been a long time since the OTT industry grew rapidly. But the first steps in new OTT platform trends are already here. Currently, OTT will cost $1.38 trillion by 2025. The value is up significantly from $11.61bn in 2018 and represents the value of this market. It is expected to grow as more online services come into the markets and more consumers " cut the cord".
What does the future hold for OTT services?
According to predictions, the worldwide over-the-top (OTT) business is expected to be worth more than $194 billion by 2025. While the future of over-the-top (OTT) platforms appears promising, service providers can expect to confront intense competition. OTT applications will become increasingly popular in the future years, as more content creators and publishers experiment with the concept.
The future of OTT platforms is bright. Streaming services like Netflix, Hulu, and Amazon Prime Video have proven to be very successful, and new players are entering the market every day. As these new players enter the market, it will create a lot of competition, making things better for consumers.
Contact Strategus today if you are ready to get in on this exciting and rapidly growing industry. Programmatic ad strategies are becoming more popular with more opportunities and at a more excellent value than ever before.
Posted by Steven Cohen
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