The habits of consumers worldwide have already changed significantly since the advent of online streaming, but the COVID-19 pandemic sped up this transformation even more. For a typical consumer, social distancing regulations not just meant washing hands and wearing a mask, but it also meant seeking alternative entertainment sources to escape reality. The flurry of online streaming platforms like Netflix, Amazon Prime, and Disney+ filled this gap quite perfectly.
While OTT platforms were already witnessing a viewer incline, the recent world events helped them surpass even their most optimistic growth forecasts. For example, in the last few months, Netflix more than doubled their new subscriber projections, and Disney+ achieved something similar by reaching the 50 million subscribers mark.
But with the foray of giants like HBO, Apple, Disney, and AT&T in the market, the battle for grabbing viewer attention is heating up. The plethora of offerings in front of the viewer makes it challenging to compete and grab a piece of this money-making pie. Simultaneously, technological shifts in media management and delivery empower organizations to build backends that are effective and efficient. Technological personalizations help OTT providers stand out from the crowd with applications and interfaces that focus on stakeholders and end-users alike.
Three most crucial reasons organizations should rethink their OTT strategy and create innovative business models for monetization are as follows: