With average internet speeds reaching 4mbps and cost of bandwidth reducing to average Rs 10 per GB, a number of users, millennials and otherwise, preferring to live-stream their favourite shows or channels, the OTT streaming industry today has entered into a dynamic and interesting space. In fact, as the industry matures, it is witnessing an infusion of newer, innovative technologies, and streaming capabilities. With digitalization and evolving viewing habits of users enabling and ensuring the growth of this sector, here’s chalking out 5 key trends the industry will embrace from here on:
OTT streaming to grow strongly in 2017
While until last year, 50% of internet usage comprised viewing videos, in 2017, nearly 74% of bandwidth will be dedicated towards videos. The trend has been powered by the younger generation and social networks, all with Snapchat claiming 10 billion views per day and 8 billion by Facebook. Interestingly, viewers are also consuming content from more than one screen, such as browsing their smartphone while watching TV or being plugged into their computer screens. This shift in the viewing preferences also presents broadcasters or advertisers with newer prospects to reach their target market via new-age mediums instead of only having to focus on traditional channels.
Embrace 4K streaming
It has been quite a while since everyone has been predicting the advent of streaming in 4K. However, from this year onwards, 4K streaming isset to become the new norm. The same has been supported by the arrival of high-speed internet and industry-wide advancements in video streaming. As of today, several global giants are providing 4K streaming experience. Besides, the same streaming format is supported by the local Wi-Fi connections etc. Broadcasters of today, regardless of their scale or size, have begun to provide 4K streaming experience. Others must also adapt this new trend quickly, in order to be at par with the excellent quality available in streaming.
50% of internet usage comprised viewing videos, in 2017, nearly 74% of bandwidth will be dedicated towards videos. The trend has been powered by the younger generation and social networks, all with Snapchat claiming 10 billion views per day and 8 billion by Facebook.
VR Streaming set to Grow
In 2016, nearly 12 million VR headsets were sold, and with the technology becoming easily available and the prices falling in 2017, we are all set to surpass that number. Enabling users to look around and enjoy a realistic experience, videos in virtual reality are going to define the future of live streaming. The same will also be supported by 360° streaming, along with a majority of browsers, video players and computers supporting the VR format. While the trend has been best adopted in the gaming arena, we do expect it to gain momentum and be infused with other content formats and videos.
Sporting events and music concerts to be streamed online
With the growing popularity of live streaming, OTT streaming is set to provide users with the live coverage of their favourite sporting events or concerts, that too in high quality. The trend has already been initiated by Twitter streaming Thursday night NFL games,which ended up fetching the micro-blogging site 2.7 million viewers on each game day. Now, the trend is set to snowball, with different service providers offering their users with high quality live coverage, within the very comforts of their homes.
Advent of personalized streaming services
OTT streaming platforms are being increasingly infused with Artificial Intelligence. Via machine learning and deep learning capabilities of AI, OTT platforms are able to offer personalized recommendations, best suited to match the tastes and preferences of the users. In the coming years, we are going to witness and even deep-rooted adoption of AI—machine learning & deep learning, to understand the content, what the characters are feeling or the underlined themes and curate the same as per the likes, preferences and previous behaviour of the users.
Viewers of today have come of age and expect nothing but the best of the experience. Hence, it is time for the broadcasters and OTT platforms to become future ready and stay ahead of the curve, by adopting newer technologies and advancing their business models.