{"id":4449,"date":"2021-12-08T06:05:39","date_gmt":"2021-12-08T06:05:39","guid":{"rendered":"https:\/\/codewaveinsdev.wpengine.com\/?p=4449"},"modified":"2023-07-03T07:58:44","modified_gmt":"2023-07-03T07:58:44","slug":"ott-app-development","status":"publish","type":"post","link":"https:\/\/codewave.com\/insights\/ott-app-development\/","title":{"rendered":"OTT Apps \u2013 The Future Of Media Business?"},"content":{"rendered":"\n

Guess what would explode with the rise of 5G?<\/p>\n\n\n\n

The entire digital economy, including the on-demand video streaming platforms. Amazon Prime<\/strong>, Hotstar<\/strong>, and Netflix<\/strong> are rising forces in the on-demand media and entertainment industry. <\/p>\n\n\n\n

And do you know how business & tech people often address these platforms?  <\/p>\n\n\n\n

They call it OTT platforms or apps.<\/em><\/p>\n\n\n\n

But what\u2019s an OTT app?<\/em><\/p>\n\n\n\n

An OTT or \u2018over-the-top\u2019 app is basically an online streaming service that you can easily access on your smartphones, PCs, laptops, tablet, or even your TV. It\u2019s called \u2018over-the-top\u2019 because, unlike traditional cable media streaming, the network providers are not in control of what you access\/watch. <\/p>\n\n\n\n

The network providers only provide the internet connection and you directly sign-up for streaming platforms like Hulu, MX-Player, Hotstar, Netflix, etcetera. That explains the moniker, \u2018over-the-top\u2019, i.e., the streaming services are delivered via platforms directly to the end consumers.<\/p>\n\n\n\n

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Family enjoying OTT streaming | Photo by August de Richelieu<\/a><\/figcaption><\/figure>\n\n\n\n

If you are in the media and entertainment industry, you might be wondering by now that \u201ccool, I get what OTT is, but how do I get started and make use of it to grow my business in the digital world?<\/p>\n\n\n\n

Intrigued?<\/em><\/p>\n\n\n\n

Well, we\u2019ve got you covered.<\/p>\n\n\n\n

Here\u2019s everything you need to know about OTT app development<\/strong> and how you can leverage it to make your business stand out.<\/p>\n\n\n\n

OTT Market Growth & Trends<\/strong><\/h2>\n\n\n\n

2020 & 2021 have been years of blessing in disguise for the OTT market, and a savior of multiple big-budget movies around the world. It kind of accelerated the growth in the OTT market. Here are Some trends from within the industry.<\/p>\n\n\n\n

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  1. Market size, future growth potential, & major players<\/li>\n<\/ol>\n\n\n\n

    Did you know that the global OTT market is expected to increase from $121.36 billion in 2020 to $1,039.03 billion<\/a> in 2027, at a CAGR of 29.4%? The market size of the Indian OTT market is estimated to be $12.5 Billion by 2030, i.e., a 10 fold growth compared to 2021. Major media and entertainment brands are hopping on to the trend and others are closely watching the space.<\/p>\n\n\n\n

    The global players in the OTT include Netflix, Disney+ Hotstar, Hulu, Amazon Prime, ESPN+, HBO max, etcetera.<\/p>\n\n\n\n

    The popular Indian OTT players include names like SonyLIV, Voot, Zee5, ALTBalaji, Hoichoi, and Adda TImes.<\/p>\n\n\n\n

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    1. Monetization with different models<\/li>\n<\/ol>\n\n\n\n

      Different models like the freemium model, \u2018subscription video on demand (SVOD), and \u2018advertising-based video on demand\u2019 (ADVOD, AVOD) are undergoing experiments in many organizations for monetizing OTT streams. SVOD services like Netflix and Amazon Prime Video have gained the highest popularity among them all.<\/p>\n\n\n\n

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      1. Collaboration-led market growth & customer acquisition <\/li>\n<\/ol>\n\n\n\n

        Some of the entertainment giants are aiming to take over small and medium-scale businesses to impact and develop a strong market position. For example, Netflix, Inc. announced a collaboration with Abla Fahita in December 2019.<\/a> And we already know about Disney\u2019s merger with Hotstar to go aggressive in acquiring the Indian OTT audience for their OTT platform.<\/p>\n\n\n\n

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        1. Immersive Video streaming & 4K would soon come to the forefront, all eyes on the rollout of 5G<\/li>\n<\/ol>\n\n\n\n

          Successful 5G rollout in the major economies of the world, the increasing affordability of VR sets, the rising penetration of the internet across the globe, the rising disposable income of millennials, and gen-z, and the push for vernacular content are all going to fuel the growth of OTT in the coming years.<\/p>\n\n\n\n

          With such trends, we can expect to see the OTT market spreading its claws all over the media and entertainment industry, the so-called Unicorn startups are no longer going to be a tough feat for many in the OTT.<\/p>\n\n\n\n

          But, to get a major pie of all the growth potential that OTT beholds, you need to enter the space before it shoots for exponential growth. Shouldn\u2019t you already be aware of how these OTT apps can be built to boost your own media business? You should, right<\/em>?<\/p>\n\n\n\n

          So, let\u2019s dig deeper into the details of building an OTT platform.<\/p>\n\n\n\n

          How to build a highly scalable OTT video streaming app?<\/strong><\/h2>\n\n\n\n

          Ever since Covid-19, businesses have been more focused on revamping the technology used by their OTT services to offer a seamless and engaging experience to customers. Every single OTT business is trying to bring in something new and better than what customers have seen\/experienced already. And by \u2018new\u2019, we didn\u2019t mean just content, we also meant about the engagement. Media and entertainment businesses are serving 360-degree video experiences for their VR-ready audience. The TikTok, Reels, Stories, Shorts, and Snap generations want something instantly gratifying, and so media houses have to keep up with them. \u2018Building community\u2019 and \u2018modern short content sharing\u2019 features are ideally shipped as part of the app. An example could be emoji reactions in the live streams or live chat features. All that could be iteratively built up and integrated into the app. But before that, we need to get the underlying basic app architecture ready. We shall design the app for high scalability, performance, and security. The app should be highly resilient for the future evolution. This is achievable by keeping its architecture highly scalable.<\/p>\n\n\n\n

          Wondering how to build a highly scalable OTT app for growing your media business?<\/p>\n\n\n\n

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          Team brainstorming – Photo by Austin Distel<\/a><\/figcaption><\/figure>\n\n\n\n

          Here are some tips that could be useful to you while building an OTT app- <\/p>\n\n\n\n