Video has been the most popular form of content that is being consumed and created in the contemporary digital age. One of the primary reasons why it is growing so popular is because it helps to effectively communicate a message in a shorter duration. Online video streaming platforms are also growing popular and are gradually becoming the go-to option for entertainment. Video streaming can be explained as a type of media streaming in which data from a video file is delivered to a remote user by leveraging the internet. The global COVID-19 pandemic has given a major boost to these online video streaming portals as they have been the primary source of entertainment during lockdowns.
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Let’s delve deeper into 5 popular video streaming trends that are prevalent in the online video streaming market.
The 5G mobile internet technology is expected to become the norm soon, especially in urban areas. This will drastically change the user behaviour as it will be more convenient to access video content online without having to wait for long. The latency rate of the 5th generation cellular internet technology is much lower at just 1 millisecond. It is also expected to be 100 times faster than the 4G technology. This will provide users with the needed speed to stream high-quality graphic content on their smartphones and improve the delivery of video streaming services.
Streaming high-quality video content such as 4K videos can take up around 30 MBPS of internet bandwidth, this goes even higher in the case of live streaming videos that can take almost double this bandwidth. Mainstream consumer-grade internet connections don’t offer this flexibility. This will soon change after 5G technology becomes mainstream. It will make it easier to stream high-quality video content. One can expect 4K videos and virtual reality streaming to be more accessible and affordable in the coming years.
The last few years have witnessed many new OTT platforms entering the industry. A large majority of them use the subscription-based monetization model to generate revenue. As per a recent study. Over 60% of people have grown tired of the numerous streaming services available in the market, especially subscription-based ones. Many new platforms are compiling these subscriptions into bundles and offering users an economical alternative to watch the content available on multiple video streaming solutions. Content creators and broadcasters are slowly eying towards new monetization methods such as pay per view model and advertisement video-on-demand model to reduce the subscription fatigue faced by users.
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Did you know that the global video streaming service industry is expected to surpass USD 235 billion by 2025? Well, that equals a CAGR of 16%. Given the exponential growth in the video streaming space, there are plenty of new players in the industry that are offering new content to a diverse audience segment. The competition in the OTT space is now more than ever. The need of the hour is to deliver an unmatched user experience to maintain a loyal customer base. An easy-to-use interface that is also feature-rich can help you deliver an exceptional user experience. AI-based recommendation engines also play a crucial role when it comes to suggesting relevant content that the viewers might like.
The online video streaming space is getting more competitive each day but what’s catching up with this is the boiling competition in the OTT hosting space. OTT platform service providers help content creators and broadcasters to set up their own OTT platforms and entertain their audience with full autonomy. The demand for OTT platform-related services is at an all-time high, this has led to an increase in competition in the OTT hosting industry as more people want to bank on this development.
These were some of the most interesting video streaming industry trends that will shape the future of the exponentially growing OTT industry. The trends indicate that the industry is finally entering a maturation stage where 5G technology will be the major driver of the quality online streaming experience. The subscription-based video on demand monetization method is gradually reaching the saturation stage as people are facing subscription fatigue. OTT players are switching to alternative monetization methods such as pay per view model to bank on their creation. Choosing a reliable video streaming service provider who can offer a highly customized and dynamic platform for your OTT endeavour is crucial to succeeding in this industry.