Digital digest 2.pptx
- 1. The Digital Frontier Name - Prince Exploring OTT and Streaming in Video Consumption MKM915SBB - Susan Mcvey
- 2. OTT PLATFORMS The world's media consumption has seen significant changes throughout time, shifting from primarily textual information (found in newspapers, periodicals, etc.) to increasingly photographic content on television. Currently, the globe is witnessing an even more fascinating change in the entertainment environment as a result of the widespread use of the internet. The global Covid-19 pandemic's arrival in 2020 drastically increased people's use of Over-the-Top (OTT) services for entertainment. Due to people's inability to interact in person, OTT platforms have become a standard for watching adaptable and interesting video content. Over-the-top, or OTT, refers to the delivery of video content over the internet without the use of conventional controllers like cable and satellite television systems. Netflix, Disney+, Hulu, HBO Max, Amazon Prime Video, Hulu, Peacock, and Pluto TV are OTT platforms. The size and accessibility of original OTT content have aided in its acceptance and spread. Customers can simply access OTT platforms via various devices on the browser or a supporting software application with a continuous internet connection.
- 3. The Rise of OTT platforms The global OTT market expands quickly each year. OTT providers reported total income of 135.01 billion dollars in 2021, and Statista projects that number to increase to nearly 235 billion by 2028. The number of households and hours spent watching OTT media rose as the world basks in the golden age of video entertainment. 69.8 million homes used OTT in April 2020, up 5.2 million from April 2019, according to Comscore. The average home viewed 102 hours of OTT content in the same month, up 17 hours from April 2019.
- 4. Revenue from OTT (over-the-top) TV and video globally from 2010 to 2028 Traditional media is losing ground to digital media as consumers' preferences change. As a result, there has been a discernible rise in the amount of time spent consuming material. Only 26% of consumers now watch cable or traditional TV, while 57% of customers now acquire their television material through digital streaming. According to a poll conducted to better understand consumer behaviour, viewers subscribe to OTT services for features including resolution, video recommendation systems, and viewing possibilities. Customers are more willing to spend more money in exchange for curated and personalised material, and they are also more willing to subscribe to several services in order to get the content they want. OTT services as a result have quickly transitioned from specialised to mainstream. The maturation of OTT streaming video has also significantly increased co-viewing growth rates and given viewers new chances to produce original content based on personal interests. MRI found that 6 in 10 people between the ages of 18 and 34 like co-viewing more now than they did three years ago, with 58% of co- viewing time spent watching with a "significant other" and 19% with kids. Brands are catching on rapidly. The potential of large-screen television to deliver powerful brand stories has finally been flawlessly merged with the targeting, analytics, and interaction of digital media. Additionally, OTT streaming video enables companies to connect with a market that is getting harder and harder to reach through conventional media channels. In the next five years, non-pay TV households will almost match pay TV households, with many of those non-pay TV consumers streaming video, according to eMarketerdata.Given the change in viewing preferences, OTT streaming video provides an incremental audience, a chance to attain global reach — "reach the unreachable" — and direct target consumer engagements. Additionally, it has been demonstrated that the adverts in OTTstreaming videos are successful. 72% of OTT streaming viewers recollect seeing an advertisement, and 40% said they used the programmee to buy or find out more about a product listed in the advertisement, according to an OpenX poll.
- 5. Netflix - Escape to Extraordinary The OTT revolution has become most closely associated with Netflix, which began as an online DVD rental service. This is because of its quick conversion to streaming technology, creative marketing efforts, and accessibility. Today, Netflix is one of the biggest on-demand streaming services online, with over 15,000 titles and close to 231 million paid subscribers worldwide. They quickly report receiving millions of views for their films by utilising OTT and strong media marketing. For instance, the recently released Netflix film "Wednesday" quickly became popular and the talk of the town; the spin-off developed into Netflix's second most-watched English-language drama, garnering 176 million total views in just 28 days. They have a rousing success thanks to the mix of their stunt marketing, social media virality, and fan publicity for promotions. Even though OTT streaming video is still in its infancy, problems lie ahead as the shift in consumer viewing tastes takes root and the media industry adapts to the new economics and advertising opportunities at hand.Since this platform offers the most promising ROI, I think it is preferable for marketers to start utilising it. . A notable example is Wednesday's iconic dancing scene, which was used as a social media tactic and is certainly a fan favourite. The "Wednesday dance" sequence served as inspiration for TikTok users, and artists like Lady Gaga helped to speed the craze by incorporating the dance into her song "Bloody Mary."In the meantime, "Wednesday" on TikTok has already accumulated over 25 billion views.
- 6. Key Takeaways • Due to the highly targeted advertising options offered by OTT platforms, advertisers are able to reach niche markets based on demographics, interests, and viewing habits. The effectiveness of digital marketing initiatives is increased and the likelihood of reaching the right consumers is increased by this customized strategy. • OTT systems deliver strong analytics and data insights that offer insightful data on viewer involvement, preferences, and actions. Marketers may make data-driven decisions to enhance their digital marketing strategy by utilizing these insights to better understand their audience, optimize campaigns, and make smarter decisions. • By utilising user data, OTT platforms make it possible for personalized advertising experiences. Based on their interests, geography, or viewing history, marketers can show viewers personalised adverts. Increased engagement and relevance from personalization boost conversion rates and return on investment (ROI). • The ability to avoid ads is more easily controlled on OTT platforms than it is on traditional TV. To ensure that viewers see their content, marketers can use strategies like ad frequency capping and non-skippable advertising, which reduce ad avoidance and increase ad effectiveness.
- 7. References prweb. “tvScientific Report: Growth of Connected TV Viewership Drives Opportunity.” MarTech Series, 14 Dec. 2021, martechseries.com/tv-advertising/tvscientific-report-the-growth-of-connected-tv-viewership-drives-greater- opportunity-for-advertising-performance. PricewaterhouseCoopers. “After a Boom Year in Video Streaming, What Comes Next?” PwC, www.pwc.com/us/en/services/consulting/library/consumer-intelligence-series/consumer-video-streaming- behavior.html. “Half of All Video Viewing Time Is Spent With Others – MRI-Simmons.” Half of All Video Viewing Time Is Spent With Others – MRI-Simmons, 15 Jan. 2019, www.mrisimmons.com/press/half-of-all-video-viewing-time-is-spent-with-others-mri. “OTT Video Revenue Worldwide 2028 | Statista.” Statista, www.statista.com/statistics/260179/over-the-top-revenue- worldwide. .