People around the globe found OTT streaming content as a hobby after being forced to stay home by COVID-19 restrictions. Streaming trends show that technology has reached new heights since the pandemic. This development is due to the convergence of new technologies and increasing mobile usage. There are also ubiquitous lockdowns.
According to current streaming statistics, video streaming is still the most popular and will account for 82% of all Internet traffic by 2022 (Interdigital 2020). The popularity of streaming is also influenced by video accessibility. This is true for streaming as well as other businesses.
According to the latest digital marketing statistics, video streaming is playing an increasing role in the corporate world. We have collected some streaming trends to give you an idea of how streaming can be used to improve your business.
The COVID-19 epidemic brought an end to the world’s media consumption. However, many countries experienced an increase in media consumption. The video and TV streaming services saw an unprecedented increase of 40% in Spain, Austria, and 32% in Germany (Bloomberg 2020).
Despite its incredible growth, streaming isn’t just for video. The technology has also been used by other media. WARC, 2020 shows that music streaming traffic increased by 20%. This growth was led by Spotify and Apple Music APK. It was also driven by rapid increases in usage during the pandemic. This streaming segment has seen significant growth due to its accessibility and ease of use. These factors contributed to a 49% increase in the on-demand streaming music market (Nielsen 2019, 2018).
Another important development in streaming is mobile device usage, which has gained significant momentum even before the pandemic. More than 70% of YouTube viewers are accessed via mobile devices. Mobile devices have become a beloved companion of users. These devices can be used to not only watch videos but also live broadcast them. This is why some people see widespread adoption of square and vertical video formats that optimize mobile screen use.
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Table of Contents
1. COVID-19: Increased Media Consumption in Home
The effects of the pandemic on streaming media consumption by households have been significant. With more than 4.5 billion people accessing the internet by 2020, streaming service usage has seen significant growth around the globe.
All media consumers, regardless of age, now access and enjoy content via online streaming. Although some people still watch and listen to traditional TV and radio sets, most prefer online streaming for information and entertainment.
The majority of Americans subscribe to streaming services. According to Leichman Research Group 2019, 74% of American households will have at least one streaming subscription in 2019. This is up from 52% in 2015, and 64% in 2017. The average American subscriber also watches 3.4 streaming videos and pays an average monthly fee of $8.53 (Vindicia 2019, 2019).
One study from around the globe found that media consumption habits vary despite the same effects of the pandemic. While 43% of Australian households use streaming media to view the news, the global average usage is 50%. Similar findings were made for the Chinese and Philippine households, which spent more time streaming music. Furthermore, only 8% of Japanese households use messaging services while 60% of Italians do.
2. OTT Streaming continues to soar higher
Over-the-top media services (OTT) have been growing in popularity, with over 182 million US subscribers. These platforms are popular because they provide subscribers unlimited and immediate access to the high-quality, original content. Netflix, Movie Plus, and Amazon Prime Video are some of the most popular OTT providers.
eMarketer forecasted that Netflix would be the top-rated OTT video service provider worldwide in 2020 with over 185 million subscribers from American and Canadian households. Netflix revenues soared from $20.1 million in 2019 to nearly $25 billion in 2020, mostly due to home confinement (Netflix, 2021). The number of OTT video service subscribers in Western Europe was expected to rise by 15.6% compared with the previous year (eMarketer 2020).
It is clear that Netflix’s original programming began with “House of Cards”, which led to other platforms creating original content. Global demand has increased for original programming. Even younger consumers use original content to help them choose a streaming service. Original programming is what gave rise to subscribers interactions. These often take the form of discussions centered around popular shows.
OTT services are constantly trying to create original, high-quality content. As consumers continue to move to online video channels, the trick seems to be working. To get a larger share of the market, many OTT providers have partnered with mobile operators. Alternative models for monetizing content include subscription video on-demand and ad-based. Netflix is still the leader in digital content production, with $12 billion allocated to it in 2018. Analysts believe that the original content market could reach $15 billion by 2019, but it won’t end there. The pandemic halted most production, and Netflix pledged $150 million to help the OTT industry survive the effects.
3. Live Streaming Still Social Media Turf
Social media live streaming began as an interactive process. The most important trend in live streaming is how social media platforms such as Facebook, YouTube and Instagram have created two-way traffic for live streaming. With the advent of messaging apps, audiences can now communicate with live broadcasters. Live streaming has become a popular choice for both consumers and businesses. There are also media streaming devices that can help improve the streaming experience.
YouTube has taken the top spot on Facebook’s 2020 list, as video streaming is now the dominant social media medium. Consumers ranked YouTube the most popular social media site (Animoto, 221) by 51%. Facebook (45%) is second, while Instagram (39%%) is third. Facebook managed to achieve a 50% increase of live streaming users during the lockdown period of 2020 (CNET 2020).
Many companies have found live streaming to be an effective marketing channel. Live streaming is a great marketing channel because it directly reaches the viewers who are most interested in the broadcast. The massive rise in mobile users is also fueling live streaming. Live streaming has been recognized by eCommerce companies. Live streaming is now being used by eCommerce companies to promote their products and improve the user experience. There are many social media management software programs that can help you leverage social media to your marketing efforts.
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4. Mobile is now the preferred channel
As the preferred medium for video delivery, mobile channels have outperformed TV in terms of growth. This is due in part to the rush of mobile networks to offer LTE and broadband services. There are many partnerships between streaming services, and mobile networks, and these partnerships are growing. These partnerships provide customers incentives for greater content consumption.
Amazon’s Twitch is the largest live-streaming platform. It has seen its hours watched increase by 101% because of COVID-19 (The Verge 2020). A third of Twitch’s users stream live via their smartphones (Polygon), and that number is just 33%.
In 2017, cable TV subscriptions fell by 3.4%, leaving 79% of US households still receiving satellite or cable TV services. As mobile channels expand from content bundling to subsidies, cord-cutting activity will continue.
5. Extended Business Applications
We know that streaming has been a popular way for companies to market their products and services. Businesses are finding new ways to use technology. The internet has opened up new avenues for video streaming, such as drive-through banking and virtual doctor visits. Customer support is perhaps the most promising application of this technology.
Video streaming is being used by organizations to assist customers with product and service problems. The interactive nature of video streaming contributes to customer satisfaction, which is considered an essential element of customer service. This is in addition to the fact that tech eliminates the need for a technician to physically be present to solve problems.
Video streaming is expanding its use in many business activities such as sales and marketing. According to a Wyzowl State of Video Marketing survey, more than 99% of businesses using video marketing plan to continue using it in 2021. 89% of marketers prefer YouTube. 96% of consumers have reported that their video consumption has increased dramatically since the pandemic (Wyzowl 2021).
6. Fragmentation of OTT content
OTT’s rapid growth has led to niche content being created by these services. This is one of the biggest streaming service trends. This is evident in Disney’s decision to end its contract with Netflix and Hulu. Its plans to launch Disney Plus Apk, an OTT streaming platform for content fragmentation, is a clear sign of this. This is only possible because of stiff competition which will only increase.
Another example is the fight of streaming services to keep profitable content. However, such contracts are only good for so much time. This is the case with Netflix’s “Friends” TV show. However, as steady as WarnerMedia’s partnership may appear, pundits believe the latter will eventually upload original content to its platform.
Conclusion
This Article contains information about the 6 Latest trends of OTT streaming in 2022-23. All 6 are amazing trends every people must know about these trends.
