Due to this pandemic Covid-19, the entertainment industry has came to standstill. It has suffered huge revenue losses and difficult times in these 6 to 7 months. Out-of-home entertainment through cinemas has been under the effects of lockdown and social distancing. When all the people got stuck at homes, they switched to OTT platforms for entertaining themselves.
OTT platform is making its place in the Indian market and crisis gave a push to it as most of the people viewed it which increased the appetite for online content. A lot of time is being spent on it during the pandemic. The landscape of content creation changed suddenly and various OTT platforms like Hotstar, Amazon Prime, Zee 5, Alt Balaji, and many more got an increase in their viewership. Many experts have believed that OTT is now becoming a go-to mode for a lot of people in India and around the world. There is an increase in the viewership like in Zee 5 about 45% of rising is there in paid viewers and subscription going over 80% during the lockdown.
The viewing time has also increased by over 50% with daily active users and application download increasing by 15 to 41% respectively. The massive library of content has increased in its genre and languages available which had lead to an increase in the number of paid users that subscribes to the platform. With technological advancement increasing everything is accessible around the globe. Rise in the Video on demand consumption within the year 2019. The customer’s inclination has increased towards online content.
There has been changing in content consumption as the OTT market has changed the way content is created, distributed, and streamed on the online platform. People like to watch varieties of content and OTT fulfills this demand of its customers by providing varied content. The lockdown period had led more people to realize the importance of OTT which has created a shift in the way the content is consumed by people on daily basis. With more and more people becoming aware of this platform across the world, there is the availability of 24/7 shows and movies on online platforms which are easy to navigate and watch through its interface. The sector has enabled remold the Entertainment industry and will continue to evolve in the coming times.
OTT platforms had seen an increase in its consumption and subscriber count due to the availability of fresh, unique content. Entertainment companies like Netflix, Amazon Prime, ZEE 5 has been much in demand in the present times.
IMPACT OF COVID-19 ON OTT
- Streaming has doubled during the pandemic.
- Consumers have been exploring the new entertainment options while sitting at home and has made a shift in the consumer attitude.
- The lack of live sports is stimulating consumption with over 54% of the monthly growth in news and sports and an increase in content consumed for entertainment.
- Great video usage and elongated viewing session times had increased in March month.
- Tremendous changes in video compression technology that is used by a business that provides content. More competition and bandwidth consumption in the last few years. Some shifts in the streaming behavior have emerged in its customization.
FUTURE OF OTT PLATFORM
The future of OTT platforms has maintained the growth momentum. Among the wide range of available streaming services which are free, ads supported content will be experiencing new heights and difference in the discovery of the content. The new releases on the OTT platforms like Amazon Prime, Disney plus Hotstar have acquired more increased consumer attention.
Exclusive external content found on various streaming platforms that are included in terms of TV and film content in the year 2020 which is considering the limit of the content licensing period. By securing the exclusive rights from production houses at a reasonable premium subscription, OTT platforms are overcoming the losses with the help of increasing the library of content and by lowering the pressure on profit margin.
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