The OTT Revolution. Live streaming everywhere!
The ebook presents an in-depth analysis of consumer behaviour within the Over-The-Top (OTT) media service industry, highlighting several pivotal trends that are shaping the future of video consumption.
Here are the detailed consumer trends outlined in the ebook:
1. Migration from Traditional TV to OTT Platforms
Cord-Cutting Movement: A significant increase in cord-cutters, with millions of Americans cancelling traditional TV subscriptions in favor of OTT services. This trend is primarily driven by the flexibility, lower costs, and increased content variety offered by OTT platforms.
Increased Mobile and App Viewing: Consumers are increasingly using mobile devices and dedicated apps for video consumption, which accounts for over half of the viewing on Vimeo’s OTT platform. This shift is supported by the consumer’s preference for accessing content on-the-go and the convenience of mobile apps.
2. Growth in Subscription Video on Demand (SVOD)
Revenue Surge: SVOD revenues are expected to more than double from $11.13 billion in 2015 to $25.71 billion in 2021. This growth is indicative of the robust demand for subscription-based video services that offer extensive libraries of films and TV shows at competitive prices.
Diverse Subscriber Base: The global OTT market sees a broadening subscriber base, with significant contributions to revenue growth coming from Asia, North America, and Western Europe.
3. High Engagement with Flexible Viewing Options
Binge-Watching: Platforms that accommodate binge-watching by releasing all episodes of a series simultaneously (like Netflix) are particularly popular, as they align with the viewer's preference for uninterrupted viewing.
Multi-Screen Viewing: There is a notable trend towards multi-screen usage, where users engage with content across multiple devices, including smartphones, tablets, and Smart TVs, often using more than one device simultaneously.
4. Interactive and Personalized Viewing Experience
User Experience Customization: OTT platforms are increasingly leveraging data analytics to offer personalized viewing experiences, such as recommended shows and movies based on user preferences and viewing history.
Interactivity: Features like interactive narratives (where viewers can choose the storyline) are becoming more common, enhancing user engagement.
5. Demand for High-Quality and Diverse Content
Original Content Production: OTT platforms are investing heavily in original content to attract new subscribers and reduce churn. This content is not only designed to cater to diverse audience tastes but also to enhance the platform's brand identity.
Content Variety: Consumers are attracted to OTT platforms that offer a wide range of content options, including international films, niche sports, and specialized genres, which are not typically available on traditional TV.
6. Strategic Use of Free Trials and Flexible Subscriptions
Free Trials: Offering free trials effectively converts a significant portion of trial users into subscribers, with platforms like Roku and iOS seeing the highest conversion rates.
Subscription Flexibility: Consumers favor platforms that offer various subscription options, including ad-supported models, which blend free and premium content accessibly.
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