How OTT Media Scraping is Changing the Landscape of Digital Entertainment?

The OTT (Over-The-Top) market is booming and is expected to be worth over US$ 2,673 million in 2022. OTT uses the internet to deliver content to viewers directly, skipping traditional TV networks. This means viewers have more freedom to pick what they want to watch and when they want to watch it. This blog will explore how OTT is shaking up the media industry.

OTT Video Streaming Market Growth:

• In the US, over 70% of people use OTT video services, with the average person subscribing to 3.4 of them.
• There are over 300 OTT video streaming services worldwide, with over 200 in the US alone.
• Based on a report on Statista, the global SVoD (Video Streaming industry) has hit $71,237 million in 2021, with an expected growth rate of 11.04% annually until 2025, reaching $108,306M.
• Around 14.3% of people worldwide will use these services in 2021, and this is projected to rise to 18.2% by 2025.
• On average, each user is estimated to spend about $66.29.
• The USA leads in revenue, generating $32,082 million in 2021, with top players like YouTube, Netflix, Hulu, and Amazon Prime dominating the market.
• In 2020, the USA's SVoD revenue hit around $30 million and is forecasted to touch $42.06M by 2025.
• From 2020 to 2025, the combined revenue of the USA and China is expected to surpass 50% of the global market.
• Looking specifically at the OTT market, it was valued at $101.42 Billion in 2020 and is predicted to reach $223.07 Billion by 2026, growing at a rate of 13.87% between 2021 and 2026.

Understanding APIs

The OTT media platform has undergone significant modifications. The media services or applications we use on our phones to watch videos are over-the-top platforms. Users can immediately access this service over the internet. Over time, these platforms have undergone changes. The start of it all was the global streaming of Amazon Prime Video. The way we view entertainment has altered as a result of OTT services. In order to provide its viewers with the appropriate material, over-the-top and video-on-demand platforms employ a lot of data and do many levels of data analysis.

These services, including Netflix, Amazon Prime, and Hotstar, regularly use data to provide engaging content for their audiences. Data is widely available and generally utilized by businesses that produce video content for various target groups. OTT media services, which include Netflix and Amazon Prime Video, are expected to generate $42 billion in income by 2023 and have 351 million global members.

What are the Focussed Points of OTT Platforms?

OTT platforms use data to predict trends, offer extra perks, customize subscriptions, recommend content, and target ads to ensure customer satisfaction. So, it is important to analyze the main aspects that are focussed by OTT platforms:

Tailored Plans for Everyone

OTT platforms always have something up their sleeve to keep users engaged. They offer different subscription plans with discounts and perks to cater to various user needs. Users get to pick the plan that suits them best and enjoy special deals along the way.

More Value for Users

Platforms like Amazon sweeten the deal by bundling memberships with extra goodies like music and exclusive discounts. This increases user loyalty and prolongs their engagement. Platforms can also analyze user behavior to determine what users enjoy and present them with relevant advertisements.

Personalized Recommendations

Have you ever noticed how OTT platforms suggest what to watch next? Platforms can provide consumers with personalized suggestions by predicting what they would appreciate based on the content they watch. As a result, users remain interested, and the information is fresh.

Innovative Advertising

OTT platforms use data to target ads effectively. They collect high-quality data from several sources to comprehend consumer preferences and behavior. Engaging advertisements have the power to increase sign-ups and content viewing.

Smart Pricing and Deals

OTT platforms use scraped data to analyze trends and predict what offers or discounts might attract more subscribers. By providing relevant and timely incentives, they can keep clients and boost subscription sales.

How OTT is Transforming the Media Industry?

Over-the-top (OTT) content providers are transforming how we watch TV by giving us more control, suggesting shows we'll love, bringing a wealth of new material, showing personalized adverts, and letting us watch while on the move.

Analyzing How Shows Get to You

OTT platforms like Netflix and Disney+ are changing how TV shows and movies reach us. They send content to us over the internet, so we no longer need cable or satellite subscriptions. This means we can watch what we want without sticking to a TV schedule. Traditional TV networks are feeling the pressure to keep up with this new way of watching.

Personalizing What You Watch

OTT platforms collect a lot of data on what we like to watch. Based on this information, they provide recommendations for TV series and films. It's far more fun to watch than having a TV guide customized for you.

Creating Lots of New Content

OTT platforms are creating a lot of their own original content. This means there's always something new and exciting to watch, from funny comedies to suspenseful dramas. A multitude of solutions are available to accommodate everyone's preferences.

Showing Ads That Fit You

When you watch on OTT platforms, you notice that the ads are more relevant. This is due to their use of data to display advertisements tailored to your interests. This makes advertisements less distracting and more valuable by concentrating on subjects that you find interesting.

Watching Anywhere, Anytime

With OTT, you can watch your favorite shows and movies from anywhere with an internet connection. Whether you're at home, on the go, or traveling abroad, you can always catch up on your favorite series without missing a beat.

How OTT Media Companies Are Using Today’s Technology To Boost Revenue?

By using technology to personalize ads, protect customer privacy, understand subscribers better, and monetize data, OTT media companies can grow their revenue and provide better experiences for their viewers. OTT media companies can benefit significantly from embracing modern, cloud-based data collection, processing, and analytics technology. Here are four ways today's technology can boost revenue.

Boosting Ad Revenue

OTT media companies can make more money from ads by using technology to personalize them. This means showing ads that match what viewers are interested in. For instance, the company Experian Marketing Services uses marketing data to help brands connect with people better. They continue to generate this data with Snowflake Data Clouding services to help them understand their prospective customers and what messages could interest them, thus resulting in an increase in the performance of the ads they place.

Protecting Customer Privacy

OTT companies can share customer-related data with an advertiser without revealing any private information if they use what are called "data clean rooms." These are safe houses where data can be displayed in real-time without revealing one's true name or facial features. This process involves comparing user data with other sources available to profile certain customer groups without acquiring personal details about them.

Getting and Keeping Subscribers

OTTs can get more from subscription fees if they use data to get better or understand their customers better. By gathering various types of data about viewers (e.g., search histories, user preferences, likes/dislikes, etc.), sites can now offer customized recommendations and advertisements. This means that subscribers will keep on interacting with the content and, in turn, remain loyal subscribers.

Making Money from Data

OTT marketers can sell their customer data to other firms at a cost. Such information can then be beneficially applied by company owners to learn more about their consumers and make the right strategic choices. Markets typically act as a buying and selling channel, but Snowflake Marketplace does it in an easy and secure way, guaranteeing customers' private data is kept safe.

What are Future Trends of OTT Platforms?

The trend is clear with the ongoing battle between Pay TV and OTT: viewership is steadily rising on OTT platforms. These platforms rely on quality data from services like web scraping to provide diverse and engaging content to their audiences. With the landscape evolving rapidly, we can expect more tailored content offerings, affordability, and partnerships with operators and telecom companies to cater to individual preferences and expand accessibility.

5G Technology

The rollout of 5G networks is set to transform media broadcasting by offering ultra-low latency and high-speed connectivity. This means that both content creators and viewers can stream and view high-definition 4K videos seamlessly on mobile devices without the need for elaborate studio setups. Freelance journalists can leverage this technology to establish their own news channels and deliver live broadcasts from anywhere worldwide, using minimal equipment like laptops or smartphones.

Innovations in Live Streaming

Live streaming is becoming more immersive by integrating augmented and virtual reality technologies. Viewers can now experience events as if they were physically present, whether it's a newsroom discussion, seminar, or sports broadcast. For instance, BT Sports used VR-based live streaming during the UEFA Champions League Final, providing viewers with a next-generation viewing experience using 360-degree technology and virtual reality.

Personalized User Experience

AI-driven recommendation engines enhance user experience on OTT platforms by analyzing viewer browsing behavior and delivering customized watchlists. By leveraging AI, OTT platforms can offer tailored content suggestions, resulting in a more engaging and satisfying viewing experience for users.

Rise of Niche Platforms and Owned Channels for Small Publishers

Small publishers are getting in on the action, creating their own OTT platforms with exclusive content. Instead of relying solely on big platforms like Netflix, they're carving out their spaces. Platforms are dedicated to specific interests like classic cinema, anime, horror, and documentaries. Even smaller players like food vloggers and yoga studios are launching their own services. Thanks to technology, starting a streaming service is more affordable than ever, giving businesses big and small a chance to engage their audience directly.

Smart TVs Boost CTV Viewership

Smart TVs are changing the game, making streaming your favorite shows on the big screen easier. With more people owning smart TVs, the number of viewers watching Connected TV (CTV) is on the rise. Why watch on a tiny laptop screen when you can enjoy your favorite shows on a giant TV? Services like Apple TV+ are gaining popularity, giving viewers even more options to choose from.

Localization of Media Content

OTT platforms increasingly focus on localizing media content to cater to diverse audiences. Features like live captions and subtitles facilitate engagement for multilingual viewers, while content recommendation engines tailor suggestions based on multicultural preferences and geographical locations.

Conclusion

OTT (Over-The-Top) platforms are reshaping how we consume media and entertainment, gradually replacing traditional cable TV with convenient streaming services. As a content creator, it's crucial to recognize the importance of embracing this shift to OTT, as it provides a direct channel to showcase your content to viewers.

Looking ahead, advancements like 5G technology will further enhance real-time streaming capabilities, enabling high-quality streaming of programs, sports events, and even immersive VR content. Connected TV (CTV) is also poised to dominate traditional TV, signaling a fundamental shift in how we consume media. However, as competition grows, OTT companies need help in sustaining revenue generation while maintaining affordable service charges. To thrive in this dynamic digital landscape, OTT platforms must prioritize content generation and adapt to evolving trends to ensure long-term success.