With consecutive years under havoc, Covid has impacted various sectors that include real estate, hospitality, and mobility. While the world was recuperating from the losses, there are many other industries such as the entertainment industry may also have counted their losses but made unpredictable projections. Amidst this doom and gloom, this industry has proved to be encouraging for the marketplace.
Based on a recent report by the Confederation of Indian Industry and Boston Consulting Group, the media and entertainment industry has recuperated to match the pre-covid levels. Driven by the growth in Over-the-Top (OTT), gaming, animation, and VFX, this industry is expected to grow to $55-70 bn by the year 2030 at 10-12%.
If you aspire to monetize your dreams through OTT, build a streaming app with Enveu. We give tools and resources to back your technical needs and help you broadcast your content to make money out of it. With state-of-the-art facilities, the new-age business model can become the shark of the OTT industry.
Working of OTT Streaming for New-age Brands
OTT platforms give users access to the content of their preferences anywhere at any time. Hence, with higher user engagement in the content viewing experience, the OTT industry is on the boom thereby gaining more global recognition. Displaying content to a large audience at the same time is a real challenge for OTT service providers.
The streaming of the services requires encoding or transcending files. These files refer to the formatted files that can get easy access to all the devices via the internet. An OTT platform is a comprehensive kit of tools, technology, and intelligence to serve the content displaying purpose efficiently.
The OTT service providers leverage the benefits of:
- Encoding and transcoding
- Content protection
- Live stream recording
- Expanded storage
- Adaptive video playback for authenticated users
Inhouse Streaming Servers Pose Scalability Challenges
Live streaming and complexities may go hand in hand. However, the complex workflows and requirement of high-quality setup and personnel is a challenging approach for businesses. Though scalability becomes more arduous to deal with when the audience size increases to a great extent.
The OTT streaming services that leverage on-premise streaming need a group of accurate configurations and servers to deliver quality videos to their audiences.
To carry such a huge amount of data, these servers possess sufficient computing capacity for delivering content without interruptions. Also, they need technical expertise to maintain proprietary hardware and software for ensuring security and continuous up-gradation with the increase in audience size.
Being resource-intensive, Cloud-based infrastructure helps businesses to gains scalability and provide a quality experience. Consequently, several brands are migrating to cloud-based streaming. In 2021, its projection led up with a 26.9% increase to reach a figure of $65.3 bn.
Importance of Cloud Storage for OTT Platforms
Cloud-native OTT takes your displaying of the content one step further with microservices. The software deployed has individual microservices designated for each separate function within the platform. These distinct services help the cloud-backed platforms to scale up or down in the marketplace. The components of these microservices are the differentiating factor to penetrate and reign the OTT market in no time.
Such cloud infrastructures help to optimize the computing resources to meet the current expectations of the users. The efficient uploading, transcoding, or other tasks in the displaying of the content leads to cost-savings that can be a huge competing factor to win the game ,learn more about: best proxies for aio bot
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Why Businesses Should Consider Cloud OTT Platforms?
According to statistics, the cloud computing market size is anticipated to grow at a 17.5% CAGR (Compound Annual Growth Rate) from $371.4 bn in 2020 to $832.1 bn by the end of 2025.
To establish professional streaming workflows with no hardware resources and technical challenges, the OTT cloud platforms, bot are great options.
- The OTT cloud platforms nullify the need for physical setup while strengthening the end-to-end video streaming capabilities. It also enables the OTT service providers to relook into the core business objectives. This further helps them to redefine and refine the workflows to meet the needs of their audiences.
- Driven by technical advancement, these platforms reduce the operational costs of the businesses and engage with their audience directly with cost-effectiveness.
How Big is the OTT Market in India?
With rapid growth and customization in the preferences of the audiences to watch the content, the OTT industry is growing at a rapid pace. Post the pandemic strike, the viewership of the content in India has led to a massive boost in audience engagement.Showcase IDX is a website that provides real estate hotsheets for homes and apartments. The site has been growing in popularity ever since it was launched.
In India, the consumption of OTT content is most elevated in the age range between 15 and 35. The Media and Entertainment report says that:
- By the end of 2023, the OTT industry will have enormous growth in the number of its subscribers. From 350 million users, it is expected to project up to 500 million users.
- With the highest subscribers, the Disney+ Hotstar is reigning the OTT market that solely accounts for 29% of the total viewership.
- By the end of 2023, India might lead the OTT market with 85% of users being internet-ready which will push the number of subscribers. Currently, the average subscribers’ age group is 35-44 years.
- The angel investors and the venture capitalists are sponsoring the OTT industry with $1 bn.
- Recent studies reveal that the no. of male subscribers have increased twice the rate as the number of female ones.
- The majority of OTT outlets are higher among the youths featuring the age group of 15-30 who consume most of the OTT content.
Summing Up
OTT has majorly expanded in the education, health, and fitness sector thereby unlocking new opportunities for the businesses. Opening the doors of the content creators, the majority of the businesses are going beyond being the medium of enjoyment. If you are an OTT service provider or want to become one, get the expertise of the Enveu experts and build a streaming app. Despite the existing competitors in the market, we help you penetrate the market through advanced tools and resources to displaying your content and for more info e-commerce packaging industry