How the Pandemic Affected Streaming Platforms
The COVID-19 pandemic caused worldwide disruption across all industries, leading to everything coming to a screeching halt. Many companies and economies found themselves struggling to survive. However, the pandemic proved to be a game-changer in the best way possible for the streaming industry.
When theatres, sporting events, and other public venues shuttered and people were forced to stay indoors, the use of streaming services skyrocketed, exceeding previous market predictions. With not much else to do as people got laid off or furloughed from their jobs, most people began consuming entertainment and different types of media through over-the-top (OTT) services like Netflix, Vimeo, YouTube, and Hulu.
Individuals who watch video content via an app or website that provides streaming video content are using OTT services, whether they realize it or not. Anyone who has access to the internet via a smartphone, laptop, tablet, or smart TV can utilize these services.
OTT’s Rising Use Post Pandemic
It is no surprise that OTT services saw significant growth in 2020 during the height of the lockdown, and this trend doesn’t show signs of stopping. The Nielsen Company, a firm known for providing valuable insights into consumer behavior and marketing, reports that streaming content to TVs more than doubled during the pandemic.
According to Research Dive, before COVID-19, the compound annual growth rate (CAGR) for OTT services was 16%. Post lockdown, this number is now on target to reach 19%, and by 2016, the market value is expected to reach $438.5 billion.
These statistics prove that creating and streaming content via OTT services is the best way for businesses and individuals to get their content and message out into the world to increase viewership and grow their brand.
OTT Trends for Businesses Post Pandemic
Social behavior has also changed exponentially since the beginning of COVID-19. Being housebound and bored resulted in people consuming massive amounts of content, shifting from traditional broadcasting services to OTT streaming and on-demand video. According to Pew Research, the percentage of people that watch cable TV in the U.S. has dropped by 20%.
People see OTT services as a valid content source for education, business, communication, and entertainment. It is also an excellent way to connect with people on a more customer-friendly level. Viewership has increased, and according to OpenX, the average OTT user streams more than two hours of content daily. Millennials and Gen Z are two times more likely to binge-watch, making them the ideal demographic for streaming services and providers.
Personalization and customized content delivery is a rising trend that encourages user participation. Virtual Reality and Augmented Reality technologies are enhancing the user experience as well. With so many streaming services available and the considerable amount of content released daily, consumers have high expectations for quality, which is a continued challenge for providers.
The need for more content to consume has not diminished, which provides countless opportunities for new and existing providers to attract viewers. Success isn’t just about offering high-value content but also about maximizing video monetization.
Tulix Systems, Inc
At Tulix Systems, Inc, we provide the solutions to help you monetize your streamed content across all devices. We have our own content delivery network (CDN), a network of proxy servers and data centers, distributed geographically, providing high availability and performance. By having a dedicated CDN and network of servers, we can scale your business quicker and more efficiently.
At Tulix Systems, Inc, we provide the complete solution with all the components you need, so there’s no need to work with multiple vendors. You just worry about the business side of things, and we will handle the rest. Contact us today to get started. You provide the content; we provide the solution.
Marketing by Joseph Studios