Are you familiar with OTT apps and how they’re making an impact in various industries? If not, you might be overlooking a golden chance to expand your reach and elevate your earnings.
OTT, a common abbreviation for “over-the-top”, refers to any streaming service that delivers video content over the internet, bypassing traditional cable or satellite providers. As mobile devices and smart TVs gain popularity, the demand for OTT TV apps has skyrocketed in recent years, making it a lucrative industry to invest in.
In fact, according to a report by Grand View Research, ‘the global OTT market size is expected to reach $220.54 billion by 2027, growing at a CAGR of 18.6% from 2020 to 2027’.
With such a massive potential market, it’s no surprise that more and more industries are looking to develop their own OTT platforms. However, the ott app development cost can vary depending on the complexity of the app and the features required. For instance, building an OTT app like Netflix or Prime Video in India costs between $25,000 and $60,000.
In this blog post, we will break down the top 7 industries that can leverage the power of OTT apps to reach wider audiences and rake in more cash. So, whether you’re a business owner hustling to grow your biz, or a video content provider aiming to monetize your content, this article is made exclusively for you.
How Can OTT Apps Transform These 7 Industries?
OTT apps have revolutionized the way we consume media content, enabling consumers to access their favorite movies, TV shows, and other content on the go. In addition, OTT platforms offer several benefits to businesses, including increased reach, better engagement, and sky-high revenues.
Let’s explore how OTT apps can transform these seven industries:
1. Entertainment
With the proliferation of technology and the internet, our modes of content consumption have undergone a paradigm shift from conventional television to audio and video streaming. OTT (over-the-top) apps allow users to access a variety of content on-demand, anytime and anywhere.
- Television: Television is no longer limited to cable and satellite TV. OTT apps like ESPN+, Hulu, and Amazon Prime have made it possible for viewers to watch their favorite shows and movies at any time, on any device. This has led to a substantial surge in the number of people who have cut the cord and switched to OTT services.
- Audio Streaming: Audio streaming has also undergone a massive transformation, thanks to OTT apps like iHeartRadio, Pandora, and Apple Music. These apps have made it easier than ever to discover new music and listen to your favorite artists on the go. Plus, with features like personalized playlists and podcasts, audio streaming has become even more immersive and engaging.
- Video Streaming: The impact of OTT applications has been tremendous in the realm of video streaming . These applications have not only transformed the methodology of viewing but also of creation. For instance, Netflix’s original content strategy, which involves releasing an entire season of a show at once, has revolutionized how TV shows are created.
2. Filmmaker
Traditional filmmaking and distribution methods have taken a backseat with the rise of OTT platforms like Netflix, Amazon Prime, and Disney+. Presently, filmmakers can showcase their work on these platforms, reaching a global audience without the necessity of traditional distribution channels. Moreover, with the ability to construct and build OTT apps, filmmakers can produce a bespoke platform tailored to their audience’s preferences for viewing their work. It is a win-win situation for both filmmakers and their audiences!
3. Gaming
The burgeoning trend of live game streaming is gaining a lot of traction which has prompted many game developers to turn to OTT solutions as a way to reach their audience. HitBox, Twitch, and Mixer, among others, have attained remarkable popularity in recent years. These games have not only disrupted the conventional gaming landscape but have also revolutionized how we perceive and participate in gaming. OTT gaming apps have bestowed gamers with an all-encompassing and captivating experience, further enhanced by the convenience of mobile accessibility.
4. Broadcast & media
Have you ever wondered about the revolutionary impact of OTT apps on the broadcast and media industry, including the OTT platform development cost? The fact that these applications have fundamentally altered the way we consume information is not a secret, however. With an OTT app, content creators can bypass traditional broadcasting channels and distribute their content directly to their audiences through the internet. This means greater control and flexibility over content distribution, as well as more opportunities for monetization. Noteworthy examples of branded OTT apps include Netflix, Hulu, and Amazon Prime Video.
5. Sports
Live-streaming sports events on over-the-top platforms have become increasingly popular in recent years. Cable subscriptions were previously necessary to watch sports, but more than 1.3 million homes have dropped traditional cable or satellite TV services. Live-streaming has allowed the sports industry to sustain revenue during a time of uncertainty, and it is clear that OTT content is a viable path forward for all sports. Although the cost of building an OTT app can be exorbitant, the return on investment can be substantial.
6. Entrepreneur
Over-The-Top (OTT) applications are causing a paradigm shift for entrepreneurs. These applications enable the direct distribution of content to consumers without the need for traditional media channels. This can be a game-changer for small business owners who can’t afford the high cost of traditional media distribution. Take Dailymotion, for example. They’re an OTT mobile app that provides a video-sharing platform for businesses to reach a wider audience. And IBM Cloud offers a branded OTT app solution, making it easy for businesses to improve customer engagement without the high development costs.
7. Religious
Due to the escalating exigency for digital content, religious institutions have the opportunity to broaden their reach through OTT platforms. However, for some, the cost of hiring an OTT app builder to create an OTT application might be a point of worry. However, the advantages of having a customized app that caters to the requirements of your religious organization can outweigh the expenses. For example, the Mormon Channel app, the Church’s 24-hour-a-day Audio Station provides 24/7 access to religious content, including videos, gospel-oriented programs, and podcasts, to members worldiwde.
Conclusion
In a nutshell, the world of Over-the-Top (OTT) apps is opening new doors and possibilities for various industries. The potential for growth and transformation is immense from entertainment to entrepreneurship, sports to religion, and everything in between.
So, whether you’re a filmmaker looking to reach new audiences, a sports fan eager to catch every game, or an entrepreneur seeking new avenues for growth, it’s clear that the time is ripe for embracing the power of OTT apps.
So, what are you waiting for? Talk to experts and check how a branded OTT platform can transform your business for the better.