Success strategies for OTT players in a post-COVID world
The coronavirus pandemic has dramatically changed the way we live, work, play, learn, socialize, and entertain ourselves. While this spells doom for many industries, OTT platforms are facing a billion-dollar opportunity.
For the past few years, OTT platforms have already been the unicorn of the media & entertainment space. Deeper internet penetration, consumers getting access to cheap data and better connectivity, and affordable smartphones have all contributed to OTT’s meteoric rise.
According to a February 2020 report by Research and Markets, the global streaming market is poised to grow at 19.1% CAGR from 2019 to 2024 and touch $688.7 billion. The coronavirus pandemic of 2020 may have bumped up these numbers even further. With malls, shopping complexes, and cinemas out of bounds and millions of people self-quarantined in their homes since mid-March, it is no surprise that even more people are turning to OTT platforms for entertainment. In the US, subscriber spending on streaming services has increased from 20-50% depending on the channel.