In recent years, the OTT landscape has grown exponentially with the pandemic adding more fuel to this already raging digital inferno. The opportunities that this space presents to brands is certainly not one to be missed, hence the term ‘Digital Gold Rush’. We are in a phase of sitting between the “early adopters” of this technology and the “mainstream boom”, with it simply being a matter of time before this space explodes to new levels.
This surge in OTT popularity offers brands more opportunities than ever before to monetize their content, reach new audiences on a global scale and connect with their audience like never before. The rush is most definitely underway.
What is this Digital Gold Rush with OTT?
This OTT Digital Gold Rush essentially refers to the period of time in the OTT industry, seeing us sit in between the “early adopters” and the “mainstream boom”. This period means that for brands looking to take their business to the next level, there has never been a more important time to capitalise on it as content creators and rights holders can affordably develop their own OTT platforms for big future gains.
With nearly 50 million US households using OTT apps, streaming 300 million hours of content each day, the potential audience reach is monumental, and that’s just in the US. In Western Europe, the number of OTT subscribers is expected to total 159 million by 2023, showing massive future potential in another giant market for brands and content creators. People around the world are hungry for on-demand content, and now it’s time to deliver.
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Gain a competitive advantage
As OTT continues to grow in popularity, many brands and content creators are tapping into the competitive advantage that an OTT platform presents from a business perspective. Brands that invest in developing a quality OTT platform are gaining an edge over their competitors by offering more ways to consume their content instead of just via the website, and soon enough, an OTT offering will become as common as a website. However, brands and content creators who are ahead of the curve and implement an OTT platform into their offering will build a loyal, paying audience generating lots of healthy revenue.
Affordability factor
Due to the increase in demand for OTT platforms, many companies have scaled their prices in order to meet the demands of smaller sized brands and content creators, making it accessible for all, not just large, multi-million-pound companies. It’s now affordable to build and launch a video streaming platform tailored to your brand.
Rewind a few years, and developing such a thing was only available to large companies with big budgets, but for brands and content creators willing to monetise their content who have a healthy following and some cash to invest, it’s certainly an avenue which should be strongly considered.
Conclusion: Ride the OTT Digital Gold Rush train
As more brands enter the OTT space, and with the global OTT video market expected to double in size by 2023, having an OTT platform will become more of an expectation than a competitive edge. By developing and launching a high-quality OTT platform to market that serves audiences needs and offers rich functionalities that your competitors don’t, you’re set for success.
It’s crucial to seize the opportunities available to enable you to reap the rewards as a brand or content creator. Providing an innovative service that meets the demands of your audience at a time where an OTT platform gains you a competitive edge will set you up for major success.
FX Digital specialises in the development of high-quality OTT applications across all major popular platforms. Our comprehensive OTT application services will help you on your journey to reach more customers as we’ve developed cutting-edge OTT applications for brands such as Discovery Inc., GCN, Eurosport and DPlay. Join the OTT Digital Gold Rush today and see how we can help you.
