Over-the top (OTT) services are the delivery of TV and film content over the internet without the need for users to subscribe to traditional pay-tv cable or satellite. OTT app development services is changing the way media consumption takes place. It offers a personalized, on-demand experience.
Netflix, Amazon Web Series, Facebook, YouTube, HBO, and Apple TV are among the companies that have led this transformation. These platforms offer a variety of content to their viewers, including movies, TV shows, live sports, and news. The shift in media consumption has been a result of this. More and more people are choosing digital platforms to watch TV.
Why Customers Prefer OTT Over Traditional Platforms
A number of factors can be attributed as to why OTT platforms are preferred over traditional platforms:
1. Accessibility of OTT Services: OTT platforms can be accessed on a wide range of devices including smart TVs, smartphones, tablets and computers. It allows users to access their favorited shows and movies anywhere they are, provided that they have internet.
2. Control Over Viewing Experience: Unlike traditional television, where viewers must adhere to the broadcaster’s schedule to view content, OTT platforms let users watch content at their pace. The user can pause the video, rewind it, or skip certain parts. Some platforms offer additional features, such as subtitles and multiple audio languages. This enhances the viewing experience.
3. Cost-Effectiveness: OTT services can be more cost-effective than traditional cable and television subscriptions. The user can select from different subscription plans depending on their viewing habits. Some platforms offer free content to make them attractive for viewers on a budget.
Current Market Standing on OTT Platform Development
The global OTT media services market has been experiencing significant growth in recent years. As of 2021, the market was valued at USD 117.59 billion. This growth is largely due to the increasing number of audiences turning to OTT platforms for their media consumption.
Looking ahead, the market is projected to register a compound annual growth rate (CAGR) of 14.56% through 2028. This indicates a promising future for OTT platform development, with increasing revenue generation expected as more and more viewers shift towards these platforms.
In terms of market volume, revenue in the OTT Video market is projected to reach US$295.40bn in 2023. Furthermore, it’s expected to show an annual growth rate (CAGR 2023-2027) of 7.72%, resulting in a projected market volume of US$397.80bn by 2027.
These figures highlight the immense potential and lucrative opportunities present in the OTT platform development sector. As such, companies like Binary Informatics that offer OTT app development services are well-positioned to capitalize on this growing market.
Types of OTT Services Active in the Market
OTT services can be categorized into three main types:
1. Services-Based OTT Service: These platforms offer a variety of content including movies, television shows, music and more. Netflix, Amazon Prime Video and Spotify are examples. These services require a monthly subscription but provide access to an extensive library of content.
2. OTT Platform for Content and Communication: This platform focuses on delivering and facilitating communications. YouTube allows users to upload videos and share them, while Skype supports video messaging and calling. These platforms offer free services with the option to upgrade for more features and content.
3. OTT in Form Devices: They are physical devices which connect to your television and enable you to access OTT (over-the-top) services. Roku, Amazon Fire TV Stick and Apple TV are examples. These devices support multiple OTT platforms and give users the option to select from a wide range of services.
OTT Platform Development Cost in India by Binary Informatics
The cost of developing an OTT platform can vary greatly depending on several factors:
- Designing the Website and Mobile Apps: The User Interface and User Experience Design of the Platform Play a Crucial Role in Attracting and Retaining Users: UI and UX design play a vital role in attracting users. The cost to design and develop the mobile app and website can vary depending on the complexity and number of features.
- Setting up the Streaming infrastructure and Content Delivery Network: The streaming network needs to be robust to handle large amounts of data, and to provide a seamless stream experience. Costs for setting up the infrastructure will vary depending on the size of the platform.
- Installing a Payment Portal for Subscriptions: If your platform offers premium content you will need to implement a secure payment portal. Costs can vary depending on the payment gateway selected.
As more people switch to OTT platforms, the future of streaming media looks promising. This industry growth will likely drive the development of OTT platforms and lead to an increase in technology.
The key features of an OTT Platform are account management, content library, personalization and exclusive content. They also include affordability and convenience. These features improve the user’s experience and are essential for attracting and keeping users.
The estimated cost of advanced platform development by Binary Informatics in India ranges between $200,000 and $500,000 . It’s important to remember that this is only an estimate, and the cost could vary depending on the requirements of the project.
Conclusion
Binary Informatics plays a significant role in the OTT app development services. With its comprehensive guide to custom OTT app development, it provides businesses with the tools and knowledge they need to create successful OTT platforms.
From designing and developing the website and mobile apps, setting up the streaming infrastructure, implementing a payment gateway for subscriptions, to managing content, users, plans, etc., Binary Informatics covers all aspects of OTT platform development.
The potential of OTT services in transforming the way we consume media is immense. With their accessibility, control over viewing experience, and cost-effectiveness, OTT platforms are becoming the preferred choice for viewers worldwide. As more and more people shift towards these platforms, the demand for OTT app development services is expected to rise.
In conclusion, Binary Informatics, with its expertise in OTT app development, is well-positioned to capitalize on this growing market and help businesses create OTT platforms that meet the evolving needs of viewers.
