What Does the Rise of Over-the-Top Video Mean for Businesses?

The popularity of over-the-top (OTT) videos is skyrocketing. Video streaming services such as Netflix were pioneers in the past. They've evolved into multi billion-dollar corporations. Many companies have joined the fray, including HBO, Amazon, and Disney, all of whom are betting big on OTT content.

It's for good reason. People are increasingly eschewing cable TV in favor of online entertainment. This is true for both on-demand and live streaming video. In fact, 63 per cent of adults aged 18 to 34 routinely view live-streamed video. And it isn't just the media and entertainment industry that is affected. OTT video is being used by a wide range of businesses.

This blog will look at how the world of OTT media is altering business. This article will look at internet video and marketing in particular, as well as the economic potential of over-the-top video. We'll talk about how to use internet video for internal communication, branding, and other purposes. We'll also talk about how to use live broadcasting to build authenticity.

How is OTT video affecting business?

As previously said, OTT video is exploding. In 2017, OTT revenue was estimated to be at $46.5 billion globally. By 2022, that figure is predicted to climb to $83.4 billion, with the worldwide enterprise video market reaching $40.84 billion. That's a compound yearly growth rate of more than 20%.

The world of media and video communications is being rearranged as a result of this disturbance. Television is no longer an untouchable giant, and airwave bandwidth is no longer a limiting constraint in terms of the number of channels and their quality.

Anyone can now stream. Businesses can save money and improve the quality of their communication tools by using OTT video. When combined with the user targeting that is now accessible, the video may be sent to those who need it the most.

The revenue potential of OTT video:

More than a third of professional broadcasters, according to some estimates, commercialise their programmes through subscription models. Others choose for advertising, TVOD (pay-per-view / online rental), or a combination of both.

In any case, OTT video is a tremendous source of prospective revenue. This is particularly true in several businesses. Pay-per-view monetization is ideal for time-sensitive activities like sports. For many years, businesses have profited handsomely from sports streaming. However, monetization works well for a variety of other genres of video, including:

a source of entertainment (via advertising, subscription fees, or pay-per-view).
Trade exhibitions and business conferences (charge a fee to access and show ads).
Concerts and music.
Enterprise business and product sales online educational courses and training.

Internal communication is important:

OTT video is a great way to make money. On the other hand, web video can be used effectively for internal communications. For well over a decade, video chat has been an integral component of doing business.

Video, on the other hand, has a considerably broader application. Some companies, for example, are spending a lot of money on video training. Online video training may be rapidly scaled to any number of employees without increasing costs. It also saves money in the long run by allowing people to learn at their own speed. Video is ideal for introducing new products, services, and procedures to employees.

Using OTT to promote authenticity:

Online video is a fantastic method to engage with your audience. Take our word for it, but don't take our word for it. Live streaming, according to the industry newspaper MarketingWeek, is "essential to developing authenticity."

That's because live streaming adds a level of spontaneity to highly produced internet and television entertainment that is often lacking. Furthermore, it instills FOMO (Fear of Missing Out) in the audience. If you don't notice it the first time, you may never notice it again. (Unless you're automatically archiving your live streams.)

How to Create an Over-the-Top Video Strategy:

Let's talk about how to get started with OTT video now that we've covered the advantages. For your video strategy, we advocate following a systematic two-part procedure. The steps we recommend are as follows:

First, talk about video strategy with your core business team. Set a clear objective and emphasis for your video programme. For example, your goal might be to create a series of five marketing live stream videos to highlight your new items throughout the next year.

Make a plan for the people, equipment, and services you'll need to get started with internet video after that. Staffing and equipment requirements will vary depending on the film's content, location, lighting, and other factors. To discover your best options, we recommend consulting with professional services. You'll also require a professional-grade internet video platform in terms of services. You'll have everything you need to start implementing your OTT video strategy once you've completed this phase.

Conclusion:

Make a plan for the people, equipment, and services you'll need to get started with internet video after that. Staffing and equipment requirements will vary depending on the film's content, location, lighting, and other factors. To discover your best options, we recommend consulting with professional services. You'll also require a professional-grade internet video platform in terms of services. You'll have everything you need to start implementing your OTT video strategy once you've completed this phase.