Top Reasons Why Should you invest in OTT Software Development for Profitable Business

Over the past few years, the entertainment industry has undergone a complete transformation with the emergence of over-the-top platforms. Users are increasingly drawn towards the convenience of being able to watch their favorite content anytime and anywhere, which is one of the main reasons why the percentage of users in this segment is expected to reach 45.7% by 2023.

The growing popularity of OTT platforms has led businesses in the e-learning, media, and entertainment industries to recognize their importance. In addition, the convenience of content delivery and the potential for growth opportunities are among the key reasons to invest in developing OTT software development.

Companies are now considering developing OTT software due to the constantly evolving consumer demands and diverse business opportunities. It's essential to discuss the importance of OTT platforms and the benefits they offer to businesses.

OTT Platform Software Development Market Overview

A report by Fortune Business Insights revealed that the global Over-the-top (OTT) market was worth $42.6 billion in 2019 and is expected to grow to $86.80 billion by 2026, with a compound annual growth rate of 14.3%. The Covid-19 pandemic played a significant role in the growth of OTT platforms as people opted for streaming content online instead of visiting theaters to minimize the risk of contracting the virus.

Looking at the distribution of devices used for accessing Over-the-top platforms worldwide, it is evident that smartphones hold the largest market share of over 47%. This highlights the immense opportunities that exist for mobile app development in the OTT space.

What is an OTT Platform?

An OTT platform is a type of video streaming service that allows users or subscribers to access video content through an internet connection instead of traditional cable or satellite distribution technology.

These platforms have created a world of opportunities for content creators globally. The convenience of accessing over-the-top platforms from various devices like computers, smartphones, tablets, and smart TVs has made them immensely popular among users. Some of the most successful OTT platforms include Netflix, Amazon Prime Video, and HBO Max.

Numerous entertainment companies are seeking the assistance of a well-known mobile app development firm to create efficient OTT apps. The development of an OTT platform can provide various advantages.

Top Reasons to invest in OTT platform

Escalating growth 

The internet has grown into a massive platform for consuming media, and it's accessible through nearly any device. With that accessibility, the consumption of video content has also increased in recent years. People all over the world enjoy watching videos on their devices during their free time. Additionally, the increase in data connection speeds has led to the growing popularity of Over-the-top platforms.

OTT platforms such as Netflix, HBO Max, Hulu, and Disney Plus made smart investments in OTT app development, which has resulted in the remarkable growth of the industry we see today. Despite having multiple OTT platforms out there, there is a vast amount of traffic on every OTT. This assures that OTTs are the future and will be the engagement platform for audiences to access a variety of content.  

Revenue generation opportunities 

The rise of smartphones has greatly contributed to the growth of the OTT industry, resulting in good revenue generation globally. Despite facing a recession-like situation, the potential for generating revenue through OTT platforms remains strong for businesses.

Businesses have been able to expand their user base and revenue through increased adoption of the OTT platform. Furthermore, recurring subscribers ensure a steady stream of revenue for the business. Additionally, setting up a digital OTT platform only requires an initial investment, with minimal maintenance costs thereafter.

To ensure both audience engagement and content generation, it's important to have a diverse business model that offers various revenue generation opportunities such as subscriptions, merchandise, ads, and more.

Better convenience 

In this fast-paced world, convenience is of utmost importance for people who are constantly on the go. Therefore, it is logical to invest in the development of an OTT app that offers easy accessibility and convenience to your users. Traditional media consumption involves spending time purchasing or renting DVDs or Blu-ray, which can be quite time-consuming.

In today's fast-paced world, people expect to have easy and quick access to digital content while on the go. To meet this demand, it's essential to develop applications that work seamlessly across various platforms and devices. Partnering with a reliable mobile app development company can guarantee that your app performs perfectly on different devices and platforms.

Moreover, by making your OTT app compatible with a broader range of devices, you can attract more subscribers to your service.

Better connection and engagement level for audience 

An over-the-top (OTT) platform can offer you a direct communication channel with your audience, leading to better brand consistency, harmonious advertising, and more control over your design. This enables you to establish stronger connections with your audience and keep them engaged for a longer period. This is not always possible with conventional methods of content distribution as they are controlled and managed by third parties.

Better marketing opportunities 

When you opt for developing an OTT app, you get the chance to enhance your marketing opportunities and boost brand visibility. Having full control over your Over-the-top platform enables you to launch unique marketing campaigns through push notifications, encouraging users to engage with your platform.

Partnering with a leading mobile app development company can help you attain better brand recognition among both B2C and B2B audiences. Developing your own OTT platform can increase your viewership while also attracting more content creators and producers.

OTT Development with IBR InfoTech 

BY now, we assume that you have a good understanding of OTT platforms by this point. OTT is the most suitable choice for delivering media content over the internet.

IBR Infotech could be your reliable partner for the OTT software development. Our team of skilled app developers, designers, QA professionals, and project managers work together to help you create a successful OTT platform that generates revenue and engages users. We take a client-centric approach and give you complete control over the project to make immediate changes to the development process.