With new tech trends and continuous digitalization, the networking speed of internet services has improved. With, multifold growth of the internet has attracted a great user base. The OTT video industry is improving day by day. The major reason behind this is the improvement in internet quality.
According to recent research by IHS Markit Technology, they expect online streaming service subscriptions to make a boom. We believe that the total revenue of the OTT industry is increasing from 600 Million in 2019 to 1.1 Billion by end of this year. Another survey by Statista projects the worldwide OTT revenue to reach USD 158.64 Billion by 2024.
Firstly, the on-demand services have fuelled customer expectations to access the desired content anytime, anywhere, across devices of their choice. During the wake of COVID-19 when most of the industries were at standstill. The silver lining for the OTT video streaming industry came into existence. With most of us staying at home, with no access to entertainment sources, The OTT industry witnessed a dramatic demand upsurge.
Big Data Analytics – Transforming Online Streaming Experiences:-
Rapid digitization is changing how some of the critical facets of the OTT video industry function. The data now drives content creation, distribution, and recommendation. The traditional media and entertainment industry used to take the “hit and try” method to deliver the content. However, with the help of the digital nature of the OTT platforms, the data is made available for all. This became the real game-changer. Conventional approaches to reach out to customers do not always succeed in today’s highly competitive environment, where customers are unique and they personalized demands according to them.
Engaging content, with premium user experience, and personalized content delivery is the perfect formula mix to sustain in the highly competitive OTT video market. Video streaming services using data to understand viewers are better positioned to access insights about the content consumption patterns, as well as network performance, and issues to ace the game of providing the best video delivery services.
OTT video service providers have access to manipulate the users and the network data. However, what differentiates a successful OTT player from another in this highly competitive market is the ability to derive actionable insights from the tremendous volume of data to improve the quality of service along with the quality of experience.
Here are some ways by which the OTT video service providers can maximize the opportunity by leveraging the data to:
Knowing Viewers Better:-
Data viewers several essential questions about viewers. Questions like Who is watching what? When do users watch videos? Which is the most preferred genre? Getting insights about all these questions to help the OTT platform to serve the best content to the users.
Segmenting the Viewers With Precision:-
However, understanding users better help creates the most specific user-profiles and caters the best according to top their needs and requirements with tailor-made pricing and promotion offers.
Offering a Highly Personalized Content Catalog:-
Analyzing content-centric viewing patterns reveals the most popular and highly abandoned content. Moreover, OTT players can easily leverage such insights and make personalized content recommendations to ensure better user engagement and minimize the churn rate.
Enhancing the Entertainment Experience Quality:-
Analyzing the location, network, and device-related data helps in proactively identifying and addressing issues that may hamper the viewer’s experience. The user device data also helps to optimize the service delivery for a better viewing experience.
Moreover, Big Data Analytics maximizes the opportunity for OTT players to deliver the most personalized experiences by determining the right content mix to be delivered to the right audience at the right time.
How OTT Platforms Leverage the Power of Big Data Analytics?
OTT platforms are increasingly turning towards data analytics for harnessing massive data streams. This will help in getting valuable insights into content viewing trends and user profiles. Since OTT platforms generate an array of diverse data points such as user demographics, content ratings, user locations, and device data, it is very imperative to put all the scattered data points into context.
Meanwhile, data engineering techniques like Data Lakes, a scalable and agile solution to support ever-growing data. This is usually the cornerstone of most of the OTT platforms.
Let’s have a look at some of the key features of big data analytics services that helps OTT platforms to leverage the power of big data for unlocking great opportunities.
Data Science and Advanced Analytics:-
For delivering the most personalized user experience, most of the OTT platforms implement data science techniques and advanced analytics. This helps them in recommending the most relevant content with enhanced engagement, increased viewership, and also reduces the audience churn. Applying Artificial Intelligence, deep learning, and machine learning help in refining the recommendations algorithm by analyzing the viewing pattern of audience and content preferences according to a vast database.
In the current competitive environment, content discovery and delivery are some of the most important aspects for most OTT platforms. It can easily handle this by implementing Data Science and Advanced Analytics.
Business Intelligence and Data Visualization:-
Tracking key metrics and KPIs through visual dashboards and interactive reports expedites the overall analysis of user data, network data. These are just a pattern for the consumption of content and subscription data. Moreover, Leveraging the power of Business Intelligence techniques helps in consolidating data trends across different segments and showing them into comprehensive business insights. Business Intelligence and Data Visualization simplifies the data for quick understanding and proactively implementing the decision-making process.
How Leading OTT Platforms are Scripting Future by Leveraging the Power of Big Data?
OTT has definitely transformed the Media and Entertainment industry in various ways. The current landscape has paved the way for many new players in the global market. Digital technologies such as Big Data Analytics, Artificial Intelligence, Machine Learning, and more are speeding up the growth and development of OTT platforms. Many small and large-scale companies are also turning towards these technologies to get a competitive advantage. OTT platforms like Netflix, Amazon Prime, Disney, and many more are changing the rules and regulations of the game. By leveraging the power of big data analytics they produce engaging content, improved Qos and QoE to monetize successfully.
Above all, the OTT platforms efficiently refine their recommendations algorithms, content metadata, and platform UI to ensure a highly personalized user experience and increase the lifetime value of a customer.
Moreover, In this hyper-connected digital world, where the online footprint of viewers is growing exponentially, and big data is gaining more popularity, The CodeStore Team can efficiently help you in developing your OTT platform. We have experienced developers. Above all, our developers are capable enough to leverage the power of Big Data Analytics into your OTT platforms. This will help in giving better results.
For more details get in touch with us at [email protected]