Top 10 OTT Trends in 2024

As the digital landscape evolves, so do the strategies for captivating audiences and staying ahead of the curve. In this article, we'll explore the top 10 trends reshaping the streaming industry.

From the surge in ad-supported streaming to the emergence of niche platforms and the influence of AI-driven personalization, there's a lot things happening in the streaming world, lets take a look

1. Ad-supported Streaming Boom

Subscription-based models aren't the only game in town anymore. Free ad-supported streaming services, such as FAST (Free Ad-supported Streaming TV) and AVOD (Advertising Video on Demand), are experiencing rapid growth.

By 2028, these ad-supported options are projected to capture a significant 25% share of the streaming market.

Ad-supported streaming opens up avenues to attract new audiences who may be deterred by subscription fees. By offering free content supported by advertisements, streaming platforms can appeal to a broader demographic, including price-sensitive consumers.

Moreover, targeted ads based on user data allow for more precise advertising, enhancing engagement and maximizing revenue potential for both the platform and advertisers.

2. TV Channels and  Pay TV Will Go OTT

As more TV channels make the leap to OTT platforms, the landscape of television itself is evolving. Viewers are no longer limited to traditional cable packages, instead, they have the freedom to choose from a wide range of online streaming services, each offering its unique content and features.

This shift allows TV channels to reach audiences directly through OTT platforms, bypassing the need for costly cable subscriptions and tapping into the growing trend of on-demand viewing.

The shift from pay TV to OTT  is a strategic move by traditional providers to adapt to changing consumer behaviors and remain competitive in the digital era. 

By offering features such as personalized recommendations, content discovery algorithms, and seamless streaming experiences, OTT platforms can reduce subscriber churn and increase customer loyalty. 

The move to OTT not only addresses evolving consumer preferences but also helps pay cable providers and TV channels remain competitive in an increasingly crowded market.

3. Niche Platforms Rise

Advancement in technology have democratized content creation and distribution, allowing smaller publishers and content creators to establish niche platforms catering to specific interests or demographics.

Whether it's a streaming service dedicated to a particular genre, hobby, language, or cultural niche, technology has made it increasingly feasible for niche platforms to thrive in the competitive streaming landscape.

Niche platforms offer a unique value proposition by catering to underserved audiences who may feel overlooked by mainstream content providers. By focusing on specific interests or demographics, these platforms can cultivate loyal communities of users who are passionate about their niche content offerings.

4. Telecom Services Bundles With OTT

Telecom operators face the challenge of remaining relevant in an increasingly digital world. By bundling OTT subscriptions with their existing telecom services, such as internet or mobile plans, telecom operators can adapt to changing consumer preferences and enhance their offerings to remain competitive in the market.

Bundling OTT subscriptions with telecom services allows operators to provide greater value to their subscribers. Instead of solely offering connectivity services, telecom operators can now offer access to a diverse range of content through popular OTT platforms.

5. Smart TVs Take Center Stage

Smart TVs offer a more immersive viewing experience compared to traditional devices like laptops or smartphones making viewers engage more deeply with content when watching on a larger screen in the comfort of their living rooms. 

With the increasing adoption of Smart TVs, Connected TV (CTV) has become a popular platform for consuming streaming content. 

To capitalize on this trend, content providers and streaming platforms need to develop CTV-optimized applications. These applications are designed specifically for Smart TVs, ensuring seamless navigation, smooth playback, and an overall optimized viewing experience for users accessing content on their television screens.

6. OTT Market Growth

The OTT market is experiencing remarkable growth, fueled by increasing internet penetration and a rising demand for on-demand viewing.

This surge in demand is reshaping the industry landscape, with OTT platforms projected to expand their user base and revenue streams substantially. 

As consumers seek more flexibility and convenience in their entertainment choices, there is a shift towards digital content consumption.

Projections indicate that the global OTT user base will surge to 3.71 billion by 2024, accompanied by an anticipated overall revenue of $295.40 billion from OTT platforms worldwide. This growth is further emphasized by the projected user penetration rate of 54.7% by 2028.

These trends highlight the dynamic nature of the OTT landscape, characterized by innovation, adaptation, and a relentless focus on meeting consumer needs in an evolving digital age.

7. App First Content

With the widespread adoption of smart devices both mobile phones and CTVs, content creators and platforms are increasingly focusing on app-first formats to reach audiences where they spend most of their time.

This not only helps with user acquisition, it also provides a convenient and accessible way to access content. With dedicated apps available for download on app stores, creators can expand their reach and attract a broader audience base.

Apps provide opportunities for targeted marketing campaigns, app store optimization (ASO), and user referrals, facilitating user acquisition strategies and driving growth for content platforms.

8. Original Content Production

The OTT industry is seeing a big boost in original content creation, not just from big players like Netflix and Disney+, but also from smaller streaming services.

Studies even show that when platforms have original content, people tend to stick around more. That's because original shows and movies are unique to each platform, making them more appealing to users. Think about hits like "The Morning Show" on Apple TV+ and "Squid Games" on Netflix – they keep viewers coming back for more.

And it's not just the big names making waves; smaller streaming services are also getting in on the action, creating their own original content to attract viewers and stand out in the crowded streaming market.

So, whether you're tuning in to a big-budget blockbuster or discovering hidden gems on a lesser-known platform, there's plenty of original content to keep you entertained.

9. Voice Is the New Remote

Voice control offers a more accessible way for users to interact with their devices and access content. It eliminates the need for manual navigation, making it easier for people with disabilities or mobility issues to engage with digital content. 

Voice control offers a unique and intuitive user experience that sets platforms apart from competitors. By integrating voice commands into their interfaces, platforms can differentiate themselves in a crowded market and attract users seeking innovative and convenient ways to interact with technology. 

But, this requires accurate voice recognition, and streaming services must ensure smooth interaction with the content library. 

This involves designing intuitive voice commands and responses that guide users through content discovery, selection, and playback. 

Also, the content library organization and search functionality should facilitate easy navigation and retrieval of desired content via voice commands.

10. AI-Powered Personalization

AI-powered personalization enhances user engagement and satisfaction by providing a more curated and relevant content experience. By recommending content that resonates with users' interests and preferences, platforms can increase user retention, time spent on the platform, and overall satisfaction.

This personalized approach builds a deeper connection between users and the platform, leading to higher levels of engagement and loyalty.

As a streaming service, you should ensure that users have control over their data, including the ability to opt-in or opt-out of personalized recommendations and to adjust their privacy settings as desired. Additionally, platforms should 

Wrap Up

The OTT landscape is evolving rapidly, offering streaming service owners a variety of opportunities. From ad-supported streaming and niche platforms to AI-powered personalization and voice-controlled interfaces, the key to success lies in embracing innovation while prioritizing user satisfaction and privacy.

By staying up to date and the trends and being responsive and focused on delivering these experiences, streaming services can scale up in the ever-changing digital era.