In recent years, video streaming has gained a lot of users, surpassing other media. This indicates that the rapid progress of technology and Internet connection has become more accessible.
These trends indicate that video streaming is here to stay and continue to lead. It is estimated that it will make up 82% of Internet traffic by 2022. Video accessibility and the improvement of video quality play a huge role in the medium’s popularity. This makes streaming another tool of choice for businesses and organizations.
If you’re still not sure about using this medium for your business, we encourage you to read on. Here are the five trends in video streaming that will surely convince you to invest in this medium.
OTT Growth and Fragmentation
In the US alone, there are over 182 million subscribers for over-the-top (OTT) media services. These services are provided by big names like Netflix, Amazon Prime Video, Hulu, Disney+, and many others.
Aside from hosting movies and TV shows, the demand for original programming has increased. Since the launch of the Netflix original “House of Cards,” “TvFix Caster,” other OTT platforms started to produce their original content. This also gave rise to subscriber interactions and debates about popular shows.
As they gain more popularity, OTT providers have struck deals with mobile operators to increase revenues and gain more users. In 2018, Netflix spent over $12 billion for producing digital content, and it wouldn’t be surprising if that number continues to grow.
As the OTT niche continues to grow, so does the number of providers. Nowadays, media companies are creating their own OTT service to offer their content. We’ve seen Disney scrap its contract with Netflix and Hulu to offer its content on Disney+.
We’ve also seen regional OTTs that over local content in non-English speaking countries. Explore some regional OTTs like Hotstar that offers local content in the Indian subcontinent. Hotstar has recently merged with Disney+ to bring you local and Disney content. Try it out today with the Hotstar app download APK.
By 2021, it is estimated that the number of users will increase to over 198 million. With the advent of 8K video quality coming soon, it wouldn’t be surprising if this helps drive up the numbers of OTT subscribers.
Live Streaming on Social Media
What used to be a non-interactive process has evolved into a two-way traffic thanks to social media. Platforms like Facebook and Instagram have been used by influencers and businesses to increase engagement with their followers. The popularity of live streaming is also fueled by the increase in mobile users in recent years.
What has made this an excellent tool for marketing is that companies could send these live streams to followers who are interested in their broadcast. One trend among businesses is that they use live streaming broadcasts to showcase their products and improve the end-user experience.
Mobile as the Preferred Channel
With video content becoming more accessible, more users are shifting to mobile as their preferred channel over TV. Nowadays, you wouldn’t have to own a TV to get the latest news or entertain yourselves with excellent video content. If you have an Internet-ready device and a good Internet connection, you can gain access to great content.
This growth is partially fueled by mobile networks offering broadband and LTE services to users. Aside from this, partnerships between streaming services and mobile networks are everywhere. These partnerships give customers incentives when they increase their content consumption.
Because of this trend, cable subscriptions have suffered a decline in recent years as more users shift to online platforms. In 2017, cable TV subscriptions in the US went down by 3.4%. It’s not surprising if we see more cord-cutting activities in the coming years.
Other Business Applications
Aside from marketing their products, businesses have been using video streaming for other purposes. Making use of video streaming lets businesses interact with their customers more, and not just for product marketing. Below are some common types of videos created by businesses:
- Social media videos
- Explainer videos
- Product videos
- Customer videos
- How-to/Educational videos
- Thought leadership
- Cultural videos
One of the most promising applications for video streaming in businesses is customer support. Providing technical support and product troubleshooting used to be done over the phone. But with video streaming, customers get to interact better with the company’s customer service department.
We can all agree that troubleshooting is easier when you can see what you need to do. This is why video streaming has eliminated the need for technicians to be physically present in your homes for troubleshooting. Aside from this, you won’t have to wait for hours or days before you can resolve your technical issues.
IoT Video Streaming
As more gadgets become Internet-ready, more users can now maximize the Internet of Things (IoT). IoT lets a user pass on data from one device to another and vice-versa as long as they are connected to the same network. This technology has been used for practical applications like law enforcement and endoscopic surgeries.
We’ve also seen this for smart home applications like doorbell cameras, pet monitors, and security cameras. You can get these products from various commercial brands. Or, if you’re a DIY-er, you could build these from scratch as long as you have the right parts. With 5G coming soon to more homes, smart home devices will see an expansion in the coming years.
Experts say that with 5G connection and 8K video coming soon to more users, video streaming will only get more popular in the next years. With this in mind, content consumption will surely increase. This is because users will settle for nothing less when it comes to speed and video quality.
Video streaming has become a useful tool for any purpose, whether it’s personal or business. By letting users see what is going on, they can appropriately interact or make decisions with the content and the publisher—all the more reason to invest in good content and equipment to create impactful videos for your business.