How will OTT platforms fare in Post covid era?

Life is not the same in the post-COVID world. The new normal has been caused a lot of changes. Virtual word is added in everyone's dictionary. Office meetings to classrooms-everything are shifted to virtual space. It was natural that movies-one of the most influential entertainment source, would shift to digital as well. Industry critics may have been saying the era of on-demand video streaming. But it took a pandemic for the time to actually hit. An over-the-top (OTT) media service is a streaming media service that extends watchers through simulcast, internet, and satellite television platforms. The internet epoch prompted the notoriety of OTT services in recent years. Streaming services online made it more comfortable for customers to obtain videos from any device – from mobile and tablets to computers and smart TVs.

The lockdown has played a significant role in the growth of viewership of OTT platforms. As people working from home utilizing the OTT platforms, and most of them preferring for binge-watching. The average time people consuming on OTT platforms have risen to 2-5 h, and the average spending of money on OTT platforms is Rs 100-400 (per month). It depends on factors like age, profession, town, and income that vary the usage of OTT platforms. Quality of content space to watch, time to use, and preference over the television related to the satisfaction and joy of OTT platform's users.

People imprisoned in their houses worldwide after the pandemic explosion and relied mostly on the internet, television for news and entertainment. It resembled a rustic track for producers to publish movies on OTT platforms. It's a win-win circumstance for creators and the fans. But theatre owners have beat a drum and shipped their frustration at the movement. Watching films in the theater is an extravagant thing now. Multiplex costs Rs 400-500 per person on average. The multiplexes have often been accused of charging excessive taxes on tickets and raising the price of snacks. Digital premieres of movies provided entertainment within all comfort of home and became pocket-friendly options for the audience. The COVID cases in the country have made the state government close the theater for a long time. Even if the government allows the theater to open, none of the theatres perceive a high gait in the upcoming months, and the ticket buying is still less. The business of a cinema can be brought into evidence only by the pan-India box office. So rather than acquiring failures by holding the movie for so long, it is more satisfying to publish them on the OTT platform to restrain the extinction. 

Will you risk your life for entertainment?

Of course not! If you are getting the luxurious enjoyment of a movie in your home in a more affordable manner with a safe environment, then why go outward?

According to Digital TV Research, OTT revenue has steady germination across the preceding decade. It appears that the lockdown and the ensuing changes in customer behavior and lifestyle resulting in immense profits.

As per the report of 'Entertainment Goes Online' by The Boston Consulting Group, the Indian OTT market will touch $5 billion in intensity by 2023. This extension is being encouraged by rising affluence, growth in data availability into country markets, and adoption into different demographic segments, women, and older generations.

Due to the pandemics, we have to live inside our houses and school; offices rested closed. During this period, the highest growth has been seen in children's content. Generally, animated movies and household content have also remained to be successful. Online news content became even more popular as many people unsubscribed from their daily newspapers. Assuming that new programs were not presented and sports competitions also been canceled in the lockdown, popularising old masterpieces has also been a great method to fascinate fans.

The existence of multiplexes and OTT platforms is something that we all can anticipate in the future. It is only because viewers and the content hold the connection between these two platforms. Some viewers use OTT platforms on weekdays, and some watch movies on the weekend. Nevertheless, the technological substitution will redefine cinema hall for a type of class content. The public is reluctant to drop extra money to endeavor a totally transformative event for new, relatable, and appealing content. Thus, stretching either of them is incorrect. But, it is secure to believe that consumers now have a plate full of choices and the liberty to pick any of them as per their concern. That's why it is up to multiple factors to accommodate the dynamic situation.