Reports show that there are approximately 1.8 billion subscriptions to video streaming platforms.
Video streaming is getting more advanced and popular with increasing video quality and popular streaming platforms like Netflix, Prime Video, YouTube, and so on.
Today, the audience is rapidly shifting from television to digital streaming platforms. Various movies and web series are now directly released on OTT platforms instead of theatres.
One of the paramount reasons for this shift and craze for OTT is the diversity of content and freedom to watch based on choice and time. In this write-up, we will run through the top 5 upcoming streaming trends in 2024.
Streaming services saw a downfall in the subscription count last year due to the heavy pricing plans. They are constantly trying new measures and promotional techniques to re-engage the customers.
Media companies have introduced a new measure called Streaming bundles to cope with the pricing problem of customers. Bundling is a business model in which companies provide 2-3 more services with a little extra payment including the cost of the main subscription.
One major visible example of this approach is the collaboration of Charter Communications and Walt Disney. The main goal of this deal is to reduce the cost of service and support linear TV experience.
Today, everyone tries to purchase streaming subscriptions from bundles to reduce costs and take more benefits. It is expected that the stand-alone service will vanish soon if they don’t adopt this model.
Antenna reported that almost 53% of the subscription accounts opened in 2021-22 were closed by March 2023. That’s why it became the priority of companies to prevent the subscription drop.
The biggest reason for people canceling their subscriptions is the high recurring price of platforms. That’s why people are moving towards third-party apps as a solution to this problem.
Nowadays, third-party streaming apps and add-ons offer a diverse range of content at a very low cost. Firestick, Roku, and Kodi are some of the main third-party streaming platforms for Android users.
Some third-party apps even offer access to premium sports and entertainment content at zero cost. You have to be aware of the security threats before downloading these apps from unknown sources.
Although, Kodi itself is a legal media player but should be aware enough before installing these apps on your device.
The above graph shows the proportion of users on different video entertainment mediums. Streaming services have the biggest proportion in the list.
Podcasting is an emerging and growing field of audio entertainment. Nowadays, You can listen to podcasts of different genres on YouTube, Spotify, Apple Music, and Tidal-like platforms.
A study conducted by Deloitte shows that there will be approximately 1.7 billion listeners of podcasts per month in the coming years. The industry of on-demand audio streaming platforms is increasing with the rise of audiobooks and podcasting.
People mostly listen to podcasts while traveling and walking. If you are the one who is not interested in deep conversations, you can also listen to some light-hearted and funny podcasts available online.
Traditional TV entertainment is rapidly being replaced by AI-powered On Demand streaming platforms. These new-age streaming platforms use AI-based algorithms to suggest relevant content recommendations to users.
The algorithm of these apps offers content based on the watch history of the user and creates a personalized environment of content. Personalized experience helps these companies to retain subscribers for a long time on the platform.
The world’s biggest streaming service Netflix which has around 260.28 million global paid memberships revealed that 80% of their views come from personalized recommendations.
AI helps these platforms track the users about what they watch, how long they watch, and when they leave the app. This makes the personalized suggestion more accurate.
Short-form content is another big trend in the video streaming industry. Most mobile users spend their time consuming short-form videos of less than 60 seconds.
Instagram Reels, YouTube shorts, and TikTok are the paramount platforms in the short-form video industry. Moreover, Netflix is also planning to introduce a new feature called Fast Laughs to TV screens to insert a short video feed on the platform.
The Biggest reason for the popularity of short-form content is the increase in mobile users and speedy internet availability.
Long-form video Content creators are also uploading the pieces of their content on these platforms to increase their views. These techniques mostly help creators who produce podcasting and interview videos.
The OTT and streaming industry is growing and expected to grow in the future too. Audiences are adapting to these new-age platforms due to their on-demand content supply and personalized content recommendation.
As technology grows, we will surely see many advancements in the streaming industry as well.
In this article, we discussed the top 5 streaming trends, but they are far more than this list. If you find this post interesting, share it with your friends and family group.