Mumbai: The popularity of Netflix's documentary "The Elephant Whisperers" has been evident both before and after its Oscar win, highlighting the ability of OTT platforms to build communities of viewers. This also emphasizes the significance of advertising strategies, especially programmatic advertising, in driving subscriptions.
The OTT industry is still in its customer acquisition and retention stage. Using programmatic user acquisition and unique targeting methods, Mobavenue, aN adtech and martech company, has helped OTT brands drive paid subscriptions, views, and retention.
All major OTT players are investing in original content and, in some cases, live sports streaming. Streaming services allow users to pay for only the content they wish to watch without committing to expensive long-term contracts. As a result, users can access quality sports streaming at competitive prices.
"We have seen streaming companies buying exclusive rights with popular sports such as cricket and football. The rise of these digital streaming giants breaking into the market will bring significant changes in audience behaviour. With more people now able to access quality streaming at an affordable price, there is no doubt that streaming giants will go big in 2023," said Mobavenue Media Private Ltd co-founder and chief operating officer Tejas Rathod.
The OTT market still faces unique challenges, which require unique solutions too. In general, not everyone would continue paying for several memberships for an extended period. Although OTT brands are coming up with more affordable subscription plans, password sharing is still a prevalent issue, especially among GenZ and Millennials.
"GenZ and Millennials are more likely to sign up when something interests them to watch and cancel the subscription once they no longer need to watch. With subscriber growth stalling, streaming businesses will invest more in subscriber acquisition and retention. Our expertise leverages OTT platforms with a full-funnel approach in acquisition, retargeting, monetization, and promotion," added Rathod.
The OTT segment is likely to grow at a remarkable CAGR of 14.1 per cent to reach Rs 21,032 crore in 2026. Subscription services, which accounted for 90.5 per cent of revenue in 2021, are projected to account for 95 per cent of revenue by 2026, as per a report by global consultancy firm PwC.
