The video streaming industry shows no signs of slowing down in its development. The nearest forecast for the number of streaming service viewers was 2 billion in 2023. This is not so impressive compared to expectations: for 2030, there will be 1,720 billion viewers. We think it is better to discuss the future of Streaming and trends to watch.
It is helpful for both advertisers and channel owners to understand industry trends and prepare for the future. Some technologies will completely revolutionize the world of streaming. Let’s look at the innovations in streaming and technology in streaming that will shape the future of this field.
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Streaming Industry Trends and Viewer Experience Evolution
Last year, Mark Zuckerberg made a significant bet on the metaverse, but Meta lost a staggering $700 billion in market value. Nonetheless, this doesn’t negate the exciting potential of a more immersive internet.
Despite Zuckerberg’s very public failure, research firm Gartner predicts that by 2026, 25% of the population will spend at least an hour daily engaging in the metaverse for various purposes such as work, education, shopping, entertainment, and more.
The Metaverse is a transit point between the natural and digital environments (AR and VR). However, companies investing in this space must adopt long-term strategies, as the content, hardware, and overall concept are still under development, even though the term “metaverse” was coined over 30 years ago.
#2 OTT Monetization
2023 streaming predictions regarding methods of subscription and distribution of content come down to 5 main models:
- SVOD: This subscription-based model offers users unlimited access to ad-free, high-quality video content. A paid subscription removes any restrictions on the amount of content, where it is viewed, or on the device.
- AVOD: Based on ad display, this model allows users to access on-demand videos free of charge in exchange for watching commercials. Similar to cableTV ads, OTT platforms often provide the option to skip ads after a certain time.
- TVOD: This model enables viewers to access specific content on a pay-per-view basis. It is actively used in the field of VOD platforms but is also represented among services with premium access to broadcasts. Viewers are not required to subscribe to anything; they only pay for the videos they choose to watch.
- FAST: Referring to free ad-supported TV, this model is more akin to traditional TV with scheduled programs. While the content itself is free, viewers will encounter advertisements.
- Hybrid model: Many broadcasting platforms combine two or more monetization models.
#3 Greater Demand for Foreign Content
OTT platforms aim to expand their global viewership by increasing the availability of foreign-language content. Statistics will help us illustrate the increased demand for content in foreign languages. D 2021 quarterly demand is up to 2%. However, this figure grew to over 5 percent within a year. The demand for Japanese language content on Apple TV+ rose from 0.5% in 2021 to 2.9% in 2022.
The success of the South Korean series ‘Squid Game’ sparked a trend, prompting Amazon Prime to focus on Indian regional series. Disney+ plans to offer over 50 original titles of Asian content in 2023. Channel owners can also use this trend. It’s enough to just send a fax with an iPhone to a foreign company or just a streamer to get the benefits of the partnership. Digital fax is one of the tools that has helped bring people together and remove language and regional barriers.
#4 AI content
If your work has anything to do with digital technology, you have already heard of and could even use AI in 2023. The emergence of ChatGPT in recent times has sparked interest across various areas, such as blog creation and code development. The creators of ChatGPT now offer DALL-E 2, an image generation tool. You can specify in text what you want to see in the image and AI offers its vision.
Emerging streaming platforms tailored for AI broadcasting may soon appear, but there are more such channels and content even on more traditional services. Here are just a few examples:
- News: Companies like Defiance Media are using AI to generate news content.
- Sports: Already, online publications are using virtual people to comment on football matches.
- Hollywood: Movies from AI are already the near future.
#5 NFTs and Blockchain
When discussing NFTs and blockchain, most readers typically associate these concepts with digital currency. However, the impact of NFTs on the streaming industry extends far beyond risky investment opportunities, instead focusing more on decentralized business models.
Currency is used to measure physical wealth or value, the uniqueness of assets worldwide. In the virtual world, NFTs and cryptocurrency occupy this role. NFTs serve as digital certificates for purchased assets, acting as titles for digital possessions, much like a car title.
Functioning as a digital ledger technology, NFTs have the potential to democratize the exchange of video content by enabling direct monetization, eliminating the need for third-party intermediaries like YouTube. Both creators and businesses can benefit from NFTs. NFTs have additional uses: tickets to events, proof of identity or rights, or data protection.
Streaming is a part of our lives that is only developing. There is more content, and the latest trends can somewhat transform this area. Technologies make it possible to implement previously unattainable functions. Yes, it will take time to implement them, but in any case, we will see all this in the next few years.