What is OTT Platforms
There have been massive changes in the OTT media platform. The over top platforms are media services or apps that we use on our phones for viewing video content. This service is directly offered to users over the internet. These platforms have changed over the years. It all began with Amazon Prime video streaming everywhere across the world. OTT platforms have changed the way we look at entertainment. Over-the-top and video on demand platforms use a lot of data and crunch the numbers on different levels to give its audience the right content.
These platforms, such as Netflix, Amazon Prime, Hotstar use data daily to come up with attractive content for the viewers. Data is everywhere and is mostly used by companies that make video content for different audiences. By the year 2023, OTT media platforms will reach market revenue of $42Bn and 351 MN subscribers across the globe existing platforms such as Netflix, Amazon Prime Video.
Data Usage by OTT Platforms
OTT media platforms’ heart made up of data. For example, when you have finished watching your favourite show, the engine recommends similar shows. This means that the platform’s algorithm designed to suggest similar content to viewers.
5 Things Mainly Followed by these Platforms
1. User Segmentation and Identification
The platforms are always a step ahead. They have to show them what’s next. Platforms have to show audiences different offers and discounts on subscriptions. Platforms have unique plans for distinct sets of users. Users can choose the plan of their choice and avail of discounts with the same.
2. Lifetime Value of Each User is Improving
Cross-selling is something that people look forward to. For Example, Amazon gives their prime membership along with Amazon music and other exclusive amazon deals along with the subscription. This helps increase the user’s loyalty towards the brand and keeps them interested in the service longer. Data analytics helps to identify the user trend and helps the organization showcase the cross-selling promotion to the related user.
3. User Experience Enhancement
They give the personalized recommendation to the users after they have finished watching different shows or channels. Data helps organizations find and predict recommendations to its users. This increases the number of content variation of the platform and makes it unique in its way.
4. Advertisement Targeting
This process completely requires data from various sources. In comes web scraping services that provide this quality data to the companies. Ads have to run to promote the content produced by the OTT media platforms. It is to increase the content viewership and subscriptions to the platform. Ads are important, and creative ads can immediately help increase the sign-ups for the platform. Data helps identify the users of the platform, it also helps find out the potential customers for the platform.
5. Accurate Predictions
Offers and sales in the price of subscriptions can help boost the sale of the subscription plan that is being offered by the OTT platform. Web scraped data is useful in such cases where there is data that is given to the organizations to make a deep analysis and infer key statistics and other valuable information from the data given.
Insights for Success from the Customer
It takes a collaborative approach to understand the requirements in terms of the sources of data, the data models, the volume of data, the velocity of the data, and the variety of data. Using these inputs, organizations like Amazon Prime, Hotstar, and Netflix create a large data lake of enterprise levels. They also create a pipeline for the business intelligence analysis done. The business intelligence reports they run capture key insights about the users such as (genre, channel, show, and payment modes), content (no of times watched, moving subscription plans). This has given the content creators and the producers a unified, nuanced view of the audience.
Being the Pioneer
Companies like Netflix, Amazon Prime, Hotstar do a lot of research into their audience. For a video on demand and OTT platforms, it’s all about who stays ahead of the game in the field. I give different content creators the freedom to work on different content for various audiences across different platforms. 3.6 million people have turned from the free plan to a paid subscription.
How Do OTT Platforms Use Data to Personalize their Content
These platforms have over 500 million subscribers which give an advantage of no other proportion. The personalization of content begins when the subscriber data focus on the following details:
The nature of the content that is being watched by users on different platforms. This helps identify the genres of content that are being watched by users across the globe.
The ratings are the most important factor for a show or movie. Ratings determine whether they get a second season or a sequel. This also helps content creators get an understanding of what type of content they can create specifically for a set of audiences.
Device Used to Watch the Content
The device used by the audiences to watch their content. Most platforms will have to be optimized for mobile. But it is an important factor as they can create content that is highly optimized so it can easily run on every device. Devices play a major part in the data of the user trend. It is one of the key attributes that contribute to an increase in the purchase of a subscription.
The user location is important for the platforms to show ads and recommendations in the local language. This helps in increasing the subscribers and subscription targets set by the companies.
Other Key Data-Points
More data points help content creators in their understanding of the audiences. This helps to increase their capability and push boundaries. This offers jobs to different artists across the industry.
The road ahead for OTT platforms is long and hard. But they have captured the mindset of most audiences. Gone are the days of traditional set-up boxes and cable TV channels. Apps and OTT platforms are ruling the scene, and it looks bright for the near future. These platforms require quality data in multiple formats, levels, and sizes. They use Web Scraping Services like PromptCloud, who scrape the data that is publicly available on the websites.