Technology is more advanced today than ever before. New, innovative advancements are forging into the tech field every day, companies and businesses are trying their overall best to get their hands on the latest pieces of equipment, to keep up with the changes. It is often considered that ‘choice’ is the recipe for success, in regards to the customer’s behavior and traits. This case is also quite similar when it comes to entertainment and video channels. The rise of high-speed internet and the new advancements in smartphone culture has completely altered the way we consume content. We were once ‘cable’ dependent, and today, we no longer rely on a broadcaster or a cable service provider, all thanks to the introduction of ‘Over The Top’ or OTT channels, where content is delivered right through an internet connection.
The OTT market is all set to blow up, as research shows that the OTT market and VoD (video-on-demand) market in the APAC region is estimated to sit at a whopping $42 billion in revenue from 251 mn subscribers by the year 2023. With streaming services like Netflix and Amazon Prime as a regular part of our vocabulary, OTT is all set to go off in the next coming years.
According to Wikipedia, Big Data is a field that treats ways to analyze, systematically extract information from, or otherwise, deal with data sets that are too large or complex to be dealt with by traditional data-processing application software.
There are mainly three types of Big Data- structured, unstructured, and semi-structured. As for the characteristics of Big Data, it is mainly comprised of four. They are- volume, variety, velocity, and variability.
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The key to a great OTT service starts with responding to the customer’s requirements promptly, better understanding the customer- even whether it is for the user experience, the content, or the business model. OTT managers ought to take a look at big data and analytics to handle business rules and also to facilitate proper understanding of customer behaviors, particularly since the ‘viewer’ lies in the core of the business.
Ad the market is getting overcrowded nowadays, OTT viewers are spoilt for choice. Along with the choice of providers that increases for the customer, the number of OTT players is also at large. To solve this underlying issue to maintain profitability in the OTT universe, customer churn is a real problem. This is where Big Data analytics comes into the picture, where it gives OTT providers the ability to aggregate disparate data sets and develop a 360-degree customer view. Other than that, OTT providers can use real-time and historical data to identify subscriber clusters with a high risk of churn. To solve this problem, they can positively take measures by laying out detailed insights.
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OTT viewers mainly demand personalized, contextual, and relevant content and they want more content on multiple services. There is more content on the internet today than ever has been produced in history. OTT content leverages big data and analytics to serve data based on individual preferences. This can be done by combining large data sets of user data and later ensuring that the right content reaches the right user. Deep big data analytics also gives the OTT providers well-calculated audience insights. It also lets them know what content they play, pause or skip, and even let them know what content they are demanding at different times of the day hence, OTT providers can make an informed decision on laying out content.
Two of the major essential factors to consider are understanding the user behavior and gaining more insights into the platform infrastructure and device demographics. Big Data and analytics play a significant role in improving customer service and experience, by taking a look at data intelligence. Analytics helps in the better understanding of user experience and gives OTT providers the correct information of the things that matter the most and make smart decisions based on those pieces of information.
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As the days go by, Big Data and analytics continue to transform the world of OTT by enhancing the user experience through more unique recommendations. It also provides a deeper insight into making more accurate predictions and helps fuel major initiatives. Prepare to be amazed at what Big Data and OTT have got in store for us in the future.
Advanced big data analytics is reshaping the industry with innovative discoveries, more satisfying customer experiences, and enhanced services and products. At ThinkPalm, we help organizations from the initial plan to analyze and optimize sophisticated data collected across various operational environments. Using data injection and data visualization, we reduce your time to market for any service or product. ThinkPalm’s team of experts connects traditional methods with breakthrough technologies in Artificial Intelligence and Machine Learning to make your business truly data-driven.
So partner with us and let us help you achieve your goals.