Sep 20 2021
When video is done right it can have a powerful and lasting effect. Brightcove has a longstanding reputation for being a leader in the online video space, and enables customers to deliver exceptional video experiences to their audiences reliably, at scale, and securely. From over-the-top experiences, virtual events, virtual concerts, and company all hands meetings, to retailers selling the latest product, Brightcove has video solutions to help organizations stay ahead of the competition.
I am the Chief Product Officer, leading the product management, engineering, and cloud operations functions at Brightcove. In other words, I drive product innovation at Brightcove and together with my team, we deliver the most comprehensive video platform to the market.
The biggest impact digital transformation has on customer experience is without a doubt on video demand and delivery. The demand now calls for immediacy - a touch of a button. OTT platforms have risen to new heights because of their ability to deliver content whenever and wherever viewers are watching.
While giving the customers what they want is important, what truly sets the customer experience apart for these platforms is delivery. No longer are the days where customers will stand for buffering, timeouts, or low-quality content. Consumers expect the viewing experience to be seamless, user-friendly, and most importantly crystal clear. With OTT platforms constantly one-upping their competition, the result is that customers have growing expectations. They now have higher expectations and demand a quality experience. If your service isn’t up to their expectations, consumers have no problem jumping to another service to meet their entertainment needs.
According to a report done by India Cellular & Electronics Association (ICEA), smartphone ownership in India is slated to reach 820 million by 2022. The strong penetration rate of smartphones in India is undeniably also fuelling the OTT landscape in India. We increasingly see OTT platforms appear, whether they are operating on licensing rights or content owners themselves. This is not just limited to productions but to sports as well. With more ownership in smartphones, OTT platforms know there is a growing number of potential customers to reach.
What we will see moving forward in India is a battle between global OTT platforms and local players. With the OTT market estimated to reach $15 billion by 2030, local content owners are looking to jump in on the action rather than have a global platform carry their content.
While some of the content owners of the big-budget shows in India may have the capabilities to launch their own platforms, others may not have the luxury to do so. What we will see are these bigger global players offering to purchase content rights in order to help maximize the profits from big-budget shows without content owners having to stretch themselves by building and launching their own platforms.
Brightcove has recently announced its partnership with global e-commerce giant, Alibaba, to enable on-demand video streaming into China. With Brightcove China Delivery, content owners can use a simple checkbox interface to start distributing video in China and analyze its performance. This is an example of where the market should be looking. China is one of the largest untapped markets for most content owners.
Additionally, while the delivery of content and everything related is important, an often neglected aspect is the analytic offerings. So much data is available from the delivery of content down to the consumption of the content. All these data points offer valuable insights. The next step is harnessing all of the data with machine learning to garner deep insights and provide a better understanding of the consumer journey which will translate into a more personalized user experience. Additionally, with insight into data such as performance and customer behavior, OTT businesses can look into better optimizing content monetization via models such as AVOD, SVOD, and PPV.
As I mentioned earlier, in places where smartphones are the preferred streaming medium, like in India, content delivery quality must be the same both on the web and mobile. In the current competitive landscape, customers will not stand for poor delivery quality. OTT businesses must consider offline options such as offline downloads to cover shortfalls should there be one.
Another piece of advice to help OTT businesses is to not forget other devices. While smartphone penetration may be higher in countries like India, it is not the only streaming medium. Having a multi-device strategy is the key to ensuring that your business evenly covers the market.
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