One of the biggest transformations in media in a generation
Over The Top media, also known as OTT, refers to the delivery of audio, video and other media over the internet. This delivery takes place without the direct involvement of a telecommunication company. At first, this term was only used to describe the distribution of audio and video. It has since expanded to cover any service that is available over the internet. A subscriber for OTT services is free to access his or her subscribed media from anywhere in the world at any time. Soon, subscribers will be able to stream media using any form of access technology.
The Future of OTT Media
Recent tech developments have created a favorable environment for the advancement of OTT. Affordable Internet has played a significant role in its development. The deviation of many millennials from the traditional television schedule has also helped. Millennials prefer to choose what they want to watch and when to watch it. Moreover, since there are no cancellation costs, more people prefer these services.
Forecasters expect the OTT market to grow rapidly over the next few years. Examples of OTT services are Apple, Amazon, Netflix, and Hulu. Skype, Facebook, and Twitter are also considered OTT.
Competitive Strategy in the OTT Industry
Netflix still dominates the streaming market. However, more and more content owners are publishing their content across various platforms. Somehow, all the competitors want their apps on a home screen of a smartphone. As the competition increases within this field, it will become harder to get noticed.
Why is Market Research Necessary for OTT Media Service Providers?
Market research shows service providers the challenges presented by the clients they target. The provider will also be able to collect users’ opinions. For example, let’s say the provider wanted to launch a free ad-supported service. He or she can use market research to compare it with an expensive option that has no advertisements. Clients may also have specific ideas about how they want to pay for the services they receive. This situation would create more opportunities for service providers to monetize their service.
Qualitative Market Research Methods
Researchers use this method to collect and analyze non-numerical data. For example, they collect reasons, ideas, and opinions. Qualitative Research can identify rising trends in opinions and thoughts. It is also used to find out how people become conscious of their social realities. Qualitative Researchers use a wide array of methods, including online ethnography, unstructured interviews, and focus groups. Researchers also use online surveys with open-ended questions.
Qualitative research offers in-depth answers to why a consumer subscribes to a service. It also gives an insight into what makes a consumer subscribe to one service and reject another. Qualitative research can identify the thinking process behind the consumer’s stated opinion. This method allows a user to get rich, descriptive information from consumers.
Quantitative Market Research Methods
This method uses numerical, measurable data to develop facts and identify patterns. The data is in the form of numbers and statistics often arranged in graphs, charts, and other non-textual forms. This research method includes a range of data-extracting techniques such as online polls. It also includes mobile and app surveys, kiosk surveys, and systematic observations.
Quantitative research has the advantage of collecting reliable data. When it comes to acquiring data of a large population, it’s easier to measure the outcome of this research compared with the qualitative method. Another advantage is the ability to convert its result into highly-accurate predictions.
We provide Advanced Strategy solutions such as Market Opportunity Analysis, Market Assessments, and Go-To-Market Strategy. Key methods include Primary Research, Secondary Research and Subject Matter Expert research. Desk Research refers to an accumulation of data that already exists. Data sources may exist as published government reports, company records, databases, periodicals, newspapers and magazines.