How are OTT platforms changing entertainment for Young Generation?

Authored by Mr. Deepak Gupta, Managing Director, Treasure Records

Who does not love watching an episode of their favourite series while munching on some snacks after a tiring day at work? Most of us love watching TV series and movies and have it as one of our favourite things to do in our free time. The craze for movies and TV series has witnessed a significant rise after the emergence of OTT platforms. OTT platforms, short for Over the Top Platforms, have entirely changed the concept of entertainment, especially for the younger generation. They have become quite popular in the last few years mainly because of the enhanced online content consumption from across the globe.

Why does the younger generation prefer OTT platforms? 

We have various OTT platforms available today like Netflix, Amazon Prime, Voot, Hotstar etc., all of which have gained immense popularity among the youth today. The younger generation is loving the content of these platforms to such an extent that it has led to the downfall of media that is being televised. People prefer to spend most of their time on these OTT platforms rather than watching TV because of some elements specific only to the OTT platforms. For instance, OTT platforms have content from across the globe. They have content which is better in terms of entertainment in comparison to the content that is being televised, and they offer customized suggestions to their users depending on their watch history, something which is not found in television. These platforms offer unique and wide-ranging content to their users. Televised content, on the other hand, is similar and monotonous across multiple channels, because of which the viewers have to restrict themselves to the limited variety available on TV. The affordability and availability of smartphones and  internet has contributed more to the surge in OTT subscriptions. Because of the versatility and flexibility that they offer, OTT platforms are preferred by the youth over televised content, irrespective of the similarity in prices. 

TV series, movies, sports, regional content, and everything can be seen on these OTT platforms without any disturbance from the ad breaks. Hotstar, for instance, is one platform where people can watch cricket matches, movies, shows etc., in a single place, anytime, anywhere. 

Why are people willing to pay for the subscription of OTT platforms? 

Unlike television subscriptions, which require the viewers to subscribe to every channel as per their preferences separately, OTT platforms require only one subscription. One can watch different content on these platforms, that too in multiple languages. So basically, access to good content without any hassle has been made possible with the help of these OTT platforms. 

Why people are readily paying for the subscription of OTT platforms has some significant reasons. Viewers don't mind paying for hassle-free content that can be accessed in multiple languages, relates to their preferences and tastes and is readily available anytime, anywhere. 

Future of OTT platforms 

Research has suggested that digital media streaming has contributed to more than 72% of the media and entertainment industry, which is quite a lot. It is also predicted that the global video streaming market is likely to grow at a compound annual growth rate of 21.3% from the period of 2022 - 2030. Since the availability of smartphones and affordable internet facilities is likely to increase faster in the coming time, the personalisation of content and movies will also continue to grow and hence will be the continuation of the growth of the OTT platforms.

Conclusion

This era is the era of customisation. The younger generation, wanting to live on its terms, prefers to have personalisation in everything. OTT platforms are perfectly catering to these needs of the younger generation, no wonder why these platforms have become their favourites and have wholly transformed somewhat than enhanced the concept of entertainment for them.