Do you remember when was the last time you tuned in to your cable TV to watch a random series? If you don’t remember, do not worry, you are not alone. Soon the number of people owning a TV subscription will rapidly decline, thanks to video-on-demand.
Currently, over 70% of the young population watches TV shows and movies on the Internet. This clearly shows how important it has become for viewers to have control of what they watch when they watch, and how they watch it. This is the evolution of TV and the current scenario as we head into 2020. The Internet and modern technology have opened the door to video-on-demand.
However, have you ever wondered how the video-on-demand business will look like in the next 5 years? Let’s look into some future predictions on how video-on-demand business will look like in the future.
The era of game streaming
The majority of Internet users worldwide are familiar with Netflix and its video streaming offerings. In fact, it is obvious that Netflix is a current synonym for video-on-demand in general. That is the case of entertainment. When it comes to online video games, this type of entertainment has only started to evolve towards subscription-based services.
However, the industry holds huge potential for a “Netflix for video games”. With the online gaming industry growing more rapidly than other tech sectors, it is clear that big changes are going to be brought by the shift of gaming to the cloud. If you are thinking about how to start a streaming service like Netflix, focus on the gaming industry as the era of online gaming is already here.
The new cinema
Video-on-demand platforms are dramatically changing how we consume entertainment. It gives us enormous choices, the ability to watch movies in the comfort of our home provides us with the pleasure of binge-watching and whatnot. VOD services like Netflix are giving us many options to explore like some great originals and exclusive series. If you want to build your own Netflix, ensure that you offer a new viewing experience for your audience by offering unique content that is worth spending time on.
However, going to the movie theatre to watch a film along with friends and family is a personalized experience greater than the film itself. Nevertheless, what will happen if video-on-demand services offer the same experience right in the comfort of your own homes? That is what the next point is all about- Co-viewing?
Co-viewing for all
The future of on-demand video will be co-viewing where people will be watching, TV series, movies, and sports events remotely with their bunch of favorite people. The initiatives for the same have already begun. For example, a low-cost streaming platform Philo facilitates co-viewing to allow viewers to watch movies and shows together in real-time.
Philo offers this feature through synchronization technology where users can share links to invite their friends to watch shows with them. Nevertheless, it is not the very first initiative. YouTube has already launched its own experimental co-viewing app called Uptime. Facebook is also working on the same feature to bring in co-viewing for all. If you are looking for different ways on how to start your own streaming service, co-watching is one of the excellent features to add to your service.
Immersive branded experiences
Screen-based interactions are changing into connected experiences in our everyday lives. YouTube has already started offering immersive branded experiences in-display ads. Augmented reality is a powerful tool for brands to narrate richer and engaging stories about their products to customers. YouTube has introduced AR beauty try that allows users to virtually try on makeup while watching YouTubers for product reviews, tips, and more.
All credit goes to AR technology and machine learning developments; it provides virtual product samples that suit all types of skin tones. The feature is made available through Famebit; Google’s own branded content platform. MAC Cosmetics is the first brand to collaborate with FameBit’s beauty to try on campaign initiative.
With that said, 360-degree experiences to display ads will rule the industry in the next 5 years. The display format Swirl that allows zooming in, rotating, playing an animation, etc. will become a standard format in the coming days.
Accurate analysis
The major benefit of video-on-demand services is that it offers real-time data on who watches the content, how they watch it, their feedback and a lot more. In the next 5 years, the accuracy of analytics will be more precise. Businesses will gain better insights about identifying their niche audience, their behavior, preferences, mobile viewing, viewing trends, etc. with powerful analytical tools and features. The right analysis of user data also makes it possible to optimize ads in a way ultimately to win them over as customers.
Video-on-demand services will continue to rise
Fast forward to the next 5 years, you will see more video-on-demand services launching in the market. In short, there will be more rivals to services like Netflix and YouTube. As you might already know, Disney and Apple are all set to launch their video-on-demand platforms to grow equivalent to Netflix. With more corporates focusing on how to start a business like Netflix, the competition will be fierce in the next few years. The challenge is not just for existing video-on-demand platforms, but from traditional cable TV networks as well, to survive in this changing landscape of modern technology.
Wrapping up
The digital space is undergoing a revolutionary transformation and so is the entertainment space. The video-on-demand industry is still in its evolution phase and has a long way to go. In the next 5 years, we will see the VOD platform adopting future technologies like AR and VR reshaping the entertainment industry.
With the rise of VOD services, the viewing patterns and expectations of viewers have changed and it will continue to change in the next 5 years as well. Though the VOD trend has increased cord-cutting, businesses have to offer more in terms of service and values to establish themselves in the market. With competition becoming fiercer as years pass by, there will be a lot more coming in terms of user experience.
Let’s tune in for the upcoming changes that make it easier to satiate our entertainment requirements online.
