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Developing a platform and populating it with content is just the first step in a complex journey to becoming a top OTT brand. Leaders in the space are increasingly delivering experiences that are not only engaging but immersive and interactive, thanks to increasing AR/VR adoption, broadening consumer awareness of the Metaverse – and the power of predictive personalization.
Top streaming video on demand (SVOD) services have disrupted both TV and film, yet face mounting pressure as technologically savvy consumers grow increasingly discerning and cost-sensitive. OTT companies also face threats from a deluge of free social content, fast-shifting consumer preferences and behaviors, and legacy business models that may not withstand the next groundswell of technological change.
North American subscriptions have slowed, a trend Deloitte attributes to consumer frustration with having to manage multiple subscriptions, losing content to services they do not subscribe to, and receiving poor recommendations. Across all SVOD services, churn has hovered at around 37% since 2020 in North America and 30% in the UK, Germany, Brazil, and Japan.
Even so, the future is bright for OTT players using technology effectively to improve their understanding of individual viewers and serve those customers higher quality, more relevant content. Revenue in the OTT video segment is projected to reach US$316.10B this year, with an annual growth rate (CAGR 2023-2027) of 10.01% driving a projected market volume of US$462.90B by 2027.
Of course, some will take a larger share of those revenue gains than others.
Is your company positioned and equipped to deliver the highly personalized, exceptional OTT experiences today’s customer craves?
Media consumers are looking for new methods of bundling and accessing content, calling on OTT brands to shift the value proposition and innovate quickly as opportunities emerge. Boosting subscriber retention, adding new lines of revenue, spurring engagement, and even winning customers back (nearly one-quarter of subscribers have churned and returned in the past 12 months) all depend on the company’s ability to deliver outstanding experiences that feel crafted uniquely for each viewer.
OTT companies are being challenged to demonstrate a deep and meaningful understanding of their customer with easily accessible, carefully curated content at every step in that viewer’s journey.
In How to Elevate Your OTT Through Predictive Personalization, you’ll explore the latest AI and machine learning technologies and how to apply the ‘5 Rs’ of personalization at scale. Example use cases illustrate specific ways to optimize subscribers’ experience at various touchpoints, while our sample user journey walks you through creative ways to use ML and predictive analytics to apply personalization in the moments that matter to your customers.
This free GlobalLogic guide includes tips for implementation, AI/ML techniques, sophisticated algorithms and predictive analytics to inspire your OTT strategy, and other recommended resources to help your company not only imagine the possibilities but execute, too.
Click to read How to Elevate Your OTT Through Predictive Personalization
Want to learn more? Get in touch and a member of our expert OTT digital engineering team will reach out to see how we can help.
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