OTT platform for gaming is trending as the number of subscribers and publishers worldwide is increasing. OTT gaming consoles accounted for 36.2% of the global OTT market in 2019.
It leaves behind the second most used OTT device that is the smart TV (27.4%). The numbers have only increased in 2021 and this is the rise of gaming consoles as OTT platforms.
How People Access OTT Services?
People are cutting the cord by dodging traditional TV services. It is expected that by the end of 2021, there would be 650 million OTT subscribers worldwide. The main devices that are used to consume OTT content are as follows:
• Mobile: People can view online video content on an OTT streaming platform. Users can download dedicated OTT streaming applications on their smartphones to view online video content.
• Smart TV: Smart TVs are the most used OTT device after gaming consoles globally. A smart TV comes with pre-loaded OTT applications and can be connected to the internet. Users can also download OTT content on smart TVs for viewing later.
• Set Top Box: A set-top box receives digital signals via the internet and displays video content on television. Earlier, set-top boxes could only receive television signals via a cable. However, set-top boxes are becoming a preferable OTT device.
• Gaming Console: A gaming console as an OTT platform will let you view online videos from various publishers. Besides being built for better gameplay and display, a gaming console can also stream OTT content.
What Makes OTT so Popular?
The number of OTT subscribers and OTT platform providers has increased drastically in recent years. OTT is compatible with many devices and, users can view a variety of video content as per their preferences. It Business owners are also able to tap varied audiences without any geographical boundaries. OTT providers can choose from various monetization models and generate a huge ROI (Return on Investment).
Why a Gaming Console Is the Most Preferred Device for Accessing OTT Services?
According to a survey in 2020, more than 88% of gaming console owners had subscribed to at least one OTT delivery platform.
It is visible that the target demographic interested in gaming consoles is also actively subscribing to OTT services. A gaming console is helpful for both gaming and OTT streaming purposes.
A complete streaming gaming platform fulfills all the needs of users and, they don’t deviate to other OTT devices.
The best gaming platforms in the market offer OTT video streaming services. OTT providers are well aware of the fact that gaming consoles are the most preferred OTT devices.
Statistics convey that more than 75% of gaming console owners enjoy OTT video services for more than 10 hours weekly. Gaming consoles are expensive devices and can cost from $200 to $400.
The users that have bought gaming consoles have already shown their inclination towards media spending. They are most likely to opt for OTT video services.
Gaming consoles offer a rich display that aids the OTT video experience.
The gaming industry is also experiencing growth worldwide. Gaming consoles can be connected to the internet easily, for supporting the online gaming feature.
Besides internet connectivity, the OTT video quality offered by gaming consoles is also high.
What the Future Holds for Gaming Consoles as OTT Platforms?
The OTT streaming market is growing with an impressive CAGR (Compound Annual Growth Rate) in recent years. Gaming console providers will allow OTT streaming due to available viewers in the market.
Top companies are launching gaming consoles with rich OTT experiences to attract audiences. The Streaming game console industry is going to be in demand in the future due to its rich OTT and gaming experience.
How to Start Providing OTT Video Streaming in Gaming Consoles?
Are you searching ‘how to start an OTT service’ on the internet? Well, many OTT platform providers in the market can help you with that. One should choose a reliable OTT platform provider that offers video-on-demand services.
Do not opt for a platform the offers OTT streaming on a monthly rental basis. Choose a provider that allows future-proofing of your OTT platform. If you are planning to offer gaming consoles as an OTT platform, you already have a vast potential market.
Gaming consoles as OTT platforms offer seamless gaming and a high-quality OTT experience. Therefore, the statistics suggest that the target demographics for gaming consoles as OTT platforms are large.
One can choose a reliable OTT platform provider for providing multi-device OTT video streaming. However, Build an OTT platform and reach your audience!