The Future of Video Streaming in 2023

In the early 2000s- when the internet was merely a concept- people watched movies and daily soaps on television. With the introduction of the internet, browsing became faster and helped people to gather necessary information instantly. Also, individuals can watch their favourite shows, movies, and documentaries from any place at any time.

Further technological advancements transitioned the whole world to switch from linear televisions to video-on-demand landscapes. Today, traditional media companies are rapidly becoming obsolete, being replaced by video streaming platforms.

With the increasing demand for entertainment from any location in real-time, the future of video streaming applications looks very bright. Major telecasting companies heavily invest in OTT platforms, web series, documentaries, reality shows, and much more. That's not it!

Today, major tech-giant companies have artificial intelligence (AI) installed within their applications. All they need is to answer questions related to their preferences, tastes, and genres. Rest technology will do the work! It will recommend all movies, tv-shows, and other sources of entertainment that match their requirements.

The video streaming industry is growing at an exponential rate. Independent studies state that this sector will reach USD 357406.81 million by 2027 at a CAGR of 20.69%. Video streaming sites are projected to grow dramatically as a result of rapid digitalisation, the proliferation of mobile devices, and the introduction of 5G internet connectivity.

In this article, we will discuss upcoming trends that are expected to dominate the video streaming industry in 2023.

Upcoming Trends in Video Streaming

• Personalised Content

Video streaming applications are able to provide hyper-personalised content with the new advancements in the field of Artificial Intelligence (AI). A better UI/UX interface, high-quality videos, and an organised framework of the content also play an imperative role in captivating the audience and gaining a competitive advantage in the market.

Netflix and Youtube, for instance, personalises the user experience by suggesting videos according to their preferences. Using an array of machine learning and recommended algorithms, these platforms conduct A/B testing experiments to constantly fine-tune the genre of the movies, web series, documentaries, game shows, and much more.

• Streaming Original Content

The video streaming industry is getting highly competitive. Hence, many major streaming platforms- like Netflix, Amazon Prime, and Disney+Hotstar- are coming up with original content to streamline competition.

Be it dark-comedy web series on Netflix or action movies on Amazon Prime, the audience has welcomed the originals with open arms. Not only do originals give them a competitive edge, but they also enable these service providers to secure content in the entertainment world. Hence, it's a win-win!

• Hybrid Monetisation Models

The future of video streaming is very bright, and many entrepreneurs are heavily investing in setting a foothold in this market. In today's highly competitive streaming market, major players are developing new revenue models to remain profitable while satisfying the viewers' needs.

Following are the three most flexible monetisation models used by renowned media streaming players:

• Subscription Video On Demand (SVOD)

This is the most popular model, where users have unlimited access to their favourite content by paying a subscription fee on a periodic basis. Mainly, Netflix and Amazon Prime follow this monetisation model.

• Advertisement Video On Demand (AVOD)

Here, the users can view content without paying any subscription fee. Usually, a company like YouTube earns while playing advertisements between movies, music, or streaming videos.

• Transactional Video On Demand (TVOD)

In this model, viewers pay per movie, episode, or documentary. It offers a selective viewing experience as users can choose their preferred video quality and watch at their convenience.

• Live Streaming To Spread Brand Awareness

Today, most live streaming services mainly provide pre-recorded movies and TV-shows. However, these players must catch up on the live streaming of events, especially sports, stand-up comedies, and award shows.

Live video streaming platforms like ESPN+, UFC, and Hotstar have ventured into this arena. Also, major industrialists like Jio Entertainments have recently partnered with FIFA World Cup 2022 as their official streaming partner. Also, OTT platforms invest in technology to meet their audiences' needs and stream live shows.

• Increase in Mobile Applications

Independent studies state that 75% of videos are played on mobile devices. It's convenient to use smartphones or tablets while travelling. Hence, people install video streaming applications on their electronic devices to watch their favourite movies and TV-shows via the internet.

With the emergence of 5G and consequent improvement in mobile networks, access to on-demand content has tremendously increased in recent years. The majority of video streaming platforms, like Netflix, offer monthly subscription fees specifically for mobile devices.

Final Thoughts

Be it watching a movie, documentary, or sports; video streaming applications have revolutionised the way we used to consume content. Users are getting high-quality, personalised content by paying a small monthly subscription. Simultaneously, watching their favourites at their own convenience is grabbing the attention of a large audience, which was quite rare a decade back.

The current video streaming market is immensely dynamic. And these trends are just a start. With social media handles and virtual conferencing solutions, this industry is expected to achieve greater height and revenue than estimated.

For more details on these trends, connect with us. We will be happy to answer all your questions.