The facet of digital media transformed amid the Lockdown phase as people were not left with any other option. Addiction towards digital platforms like OTT, YouTube, and other social media channels is at an all-time high. People are developing a thirst to watch their favourite web series and movies without a wait. Sleeplessness, anxiety, and over-enthusiasm are some ignorant issues that can later be adverse side-effects of over-involvement.
The other side of the coin is however interesting. Due to the lack of other mainstream entertainment, audiences are more driven towards social media channels and YouTube as well. Binging on popular web series or HotStar shows has become a new normal for most people. Online video streaming platforms like ZEE5 and Amazon prime are gaining momentum to splurge revenues with these over-the-top (OTT) Platforms.
The pandemic repercussion on social media- Lockdown spikes a golden era for digital business
Not just the OTT, but even other virtual entertainment platforms like YouTube are powering with the immense increase in subscribers and views throughout the world. Corona Virus Outbreak has brought a halt to the actual world and economic functioning while digital consumption has been on a high for a few months. Behavioural changes of audiences are seeking attention to the virtual world for work and entertainment purposes.
As far as the reports suggest, the only sector gaining profits amidst lockdown in the media and entertainment. Online and offline media houses are working vigorously to engage the audience and sustain them towards their channel or shows. M & E is dependent on advertisements and on-ground events. This industry would not even be into existence if there was no engagement with OTT platforms.
A huge gap between the online and offline markets is still increasing
The last few weeks have seen a high spike in digital media consumption although the amount of monetization out of it is still a challenge. The prime reason being that most of the revenue generation on digital platforms is through advertising campaigns and pandemic has resulted in monetary losses to advertisers. Industries like FMCG, automotive, real estate, financial services, and even e-commerce are struggling with market existing and expenditure of advertising is a tricky thing for them. Switching to Digital PR agency can be a smart move in such a scenario.
All eyes on surging subscriptions and internet consumption by OTT enthusiasts- Regional Content in demand
On the other hand, the subscription amount in OTT is surging as people in lockdown are in a hunt for some quality regional content. A survey conducted by Counterpoint technology a few months ago witnessed the top OTT platform as Hotstar for its regional and sports content and the counter ones are SonyLIV, Amazon Prime, and Netflix. Special emphasis is given on the release of movies in regional languages so that the audiences can better connect to it.
OTT platform serves its audience with top-notch content like the featuring of an Oscar-winning film Parasite (Available on Amazon Prime). Their content and subject are worth engagement and as per one more report, almost 60% hike in such content consumption is evident. Even corporate are seeking attention to YouTube channels re-defining the business patterns to the virtual platform with app-based services and online sales.
Future of Digital Media
Audience penetration to smart phones and other Android devices has led to an increase in digital media consumption. Song channels are adding lockdown playlists to keep a hang on audience moods. Addiction to OTT series is spotted by the makers and they have already piled up the content for almost the whole year! Promotional techniques like free trials and subscriptions are leading the acceleration to audience engagement. With so much on the go at the digital platform, it is sure to be the most beneficial sector post Lockdown!