Television has had a major overhaul in the past decade, with the era of streaming changing how viewers watch the small screen forever. With the emergence of multiple platforms and the dropping price of high quality TV sets, consumers found reasons to let go of their cable boxes and embrace cord-cutting for good.
THE RISE OF CORD CUTTERS
The 2010s marked the official emergence of over the top (OTT) channels, with the period cementing the video content streaming trend as a television mainstay. In fact as the decade comes to an end, cord cutting is expected to be at its peak so far, with nearly 5 million households reportedly ditching cable this year. This phenomenon has in fact resulted in a generation of consumers who never opted into cable plans to begin with for their new households, and instead going straight to streaming.
ENTER OTT DEVICES
While the early aughts saw the introduction of video streaming-focused hardware, OTT devices began to really take off during the 2010’s cord-cutting revolution. During this time, devices like the Apple TV, Roku, Amazon Fire TV and Google’s Chromecast started to compete for viewers looking for alternative “box” sets to their expensive cable plans.
STREAMING SERVICES BECOME VERBS
As the decade comes to a close, we’re seeing media conglomerates get in on the streaming trend with their own bundled services. This of course includes early pioneers like Netflix and Hulu, along with newcomers Disney+, Apple TV+ and the upcoming HBO Max and NBCUniversal’s Peacock, which are all hoping to be chosen for having exclusive content and long beloved reruns of older programs.
A CHANGE IN BUSINESS MODELS
Cord-cutting and OTT services didn’t just change the way we consume television shows, but also the way creators and the broadened television industry make their money. For decades, cable and network TV channels made their money mainly through selling on-air ads and indirectly by collecting cable bundle fees. However, the decline of cable subscription and move to streaming has brought on a new set of revenue strategies, including the implementation of ad-supported (AVOD) and Subscription Video on Demand (SVOD) models that many OTT channels use today.
THE DEMOCRATIZATION OF TV
The rise of OTT didn’t just help usher in a new golden age of television, complete with countless high quality programs. The technology also fully democratized streaming for all content creators, including small businesses and influencers alike. Here at MAZ for example, companies offering personalized digital products have been able to build out niche OTT apps for their respective user bases. They include Yoga International’s OTT channel, offering users on-demand virtual classes via an intuitive mobile experience, as well as MAZ-facilitated OTT subscription network Outside TV, specializing in 24/7 Emmy-winning active adventure content. Thanks to monetized streaming tools, highly specified content can be delivered to those seeking it out, helping smaller industry players thrive by accumulating an engaged audience.
The shackle breaking of cable television has undoubtedly created a new, revolutionary way for people everywhere to consume video. With the coming decade promising the arrival of the next phase of streaming, television’s fast-paced evolution shows no signs of slowing down.
If you’re interested in joining the future of TV with your own OTT streaming channel, check out MAZ’s video app solutions for more.