Live broadcast of events is not a new phenomenon. The first-ever live telecast took place back in 1993, when Xerox PARC hosted a small show in Palo Alto. Since then, live broadcast has been the norm for various sporting events, patriotic festivities, beauty pageants, the Oscars, and more.
However, there has been an increase in the number of cord-cutters over the years. It is estimated that by 2024, over 46 million households will have cut cords. So how has the live telecast trend managed to thrive in such a scenario?
In addition to live videos, there was a time when families would gather in front of their televisions to watch their favorite sitcoms or the daily news at a fixed time during the day. How are these people consuming their content now?
The answer is through over-the-top and video-on-demand services.
OTT vs. VOD
OTT refers to video services that are available over the internet, rather than over satellite, cable, or other media.
Video on demand is a service that allows users to watch and stream videos at their convenience. Some examples include Netflix, Hulu, and Amazon Prime. You can essentially subscribe to these platforms and access their video libraries for the duration of your subscription.
What then, is the difference between the two? Let's look at an example. Say you want to watch a basketball game that is scheduled for 5 p.m. on Monday. If you stream it on a platform that allows you to watch the live telecast of the game, but doesn't allow you to download and watch it later, the platform is OTT.
However, if you can download the video or watch it later at your convenience, it's a VOD platform. With VOD, you can decide when you want to watch the video. VOD platforms are more sought-after, as users want the flexibility to watch the content of their choice on their own time, and not as per the platform's schedule.
People often think that all VOD platforms are also OTT. But that's not necessarily true. There are some VOD networks that serve videos via cable rather than over the internet. Examples include on-demand libraries like Tata Sky.
What Should You Call Yourself?
The terms VOD and OTT are often used interchangeably, but there are important differences between the two. You can implement your business model and worry about the naming convention at the end. In fact, if you offer on-demand video streaming over the internet, you can refer to yourself as VOD as well as OTT.
If you only plan to offer live streaming at the designated time of the event, you can call your business OTT. But in the slightest possibility that your users can watch any videos on your platform at their own convenience, you're typically offering both of these services.
How to Create Your Own VOD or OTT Platform?
The kind of platform you want to build really depends on what it is that you want to offer your users. But in either case, there are multiple factors to consider. Starting a business is tough as it is, and you don't want to be plagued with the additional burden of how to go about creating your platform.
With the services of companies like MAZ, you can build your platform in a matter of hours, without the need for any prior coding experience. Imagine how much time and energy you will save if one of the major aspects of your business is taken care of?