Cinema is the visual world that has the highest impact on humankind than any other entertainment medium. Cinema has evolved over the centuries. The way the audience watch the films also changed a lot in recent times. OTT and Digital streaming platforms are the latest and impactful revolution.
In the initial stages of the introduction of OTTs (Over-The-Top) like Netflix, Prime Video, Hulu, HBO Now, and many more, they were just treated as the applications for watching movies, which were out of the theatres. They evolved in decades in their way, attracting viewers by unique contents like web series. Today, credits to Covid-19 became an alternative to the traditional way of watching movies in theatres.
Many movies, which cannot afford to wait for theatres to run full size, started releasing movies on OTT platforms. OTTs improved over the years in buying and premiering movies on their platforms.
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OTT: The next logical step for films?
The COVID-19 created a big void in the film industry. No one knows how long it would take the crowds to return with house-full boards outside. Taking advantage, the streaming platforms took over the entertainment industry, particularly when movies are finding no way to make their face reveal to the audience. People switched to in-home entertainment sources. The online video streaming applications, too, are meeting the viewers' expectations in providing the required theatrical experience.
According to many studies, online streaming services expected to grow by $149.96 Billion between 2020-2024.
Does the exclusive OTT is affecting the film quality?
The budget of a film and its quality in many cases are directly proportionate. The cinema market has grown manifold over the decades, and the money invested in a worldwide cinema is pretty high. Half the budget invested on a Sci-Fi movie called "Gravity" was used for India's Mars Orbital Mission. That was the amount that was being spent on making cinema.
The budget for a cinema was planned based on its predicted market and collections that come from theatres. Since the Covid-19 pandemic, the movies had to release directly through OTTs without any theatrical release. The low budget films were released without any hesitation. However, for high budget movies, the makers either need to wait until the entertainment industry restrictions ease out or cut down the budgets, compromising the quality. Many big filmmakers are complaining about this bitter yet helpless fact. However, this phenomenon is leading towards finding economical ways of filmmaking.
OTT: The game changer and the need of the hour
The movie industry is so big and is creating livelihood to crores of people. It has a considerable percentage of the GDP of many countries. It is one of those industries, which was hit at worst due to the pandemic. In the hour of darkness, OTT has become a saviour today.
OTTs are helping the industry to continue with a ray of hope. People started accepting OTTs and other digital streaming platforms. This is pushing the makers to bring their films through to the audience. The OTTs have already proved to be the game changers in the film industry today and will lead the industry to adapt to the new normal.
Production houses quickly realized that OTT is not an enemy but a reliable ally. Adapting to the new normal posed by Covid-19, only by changing the film industry's paths will be depended upon. OTT has its benefits like content personalization and recommendation based watch history, making them unique. It's all based on the perspective of the way the film houses look at OTT. But, for a common man, who seeks entertainment, which is much needed at this point, OTT is the best for him to bet on.
Any business that is customer centric will look at OTT as an ally and a reliable opportunity!