On-demand downloadable and streamable content are a standard expected by consumers. These developments have led to more modular offering for viewers, who now possess the ability to watch programs free of time constraints once imposed by networks. This has thrown a proverbial wrench into the works where monetization in this sector is concerned.
In the wake of these developments, shows and advertisers alike are lost. Targeting viewers, as well as gleaning insights, was once a task made easy by having specific shows aired at specific times. As audiences increasingly migrate to the internet for their content, these methods are no longer as efficient as they once were, and will only continue to diminish in effectiveness over time.
OTT refers to the act of content providers delivering content over the internet via streaming to a specific device or smart TV apps like Roku, Amazon Fire TV or Apple TV. OTT apps offer viewers access to HBO, Netflix, Hulu, SlingTV and other video services, as well as “TVOD,” or “TV On Demand.” As an industry poised to reach a valuation exceeding $160 billion by 2025, it’s clear that this is a market brimming with untapped potential for advertisers and content providers; however, there are still some challenges to resolve before these opportunities can fully be realized.
Evidently, there’s a need for standardized metrics for content providers and advertisers in OTT. The HIT Protocol team believes that blockchain technology is the perfect technology for achieving interoperability between these stakeholders while strengthening the bonds between them and their viewers. We’re strong proponents of tokenization to drive interactions, allowing individuals to enjoy a more personal experience while earning rewards, as well as providing advertisers and shows with in-depth data about their viewership.
The HIT Protocol and its use of the distributed ledger technology comes with a number of benefits that are set to revolutionize this sector, including immutability, transparency and micro-transacting. Combined, these give users granular control over their own experiences, and shift the focus of the ecosystem to a more viewer-centric model. Incentivizing viewers is key to ensuring that quality insights can continue to be derived from a highly lucrative and core component of the entertainment industry, and ensuring a widespread standard will be paramount to its long-term viability.
There’s a reason why blockchain technology is taking off, and there’s no shortage of use cases where it can be successfully applied in the TV and OTT industries. The sector is in need of a solution, which the HIT Protocol aims to provide. From smart contracts automating some of the existing infrastructures’ laborious tasks, to implementing a vastly more secure means of storing information, to strengthening the connection between viewers and the content they enjoy, distributed ledger tech is an excellent tool by which to enhance existing processes and redefine the industry as it stands.
In order for OTT to achieve its fullest potential and meet the needs of viewers, advertisers, and content providers, it’s crucial that we acknowledge and implement technologies such as blockchain to incentivize viewers and to streamline the evolution of the industry to benefit all parties. Where do I get the most up-to-date information?
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