While analyzing the digital marketing environment, researchers have come across a well-established fact that the most influential segment of the consumer market is the ‘Youth’. With digitalization unfurling day by day, a major proportion of users lie in the age bracket of the 20s or early 30s. This category of users is extremely Tech-savvy, open to adapt and challenge every technological innovation. Presently, they are ready to embrace quick solutions and options that can match their innate swiftness.
Apparently, ’flexibility’ is the new term catching the eyeballs of the young consumers. They want to handpick their choice of audio/video viewing online, according to their time schedule. Eventually, this has brought the concept of VOD, Video ON-DEMAND VIEWING in a large and vivid picture.
Video on Demand- VOD is basically like video gallery, where users can stream the content on their handheld devices for an easy and convenient viewing of their favourite TV shows/movies/songs when they choose rather than having to watch at a specific time, unlike Traditional Pay TV approach. You are free to pause, rewind, forward as per your choice. The number of subscriptions for the VOD is escalating unimaginably, interrupting the regular traditional TV viewing tradition severely.
The reasons for its great call can be understood in the following highlights:
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The provision of high-speed broadband internet availability rolls the ball in VOD’s court. Regular technological up gradations are delivering excellent handsets in the market which ultimately become an obvious choice for the customers.
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It offers stupendous connectivity with PC/mobile.
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It offers content in diverse spheres such as news, sports, entire TV series and movies in various languages.
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It is cost efficient also. One can hardly claim On-Demand viewing to be a costly affair.
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The source of content is unlimited, can integrate other information and its unique interface are some its key features which gain viewers rapidly.
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As mentioned above, the younger generation is excited by the flexible approach VOD offers. The statistics reveal that the younger generation watches the online video content four times more than the older generation.
Below are the few examples to better understand current VOD services prevalent:
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Few of the subscription-based Video on Demand (SVODs) have invaded the market which has their own unique content. ALT Balaji (a subsidiary of Balaji telefilms limited) is a novice SVOD platform which is showcasing a refreshing set of TV series and alluring viewers.
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‘Hotstar’ (owned by a subsidiary of Star India Pvt Ltd) is also an online On-Demand viewing platform which offers 50,000 hours of TV content and movies in across 8 languages along with every major sport covered live.
The success of SVOD services such as Netflix, Amazon Prime, Sun Nxt, Hotstar is also critically summed up by contemplating same reasons discussed above. Netflix has found its niche in the market and invoked all the admiration because of its intriguing original content lineup and continues to rule the territory in the near future too.
On-Demand viewing over rules traditional Pay TV viewing and will supposedly outlast because of some loopholes in the latter approach, which are:
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Lack of convenience: VOD does not bind you to long-term contracts or obligations like traditional Pay TV services. You can choose to unsubscribe within a fraction of seconds and subscribe to many at a time.
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Cord Cutting: Wireless Service is turning out to be inevitable in the present scenario proving to be a major cause of traditional Pay TV’s decline.
Takeaway:
The younger generation is the current ‘Content Connoisseurs’ who are preferring greater flexibility and are highly selective in viewing the content. VOD offers all that can grip the youth, which is undoubtedly the ‘bull of the market’, giving a serious blow to traditional Pay TV providers.
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