The pandemic has changed our lives in unimaginable ways – we are now consuming more entertainment content online than ever before. This has extended to a point, where a recent CMR study has revealed that Indian users currently prioritize audio quality in smartphones over camera quality, thus emphasizing the demand for audio OTT apps.
This has made audio OTT platforms the sweet spot for content creators to connect with their audience.
As a music label
In the digital streaming era, the music industry has undergone a rapid transformation making it accessible for aspiring musicians to carve a niche and gain exposure without the backing of heavily monetized music labels. With the rise of audio OTTs, budding artists now have a cost-effective platform to release their tracks and interact with their listeners directly.
By offering independent artists a stage, audio OTT platforms have augmented the future of music placing the reigns directly in the hands of creators.
Providing recognition and increased fan base
Being user-friendly, audio OTTs no longer just represent the millennials and Gen Z, as one would presume, but also include the influx of millions of new users across age groups. This allows creators to connect with a wide range of audiences to promote their content across all age groups. The principal driver for this boom could be the sheer choice and convenience of content consumption.
Some key initiatives to entertain users and promote artists can be justified by specially crafted playlists dedicated to music by budding artists and the promotion of podcasts that see a trend across all platforms even if it were to be by a new host. Another key initiative by audio OTT has been the introduction of live streaming on the app where artists can host virtual performances/live jam sessions and engage with their audience directly thus creating and enhancing their fan base.
Non-music creator push
Podcast consumption has experienced a steep uptake globally, with some of the best storytelling, debates, and motivational conversations last year coming from podcasts. Audio OTT platforms, like Google Podcasts & Spotify, have welcomed a host of independent entrants and creators in a wide range of genres to produce audio experiences for their users.
Enabling monetization of fandom
Audio OTT apps have become a viable monetization model for content creators. These platforms offer creators easy access to online tools to measure impact and evaluate returns-on-investment (ROI). Contextual data and parameters such as location, preference, mood, number of hits, etc, paint a clear picture of user behavior, which gives creators an accurate look into the audience, enabling them to effectively target similar consumers. It also helps them create a community of like-minded audiences with personalized OTT experiences.
There is also significant potential for advertising revenues generated through customized brand campaigns by urging listeners to share their music/ podcasts on social media platforms. With every stream, creators can earn revenue and monetize their talent for wider reach. Furthermore, aspiring creators on the basis of their talent can also land a chance to collaborate with experienced performers who may already be associated with the app. These opportunities can provide independent entrants with a platform to grow and create additional revenue streams.
In many ways, 2020 and 2021 have been water-shed years for OTTs and content creators. Audio OTT apps have generated various avenues for creators to effectively streamline content, analyze user engagement and monetize their work. By all means, audio OTT platforms have ensured a well-stocked inventory of creative content and playlists for its listeners, asserting that even in the face of an unprecedented crisis, the show must go on.