What will be the main video streaming trends for 2024? 2023 has been an interesting year for the video streaming industry. We witnessed a surge in ad-based streaming models, while the Hollywood strikes drew attention to the profound influence of streaming on the entire entertainment landscape. Meanwhile, technology, consumer preferences, and behaviors continued to evolve, compelling streaming services to track and respond to these changes.
As we approach the dawn of a new year, we’ve reached out to several NPAW executives to glean their insights into some of the key video streaming trends for 2024.
1. Natural language-driven data insights
“New AI-powered tools will allow streaming providers and their teams to extract actionable data insights through simple, natural language interactions. Deep data insights about quality of experience and service, user behavior, and content preferences, will be at the fingertips of the data and business-savvy alike,” said Till Sudworth, Head of BU Video, CMO, and Member of the Management Board of NPAW.
“No need for complex analyses and a deep knowledge of data analytics. A simple query on a chatbot will give employees the information they need to run a successful video business”
2. AI-powered personalization
“With the further development of artificial intelligence, platforms will offer an even more personalized user experience. Predictive analytics will help to recommend what the viewer would like to watch next based on their viewing habits, interaction, and behavioral trends,” added Sudworth. “This will advance to the point where users will have their own “channel” of content curated entirely by AI.”
3. Live or close-to-live subtitling and dubbing
“AI will also play a huge role in quickly processing languages and dialects for live subtitling and dubbing,” followed Sudworth. “It will be able to accurately subtitle or dub content very quickly or even in real-time, making content accessible to a global audience faster and breaking language barriers.”
4. A decline in new content
“In the aftermath of content production interruptions experienced in 2023, and driven by a renewed focus on building a sustainable business rather than simply delivering new user growth, major content producers will look for a balance between the quantity and quality of content,” added Sudworth.
“After years of an overabundance of new content, companies may opt for fewer, high-quality productions and emphasize building deeper connections with their audience. This could shift the focus to long-term audience retention rather than rapid audience growth.”
5. A more holistic approach to analytics
“With an increased focus on the economic sustainability of streaming businesses and the fierce competition between services, streaming platforms will need to take an even more comprehensive and holistic approach to analytics,” said Jordi Bartomeu, Chief Strategy Oficer and Head of NPAW’s Product Analytics BU.
“They will need to have a clear understanding of their customers’ behavior and content preferences at every stage of the customer lifecycle, from acquisition to retention. Holistic analytics tools will help service providers reveal trends and opportunities for improvement, helping them better comprehend their audience and customize products accordingly to increase user satisfaction and retention.”
6. Live sports streaming continues to grow thanks to new content delivery technologies
“The consumption of live sports via streaming platforms is set to grow even more than it did in 2023. As the cord-cutting trend continues, an increasing number of sports enthusiasts are shifting from traditional cable and broadcast mediums to more convenient, flexible, and economical streaming services. In this context, multi-CDN switching technologies have become essential,” said Luis Lopez, Head of NPAW’s CDN Balancer BU.
“They enable streaming providers to select the CDN that delivers the best live streaming experience. In a live match, every second of delay is critical, and a multi-CDN strategy ensures streaming services can take advantage of the CDN that provides the lowest latency. Furthermore, the sector is witnessing a resurgence of peer-to-peer capabilities, which allow for seamless content delivery during high-concurrency, peak-demand periods, such as live sports competitions.”