With the increasing grasp of smart TVs over traditional TVs and the faster evolution of internet connectivity which has now reached 5G, OTT is the buzzword in the entertainment biosphere. Recent statistics say that Revenue generated in the OTT video segment is expected to grow at a rate of 11.60% between 2022 to 2027. In fact, the revenue is projected to touch US$ 275.30 billion in the year 2022 itself.
In fact, even traditional TV networks are expected to suffer a downfall due to the upsurge of OTT-enabled smart TVs. Thus, as a digital content curator, having your own OTT platform is the wisest decision that you can take.
If you are thinking about why you should invest in developing your own OTT app, and what benefits you will reap from your OTT app, read this blog till the end. Here, we will be discussing all of these, and at the end, will suggest you an amazing way of having your own OTT platform without writing a single line of code, in minimum investments!
Top Benefits of Investing in OTT App Development
So, why should you invest in developing your own OTT App?
The answer is simple. If you have your own OTT App, you don’t need to depend on other 3rd party apps for reaching out to your consumers. And these apps can be used by video curators from any genre. For example, if you are an online tutor and want to deliver educational lessons through videos, it’s best to have your own OTT app. This applies to a fitness trainer, a sports streamer, or any other expert from any other field. And it delivers multiple benefits to your business. Some of the benefits are discussed below.
OTT App Increases Conversion
As a video curator, if you are releasing your app on the web, you might be expecting a large audience instantly on your video. Right?
But, do you get as many views as you expect? Most of the time, your answer would be no.
It is mostly because, on the web, your video is not the only video. There are millions of other video curators too, who develop equally appealing videos, sometimes even on exactly similar topics. Thus, your video gets massive competition. As a result, you see lesser views, likes, shares, and hence lesser conversions.
But, if you have your own OTT applications, you will give your content a much more favorable launch platform. A platform where your videos will receive competition from only your own videos. Also, you will get a loyal set audience who genuinely like your videos. Hence, you can scale up your conversions much faster.
OTT Helps In Having A Permanent Bond With Customers
When you release your videos on the website, your consumers land on your videos, watch them, and then again go back. Sometimes you can keep their information (if they are willing to share through multiple means), and sometimes, they simply vanish into the thin air. Thus, you cannot form a permanent bonding with your customers even if you want to.
But, if you start your own OTT application, you will get an opportunity to interact with your consumers on a regular basis, through emailers, newsletters, live chats, and live events conducted through your platform. It will help you develop a stronger bond with your consumer, which in turn will make your customers much more loyal to your platform.
OTT Helps in Improving Consumer Outreach
It is a time when almost every smart TV user has at least one OTT application installed on their device. Hence, OTT apps give you channelized exposure to a much more potent consumer base.
In addition to smart TV apps, your smartphone OTT apps offer you added advantage. It helps you deliver your content directly to the hands of your customers. Smartphone apps can give you a kind of exposure that you probably never got before.
OTT Apps Help In Analysing The Consumer’s Behaviour
You can use the analytics tools associated with your OTT application to analyze the browsing behavior of your consumers. You can keep a track of their likes and dislikes, ad-viewing behavior, and many more aspects.
This analytics will help you in the long run. With enough data in hand, you can integrate recommendation engines into your OTT apps, which will suggest suitable content to your viewers, based on their choice. This will not only improve the user experience of your app but will also multiply your viewership rapidly.
OTT Apps Improve Business Valuation
OTT applications improve the valuation of your OTT business. And applications on multiple OS with a good number of downloads can take your brand name to another level. And nowadays, most OTT platforms are expanding their presence to multiple environments, including android TVs, Apple TV, Roku TV, Fire TV, LG TV, Samsung TV, Xbox, Playstation, and much more! Then why would you not try them out?
Challenges in OTT App Development
In the last section, we asked you a question. Why would you not have OTT apps on multiple platforms? If we are guessing it right, you would tell us that it has many challenges. And indeed, you are not completely wrong. OTT app development have its own set of challenges, some of which are discussed below.
Huge Capital Investment
It is a general notion that building professional OTT apps needs huge capital investments. Often people see the rates of experienced freelance developers and calculate the cost of resources needed from random sources, without trying to verify the actual cost associated with OTT app development.
Here, we are not saying that developing an OTT app is not costly. We agree that if you try to develop the app completely from scratch on your own, it might be very heavy on your pockets. But it does not mean that there are no alternatives to this situation. Platforms like MUVI offers you a very cost-effective way of developing your own OTT app without much hassle.
Most of you think that developing an OTT application is an extremely time taking process. While the reality is, the time required to develop your OTT app largely depends on the situation. Some inexperienced app developers usually take more than sufficient time to develop even a simple OTT app. While some platforms like MUVI allow you to develop your own OTT app within just a few days!
Involves Risk of Rejections
When you launch your videos on the web, there is no one to reject them. But, your OTT app has to pass through strict scrutiny before getting published on the play store or app store. If they don’t meet the criteria set by the authorities, your app will get rejected.
That is why, whenever you develop any OTT app, you should always follow the official guidelines. If you are developing an Android app, you will very easily find the google developer’s guidelines, which you must follow. Similarly, Apple releases guidelines for iOS developers too!
Lack of Skilled Resources
Though you can get in touch with a good android developer very easily, there are some OTT apps, like a Roku TV app, and a Fire TV app, for which there is a scarcity of genuinely talented developers. And if you are tight on budget, developing even a good Android TV App becomes a challenge at times.
Due to a lack of skilled developers, the app development process takes longer than usual. Also, their inexperience might lead to multiple bugs and issues in your applications, which will require additional time to get fixed.
That is why, nowadays people are using no-code platforms like MUVI, to avoid all these issues.
How To Start Your First OTT App With MUVI?
Even if you don’t know how to code, you can still start developing your own Android App, Android TV app, iOS app, Apple TV app, Roku TV app, and applications for 16+ environments, without writing a single line of code! Wanna know how? Just follow the steps given below:
- In the first step, you need to sign up on MUVI. It’s very simple, quick, and easy. You just need to go to our Sign Up page, fill up all the required fields and submit the signup form. As soon as you sign up, your 14 days free trial begins.
- After signing up, you need to first enable the app for your platform. You can do so from the CMS. For example, if you want to enable the Android TV app, simply go to “Settings” –>”Advanced” in the CMS, and then select the checkbox for the Android TV App. Once you select the checkbox for the Android TV app, you need to click on “Update” to confirm it.
- From the CMS, you will be able to add content to your app. Just upload the video files and the rest of the process will be taken care of by MUVI’s encoder. So, simply go to the “Manage Content” section of the CMS, and add your videos.
- Once you complete uploading your content, it’s now time to monetize your content. Muvi offers you multiple modes of monetization, including SVOD (Subscription Based Video On Demand), AVOD (Advertisement Based Video On Demand), Pay-Per-View, Pay-Per-View Bundles, Coupons, and much more!
- Now it’s time to set up the app configurations. This step will usually include deciding the process of sign-up for your users, and other user-related features.
- Once you are done with the configurations, please enable the In-app purchase and set up the payment gateways.
- Once you complete all these steps, you need to simply Sit back and relax while Muvi does all the work!
So, what are you waiting for? Sign up for MUVI and start your OTT app development journey today!