OTT provides a unique opportunity to entertain audiences in their personal space. It gives the media and entertainment industry a great opening to keep their audience engaged and build a strong brand image. There are several successful stories who have managed to create a successful OTT business.
Global revenue for OTT services is expected to grow $80 million by 2022. It is going to stay and continue its legacy of dominating other forms of media distribution. In this blog, we are going to discuss the essential factors to consider to create a successful OTT business.
What does OTT Service Mean?
OTT is abbreviated as Over-The-Top. It means any streaming service that provides media to an online audience through a stable internet connection, as opposed to traditional cable, broadcast or satellite TV services. Developing OTT platforms allows your end users to rapidly stream their favorite content through the internet on their mobile device of preference, whether that be on Smart TVs, Set-Top-Boxes, mobile devices, or else video game consoles.
OTT Services – What types of audience does it includes
Over-The-Top Video Viewers – These are the viewers who view the content through an application or website that offers video and audio contents. Example – YouTube, Amazon Video, Hulu, Netflix, etc.
CTV or Connected TV Users – These are the users that use TVs connected to the internet like Smart TV or via set-top box (STB) devices. For example – Apple TV, Google Chromecast, Amazon FireStick, Roku.
AVOD or Advertising-Based Video On Demand – These are the users that access the content for free and are later provided with an option to get premium packages to eliminate ads.
SVOD or Subscription video-on-demand – These are the active paying subscribers who pay monthly or yearly to get the access to the content.
Linear OTT video service users – These are the users who subscribe to a service that offers live TV channels through the internet for a monthly subscription. Example – YouTube TV, Sling TV, DirecTV Now etc.
How to Create a successful OTT Business?
Choose popular genres to deliver
Choosing an appropriate genre for delivering on-demand videos, movies or any other types of contents is a wise step while planning to create a video streaming website. It helps you streamline your business model accordingly and run it successfully. There is no limitation of genres you want to distribute to your targeted audience; you can showcase as many genres as you can. Setting up a USP will make your platform different from your competitor.
Developing a Platform Vs Buying a no-code platform
Creating an OTT video platform from scratch through highly-qualified developers can be costly as well as time-taking. Choosing a SaaS provider offering OTT platforms with all the features and security is fairly a good idea to invest in. Reliable and popular OTT platform providers like Muvi can help you build your own OTT platform without any coding. You can build a website like Netflix, YouTube, Amazon Video etc. and start monetizing your video contents with appropriate monetization models. They provide easily manageable video CMS and organize your video content.
An Appropriate Revenue Model
Choosing a revenue model is an important decision. Select a model that fits your business plan as well as content requirements. Examples – Ad-based models, subscription-based models, pay-per-view, etc.
Check The Analytics and Insights
After launching an OTT platform, consider checking the analytics report of your audience viewing time, behavior, and revenue. You can also check the number of users, average engagement time, bounce rate, other demographic data, etc. from. Most of the businesses have pre-integrated their CMS with Google Analytics that will help you figure out a better marketing plan in the future and attract more users to your platform.
Promotion of Your OTT Business
Promotion plays an important role in the success of any type of business. Promoting your OTT platform will increase your overall engagement. You can use several methods to promote your platform such as push notifications, social media, AI recommendations, etc.
Start Creating your OTT Platform with Muvi
Muvi is one of the leading OTT platform providers that allows you to launch customizable Multi-device OTT streaming and video streaming platforms to distribute VOD, Live, Movies and many more. Start streaming anything that you find appropriate for your business. Start a free trial to explore how it can help start and run a successful OTT business.