Sports streaming is the much needed revolution in the sports industry that has taken place over the past decade. Sports streaming has emerged as one of the fastest growing sectors across the globe. Audience has become gradually inclined towards watching both live and on-demand sports videos from the comfort of their homes. And with that, the sports streaming sector has swelled to offer high profit and lucrative growth scope to the sports streaming players.
As stated in a recent market report, the global live sports streaming market itself is set to grow to US $93.016 billion by 2030 from its benchmark of US $18.689 billion in 2021 while growing at a CAGR 24.64% from 2022 to 2030. This just gives a sneak peek into the high potential the sports streaming industry holds.
No wonder that launching one’s own branded sports streaming platform has turned out to be one of the most lucrative business ideas in 2022. But, how to start your own sports streaming platform? Is it easy and feasible to start even if you don’t have that technical expertise? The answer is yes! And in this blog, we will walk you through how to launch your own sports streaming platform. But before that, let’s walk you through the reasons you should launch your own sports streaming platform.
Why Is Sports Streaming a Big Deal in 2022?
The popularity of sports streaming is only subject to spike further in the coming years. If you are still wondering, then have a look at some of its top advantages that make sports streaming a big deal in 2022 and beyond.
1. Improved Audience Experience
Sports streaming lets the audience watch any sports tournament/event from the comfort of their home and without any hassles. Even without needing to purchase a costly ticket, or dealing with the large crowd, one can watch the sports tournaments in real-time as well as on-demand as per their conveniences. By providing the viewers with high quality audio and video, a sports streaming platform ensures an improved audience experience.
2. High Audience Engagement
Audience engagement is the key to any business growth and by launching a sports streaming platform you can definitely tick off this criteria. Recent statistics revealed that nearly 19.6 million viewers watched the 2020 NFL draft, which is a sharp rise from the viewership of 8 million in 2019.
This is just a glimpse of the audience’s inclination towards watching sports streaming and refers to the high audience engagement which you can leverage by launching your own sports streaming platform.
3. Flexibility & Portability
With the help of a sports streaming platform, the audience can watch sports from anywhere irrespective of their time zones or geographical locations. Also, it offers great portability as the viewers can watch from any devices – smartphones, tabs, laptops, or any other.
Besides, the viewers can avail great flexibility to browse through various sports events, matches, tournaments etc. of their choice and can watch them both live or on-demand. This altogether offers great flexibility and portability to your audience.
4. Widening Growth scope
Sports is such a sector that will never become old or obsolete. Rather, with digitization taking over diverse sectors, the craze to watch sports streaming is only set to rise further in the coming years.
The global sports industry is forecast to surpass US $700 billion by 2026 and it is set to cater to the growing revenue of the sports streaming industry around the world. This makes opening your own sports streaming platform a highly profitable business idea to explore.
Guide to Launch Your Sports Streaming Platform
Now that you have a clear insight into the benefits of launching your own sports streaming platform, let’s guide you through how you can do it.
1. Research Your Sports Streaming Content
The first step to launch your sports streaming platform is to decide the types of content that will be streamed. The sports industry is vast and to start with, either you can target a specific segment to offer niche sports streaming content like on cricket, football, tennis etc., or you can keep different categories for the audience to browse through.
The later one is a better idea as in this way, you can target diverse audiences with diverse interests and can run even a more profitable sports streaming business.
2. Decide Your Sports Streaming Type
Now comes the part to decide what type/form of sports streaming will you provide to your audience. While sports live streaming is more popular for giving the real-time streaming experience to the audience, on-demand sports streaming caters to their requirement for watching sports streaming as per their convenience.
It lets them have better control such as deciding the time they want to watch the video content, changing the playback speed, and others. So, instead of only focusing on live sports streaming, you should focus on both on-demand and live sports video streaming on your sports streaming platform.
3. Decide Your Monetization Models
It is important to decide the proper monetization models for your audience such as subscription-based, ads-based, pay per view, and others. This will cater to various requirements of your audience based on their preferences, purchase patterns, and others.
Also, you should keep the option of bundle plans where the audience can opt for bundles of sports streaming content based on their preferences. This will offer more flexibility to the audience in terms of watching their preferred sports content at affordable costs.
4. Opt for a Sports Streaming Platform Provider
Once you are done with executing the above steps, you need to opt for a quality sports streaming platform provider that can let you implement all the above-mentioned pointers easily. Some of the must-have features/solutions to look for in a sports streaming platform provider are –
- Your own branded sports streaming app and website
- Multiple monetization models along with multiple payment gateways and multi-currency options
- Both on-demand and live sports streaming solutions
- Easy live streaming option from various devices including mobiles
- SEO optimization and social media engagement tools
- HTML5-based streaming for optimum audience experience
- Analytics and insights, to name a few
You should also look after other important pointers such as support and security, customization options, learning curve, how much technical knowledge do you need to set up and maintain the sports streaming platform etc.
Launch and Grow Your Sports Streaming Platform With Muvi
Muvi, an all-in-one OTT platform provider, comes with its dedicated sports streaming solution and ticks off all the key requirements mentioned above. Customized and scalable content delivery network to highly customizable online video player – Muvi provides an all-in-one solution to launch and grow your sports streaming platform. Moreover, you don’t even need to write a single line of code to launch and maintain your sports streaming platform.
If you are still wondering what and how, take a 14-day free trial today (no credit card required) and if you like it, we will set it up for you!