Globalizing your OTT business is not an overnight process and requires your time, effort and most importantly strategic approaches. According to a recent report, the global OTT industry was worth US $121.61 billion in 2019 and is set to reach US $1039.03 billion by 2027. With the market growing at such a rapid pace, there are unlimited opportunities awaiting for the OTT players around the world and in order to leverage it fully, you must consider globalizing your OTT business if you are yet to do it. In this blog we have come up with the strategic tips to globalize your OTT business. So, let’s start!
Guide to Globalize Your OTT Business: Tips You Should Follow
1. Diverse & Multilingual Content
In order to globalize your OTT business, you must diversify your content in terms of genres as well as languages. For instance, if your existing OTT platform is focused on only English movies, then it’s time to bring more variety by including movies of different languages such as German, Russian, Arabic, French, and others. In a nutshell, your OTT platform should be able to provide the proper options to each of the viewers no matter which language they speak in or which demographic they belong to.
2. Dubbing & Subtitles
Be it Netflix, Amazon Prime, or Hulu, every OTT platform has these features that let the audience choose their preferred audio and subtitle languages. While having language-specific content is highly important to target a global audience, it is equally significant to provide them with the flexibility to watch the series and movies that are in other languages. For instance, if an English speaking viewer wishes to watch a Spanish movie, the language shouldn’t be a barrier to that. Dubbing & subtitles help in eliminating such constraints and make your OTT content more apt for a global audience.
3. Differential Taxes and Regulation Compliance
Coming to the monetization of a global OTT platform, the two vital areas you must not forget are- taxes & regulations. As different countries and states have different tax compliance, regulations and protocols, you need to ensure that the subscription plans and monetization models reflect those correctly for the audience from various regions. Before you expand your streaming business across the continents, it is recommended that you customize/modify the taxes to set up differential tax brackets according to the tax protocols/regulations so that there is no ambiguity in customer billing that may impact your brand image.
Also Read: Top OTT Industry Trends in 2021
4. Simple & Catchy User Interface
Building a simple yet unique user interface is one of the easiest ways to draw more global customers to your OTT platform. A few tips that may help you-
- Keep the sign up/free trial process as short as possible
- Keep the overall user interface less wordy and rather go for graphic representations be it the dropdown menu or other options or navigation/process flowchart
- Keep multi-language option from the sign-up page itself so that no user can bounce back due to difficulty in understanding
- Keep the authentication process robust yet simple to make the users feel secure enough to proceed further
- Make sure the UI conveys your brand identity and makes it stand out from the rest to create a lasting first impression
The above-mentioned tips will not only help in globalizing your OTT business but will act as marketing strategies to drive new global customers as well.
5. Multiple Subscription Plans
As you globalize your OTT business, you need to keep in mind that there are even higher variations in the preferences of your audience. And you must bring variety to your subscription plans too in order to accommodate their requirements. For instance, if your present subscription plans have only two options- basic & premium, then you may consider giving more options to your audience based on their age groups, locations, languages, preferences etc. Also, don’t forget to keep multiple payment gateways and currency options to make the subscribed customer experience hassle-free.
6. Multi-Device Support
It is obvious that as your customer base gets globalized, there is a surge in demand for multi-device compatibilities. It is a good practice to stream content on your OTT platform that is compatible with different devices starting from smartphones to connected devices from the day one of your streaming business. So that you can globalize your business anytime you want without worrying about cross-device compatibility.
Globalizing your OTT business is the best idea to unleash the potential the OTT industry holds. One should always keep the provision to do it easily by keeping in check the above mentioned factors. The most of it can be accomplished by launching through a top-notch OTT platform provider that meets all the requirements to grow and globalize your OTT platform.
Muvi, the one of its kind of OTT platform provider, not only efficiently provides all the needed solutions but even more such as white label OTT platform with chromecast support, artificial intelligence, social media integration and many more. Moreover, it doesn’t need any coding or technical process be it launching your first OTT channel or growing it further. You can do all just through a few button clicks.
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