The growing popularity of OTT services has given rise to a lot of competition in the digital market which has only bettered the core output called online streaming. While the Netflixes, Hulus, Prime Videos are winning big and flaunting enviable subscribers in their quarterly reports, often smaller players lag behind despite a good content library and reasonably equipped OTT platform.
Ever thought, what can make the new SVOD platforms to get listed in that elite bracket? How are they so talked about? Why a Netflix original creates an uproar everywhere after it gets released for streaming? Well, find all your answers in the next few minutes and don’t forget to share your thoughts in the comment section below.
Three Make or Break Questions You Must Have an Answer to
Before you formulate your content strategy, first ask yourself these Three questions.
- How my service is unique?
- What my platform has and others don’t?
- Who is my audience?
Well, the questions can be best answered by you. Isn’t it? But it’s important that you need to ask these questions to yourself before you embark on your journey. Remember, the answer to these three questions will basically be your competitive advantage in the streaming business over others and will help you grow as a brand.
1. Option to Live Stream
Do you know, 87% of audiences want behind-the-scenes access and prefer to watch an online live-stream video when it offers more behind-the-scenes content than traditional television? Live streaming is the latest vogue and being a streaming platform owner you must have this option embedded in your platform where you can not only cover live events, stream the making of your exclusive videos etc. but also can connect to your audience by going live.
2. In-App Purchases
In the U.S. 38.4 million subscribers accessed Netflix solely via mobile. So, it’s needless to say the importance of a mobile app for your streaming service. But the point is how exciting or boring your UI and UX are? Plus does it support in-app purchase? Well, not realized yet fully by streaming service owners, in-app purchase on your app has a much better conversion rate and adds an incredible amount of convenience to subscribers. While for end users in-app purchase is subscription and works like an unlockable model the best part is it allows content providers to subsidize their main app. So rather than outrightly selling the app say at $10, you can offer the app for free and keep premium functionalities behind paywalls thereby compelling users to subscribe to premium.
3. Original Contents
Think about it – when so many other video streaming channels are there in the market, why viewers will come to you? The short answer to this is having original and fresh content in your library that connects with the audience. At the beginning of 2018, Netflix had plans to release nearly 700 original TV shows as well as 80 original films during the year. From this, one can assume what sells and what not! Good content backed by sound promotion will do the trick for you and you will be talked about too with your content getting hashtagged across social media forums.
4. Recommendation Engine
Do you know about 75% of what consumers watch on Netflix comes from its recommendation system? Not only it saves millions of bucks for Netflix from being spent on marketing contents, but also it engages users on its platform by showcasing them their favorite content. A good recommendation engine can be a game-changer for your platform. Get one ASAP!
5. Out-of-the-Box Features
Uniqueness always grabs more attention than the usuals. Thus incorporating out-of-the-box features to your video streaming channel will surely bring you to the favorites list of viewers. Try to deploy distinctive features such as chatting option while watching videos, intelligent rewind option, allowing users to upload content etc. will empower your viewers towards more interactive streaming and viewing experience.
There is no hard and fast rule to excel in the highly competitive OTT market. The OTT industry dynamics are volatile and completely user-oriented. So, whatever strategy you think of must align with the audience’s demand. And being an online store owner you must be on your toes every time to accept, manage and own challenges.
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