Aug 10, 2021 BY YASHNA VAJIFDAR
The days of traditional media are now long gone. The age of mobile streaming and smart TVs has changed the expectations and perceptions people have about media. Movies, shows, documentaries, etc., are no longer confined to a single device or format. Viewers want access to content on their own terms, anywhere, anytime, on any device. OTT platforms are the new norm.
OTT denote over-the-top entertainment platforms, typically apps that let users stream videos, movies, shows over the internet. OTT platforms are becoming a major trend these days, as they bring users crisp content in HD on demand.
Forget paying rent for cable each month, as OTT platforms offer much better services and entertainment. Who would’ve imagined this a decade ago?
This covers a wide range of entertainment, educational, and lifestyle content. Some of the most popular OTT video streaming channels include Netflix, Hulu, Amazon Prime, etc.
These include services like WhatsApp, Viber, Skype, or other VoIP services delivered through an active internet connection.
OTT content delivered using Google Chromecast or smart TVs like Amazon Fire Stick, Apple TV, Roku, etc.
Your business may yet have the $250 billion market value that Netflix has. You may not have 36,000 hours (about four years) of content available immediately, but it doesn’t have to.
If you have an audience base that values the content you generate, developing your own OTT app may be a solid business strategy. The benefits may far outweigh the investments, for instance:
OTT platforms are proven to increase brand awareness, perception, interest, and loyalty. In this bustling age, people don’t have the time or patience to wait around to watch their favorite TV shows or movies only at a specific time, place, or device. Since there are no restrictions on when, where, and how users can access the content on these platforms, 6 out of 10 people prefer on-the-go OTT as compared to traditional media platforms.
Precise targeting and analytics can provide valuable and actionable insights on production and campaign performance. Publish your secure, copyrighted originals to selective or restricted geo localities and attract your set of audiences to watch via a micro-targeting strategy.
As mentioned earlier, users prefer OTT platforms over traditional media sources. If your app is user friendly and produces on-demand content that your audience love, it is easy to attract a vast audience base and reach an extensive market.
With more than 2 billion people turning to OTT platforms over traditional media platforms, once your OTT app picks up and is recognized by a larger audience, your revenues will shoot up, and the returns on your time and capital will be unbelievable.
OTT channels cut through mediators such as cable service providers to directly provide content to consumers, allowing users to cut down their costs as well. Industry giants such as Netflix give access to countless shows, movies, and documentaries for as low as 499/month.
Understanding your market, competitors, and audience is crucial before you dip your toes in development— research who your competitors are, what they do, their strategies as well as weaknesses. Analyze your audience, their preferences, behavior. Evaluate the market to get a clear idea of budgeting and pricing and to know the right time to develop and launch the app.
Before you begin to develop your OTT app, you need to pick a popular niche. Entertainment is one of the most popular niches at present.
However, you’ll be in brutal competition with giants like Netflix if you choose a niche like entertainment. Instead, it’s rather a great idea to choose more narrowed-down niches such as eLearning, eSports, fitness, or lifestyle. By developing an allocated streaming service in such niches, you will specifically be able to target your audience.
You can, later on, broaden your horizon depending on the future results.
Your next step is to consider the type of audience you want to target. Whether it is children, adults, users from a specific geographical location, or culture, or do you want all audience types?
OTT platforms allow monetization for both on-demand and live content. On-demand content is much more popular wherein the content gets precisely delivered to the targeted audience depending on their preferences and convenience.
Here are some of the revenue monetization models you can choose from:
SVOD provides unlimited subscribed OTT content. The subscription can be monthly, quarterly, or annual. Some popular examples of SVOD are Netflix, Hulu, HBO Max, Amazon Prime, and YouTube TV.
In this model, you get paid for the ads placed in your content by sponsors. You can run ads at the beginning, at the end in between your video. This lets you provide an entirely free service to your viewers. Albeit highly targeted ads, the users have to sit through all the ads.
TVID is a pay-per-download or pay-per-view model, where viewers pay only for the selective shows they want to access. iTunes, YouTube movies, etc., are some of the famous examples.
Live streaming media has several benefits as well. You can offer user-centric content down in real-time and monetize it through the pay-per-view model.
Enhance your user’s overall app experience by making their registration, verification & profile creation process within a few clicks only. Make it viable for your users to hop on via social media sites as well.
Make your website or streaming platform easily navigable for users to find their preferred content in the stock of millions. This is a must-have feature that you can customize with language, genre, etc.
Enable your app users by generating multilingual & stream content in regional languages. Unleash your streaming potential globally to have a far-reaching audience base.
The watchlist integration feature lets you know that your audiences are interested in viewing your content later. Watchlist integration is a key aspect that will help to monetize and set an in-app notification strategy.
Include your own payment gateway service for the app depending on the operating system you would use, either apple or google. Your users can make in-app purchases set in the mobile panel.
Make the most out of pop-up messages to update your customers for new features, advertise new content, or notify them about membership expiration dates. This can increase the engagement rate of your app.
You can also freely and widely advertise your OTT app by including a button to share on popular social platforms and attract new users again & again through the means of online marketing.
This fantastic feature allows your viewers to get engaged even with non-regional content, attracting and increase engability for audiences worldwide.
Enable your viewers to have a chance to rate & review your content to capture their thoughts and views and share it with other fellow users.
You can manage and update the functionality of your app with an all-in-one live dashboard to evaluate exact subscribers, view counts, etc. & enhance UI/UX with the latest features.
There are already several giants in the OTT field, but who can deny room for exploration and the latest innovation to become a giant yourself.