The OTT industry is growing at a rapid pace and you’ll see numerous statistics to support this argument. According to Allied Market Research– the global OTT market size was valued at $121.61 billion in 2019 and is projected to reach $1,039.03 billion by 2027, growing at a CAGR of 29.4% from 2020 to 2027. Launching your OTT by yourself is a daunting task and takes a lot of effort and investment. Companies like Quibi, Hooq, and Seeso have previously failed to understand fundamental aspects of an OTT streaming service and hence led to their rapid downfall.
You don’t start your business when your streaming platform goes LIVE, you start your business the day you think of creating a streaming platform. So, if you have decided to launch your platform, here are some of the basic factors you should consider before launching your streaming service:
Find Your Audience- If you don’t have a user persona of your audience, you are definitely starting off on the wrong foot. You are creating content for your audience and not for yourself, so you need to understand the likes and dislikes of your audience. All of your strategies depend on it. From considering the UX of the platform to choosing the right content and marketing strategy, audience preference should always be the primary deciding factor & guiding light.It is always important to understand the factors that drive the buying decisions of your consumers. Having a deep knowledge of your audience should start long before you lay the technical foundation of your service. You can give free trials to early adopters so that you can understand more about your audience and their preferences.
A Strong Brand Identity- If you are already a renowned brand in the industry, it becomes easy for your audience to recall the brand. Having a clear brand messaging and identity helps to create a good connection with the audience as they feel relatable. Moreover, it’s helpful if you already have a loyal audience that can be easily converted into your paid subscribers. All you need to do is continue showing value to your engaged user base.
Platform User Experience – Brands should put the UX at the heart of their OTT service. As streaming services are becoming a primary function for broadcasters and media outlets looking to lead the industry in the coming decade,, your brand identity becomes a vital part as the consumer can easily feel connected to it.
People associate a lot of brands just by seeing their color schemes, or logos. The reason is the marketing strategy of brands to deliberately create a consistent branding which leads to a strong recall value. Identifying and using the brand’s colors, design aspects, logos, consistently throughout all the devices helps to make the experience more seamless and also makes the OTT service stand out and leave an impression on the audience.
Proven Engaging Content- Content has always been the most important concern for OTT owners to make their platform successful because it enables the audience to engage and subscribe. OTT owners need to have a strong and proven content strategy for their business for which the audience is ready to pay. Content should be relevant to the audience and they should feel engaged and benefited from it.
Pricing Strategy– Another essential factor before creating your OTT platform is to have an effective pricing strategy. Especially in today’s world when the market is fierce and competitive, businesses are trying so many approaches to establish the best-suited pricing strategy for their business.
An effective pricing strategy is essential when it comes to OTT apps and websites. In today’s increasingly competitive market, with one OTT-business offering cut-throat pricing than the other, it is inevitable to have a strategic and competitive pricing strategy in place. Generally, there are five types of pricing strategies you can use for your OTT platform. These are Subscription Video-on-Demand (SVOD), Advertising Video-on-Demand (AVOD), Transactional Video-on-Demand (TVOD), Premium Video-on-Demand (PVOD), and Hybrid Video-on-Demand (HVOD).
Choosing the best revenue model for your business needs a well-planned and thought-through strategy. From creating the pricing model to the billing cycle of the payments, everything needs to be devised in advance. It is always advisable to keep your pricing according to your audience and their needs.
Technical Aspects – This includes creating the back-end infrastructure and wholesome list of features unique to your platform – right form selecting the right CDN, Multi-device experience, monetization, and customer support. This can be a quite tedious task for organizations if they are doing it all by themselves. It’s because you need to find the best providers for CDN and cloud services, Technology partners for integration, Quality of Video service, Security of the content, Content Monetisation, and other various technical aspects. That is why brands are now going for On-Demand apps now.
However, there are many companies in the market like Enveu who offer hassle-free, less-code, and off-the-shelf services in the market. They handle everything from building your custom OTT experience, creating your apps for various operating systems, curating & delivering content, monetization and Customer service. Not to mention the easy ‘flip of a switch’ access to all kinds of integration partners. Therefore, creating a platform would no longer be your headache and you can focus on your other business strategies.
As online content consumption is increasing in popularity, more and more online streaming players are coming into the picture, which means the market will be more competitive in the upcoming year. By looking at the growth of online video consumption, it is a wise decision to move your content online. Just keep in mind all the considerations before launching your platform.