Top 7 Factors To Launch A Successful OTT Service For 2023
The evolution of diverse content consumption patterns never fails to impress us. It has become the new norm to abandon cable TV subscriptions in favor of newer broadcast mediums. This shift has been particularly evident during the COVID-19 crisis when social gatherings came to a halt. Over-the-top (OTT) platforms emerged as saviors from pandemic boredom, experiencing a 23% surge in popularity in the US alone. Even as the crisis subsides, the fondness for OTTs continues to grow, offering content owners a profitable path to follow. How to Create OTT Platform & OTT provider in India
The Future of OTTs & Beyond Setting up an OTT service may seem daunting due to the increasing number of entrants in the field. With the projected revenue surpassing $210 billion by 2026, thanks to the tremendous growth of cord-cutting services, producing and monetizing content has become abundant. This means that streaming services must be competitive from day one. OTT businesses need to find answers to crucial questions such as their streaming niche, effective pricing strategies, revenue models aligned with business goals, preferred marketing channels for extensive advertising, and streamlined customer acquisition workflows.
Factors that Impact the Success of Your OTT Launch
- Kick-Start Marketing Efforts In the face of fierce competition, your marketing strategies must be strong. Engaging advertising that doesn’t appear overtly promotional should be implemented at the right time to drive traffic to your OTT platform. From day one, you should aim to convert potential visitors into paying subscribers to establish a rewarding revenue stream. Remember, marketing activities are essential both before and after the launch to sustain your presence in the market. Promote your OTT platform by creating buzz on social forums and communities well in advance, building an official web page, leveraging influencers to reach targeted communities, running paid ad campaigns, optimizing SEO with anchor text and metadata, and creating an appealing site map, rich snippets, and catchy thumbnails. How to Create OTT Platform
- Analyze Your Competitors Identifying potential competitors who operate in your niche, target audience, or content distribution region is crucial. Monitor their strategies closely and plan accordingly to surpass them and enhance the success of your OTT venture. Conduct a SWOT analysis of each competitor to gain insights into their strengths and weaknesses, allowing you to gain a competitive edge.
- Monetize Wisely As the growth of OTT content continues, people are willing to subscribe to multiple streaming services simultaneously. With an expected OTT penetration rate of over 48% of households, choosing the right revenue model for your video streaming business can lead to substantial profits over time. Consider options such as SVOD (Subscription Video on Demand), AVOD (Advertising Video on Demand), and TVOD (Transactional Video on Demand) based on content style, niche, target region, and business goals. Implement flexible plans, coupons, and promotions to attract customers. Integrate a secure payment gateway and offer a seamless transaction experience with multiple payment options and currencies. OTT provider in India
- Diversify Your Content Repository Content remains the key driver of success for OTT platforms. The richer and more diverse your content, the higher the chances of a successful launch. Approximately 62.9% of the audience opts for a streaming service to access exclusive and original content. To win over your audience, ensure your content is unique, fresh, and engaging. Craft videos specifically tailored to your target audience, produce or acquire a variety of content for both regional and international viewers, offer a mix of on-demand and live streams, and employ machine learning-powered recommendation systems to analyze audience preferences and interests.
- Ensure Streaming Compatibility Across Devices Ensuring compatibility across devices is crucial for any new entrant aiming to succeed in the OTT landscape. Mobile and smart TV apps dominate video consumption, accounting for over 60% of viewership. However, it is essential to analyze your niche, target audience, geography, and their preferred devices before making decisions. Streaming devices such as Chromecast and Amazon Firestick, with Roku being the most popular, are gaining significant popularity. A platform that is compatible with a variety of devices enhances viewer convenience and is more likely to attract a global audience.
- Span a Global Landscape The beauty of OTT distribution lies in its expansive and limitless opportunities. With increased urbanization, Internet penetration, and the rollout of 5G, businesses can target viewers beyond language and geographic barriers. Targeting diverse audiences before your launch widens your revenue-generating potential. Therefore, expanding your market presence well in advance is crucial for a successful streaming debut.
- Nurture & Reap Profits Generating impressive revenue from your video streaming platform requires the right moves before and after launch. Address common challenges such as viewer acquisition costs from the beginning to optimize your business model and achieve higher returns on investment.
In conclusion, launching an OTT platform requires careful consideration and plays a crucial role in your business’s success. With numerous content providers in the market, success lies in having a robust, monetizable platform, employing the right strategies, implementing an appropriate revenue model, conducting targeted marketing campaigns, and conducting detailed audience analysis to secure a global presence.