Before, we needed to go to cinemas to watch our favorite action, drama, romantic, comedy, thriller, or horror movies.
Today, all we have to do is to use our smartphones, tablets, and other devices to binge-watch and stream movies or series of any genre. Thanks to the Over-The-Top application (OTT app).
Because of its convenience, OTT app has increased its importance from across the globe.
In the US alone, Wi-Fi-connected homes use the OTT app for an average of 100 minutes every day.
Researchers also believe that the usage of the OTT app will grow approximately $120 billion by 2022, which is good news for those who are planning to develop and provide OTT apps this 2021.
As a business owner, you always want to expand your market reach and increase conversions. But it will be impossible if your target clients do not have access to your content. Yes, you have spent all your resources, including your time and money, on your content development. Unfortunately, it will just go to waste when you cannot reach your audience. An OTT platform comes to your rescue. When done right, you can build brand awareness, stand out from competitors, grow your sales, and open other profitable business opportunities along the way.
But building an OTT platform is easier said than done. It requires a lot of effort, patience, and commitment. Do not worry! Below, we gather the most common steps in developing and branding your OTT video streaming application for your diverse audience. Without further ado, let’s begin!
Check First the Most Important Components, Including Your Business Niche, Content Quality, & Audience Research
Imagine you recently launched your business without knowing your target niche. Let’s be honest! The chance of failure is higher than you have ever thought.
Although some of your competitors already provided their OTT application, do not be in a hurry.
Before anything else, identify your market. Finding a niche, however, does not happen overnight. But to make things less stressful, be sure to assess your passion, narrow down every possible market, check & study your potential competition, and test your niche.
It is helpful to look at every question people are asking over the internet. While there are multiple websites to count on, nothing can beat Quora as it is a good source of comprehensive information on a range of topics. If you have not tried this platform before, it is time to give it a shot and see the difference.
It is also worth reading, examining, and examining every review on your competitors’ websites. You will gather clients’ details from their pain points, needs, to requirements. Although it is daunting to read reviews online, all of your efforts will pay off, remember!
Choose Your Business (Revenue) Model
You have identified your niche. Now, it is time to choose your business model.
OTT services use three types of business models, including transactional, subscription, and advertising-based.
Transactional Video On Demand
Transactional video on demand allows users to pay to have access to specific content. It is also referred to as Pay-Per-View (PPV).
Although it is not as popular as the other business models, that does not mean transactional video on demand is not a good choice.
-- It allows businesses to release exclusive and timely content without any trouble.
-- It gives you the chance to provide feature films, single videos, or even series.
-- It provides options for any video to be purchased or rented, exceeding your target market’s unique needs and expectations.
Subscription Video On Demand
Subscription video on demand is the most popular business model. Experts predict a whopping 307 million SVOD subscribers by 2025.
How does it work? As the name indicates, users get access to any video content after paying the exact subscription amount. While this business model keeps users entertained, it also gives businesses opportunities to increase revenues.
-- The subscription options are incredibly flexible and comfortable.
-- It creates a constant and ongoing revenue system that you would love thru the years.
-- It does not only make loyal subscribers but also engages your audience.
-- It gives you the opportunity to publish any exclusive video content.
Advertising-Based Video On Demand
Compared to subscription and transactional video on demand, this business model provides video content for free to watch and enjoy. Yes, there are no extra expenses to settle. However, as the name implies, it compels users to watch tons of advertisements, which can be annoying sometimes. App owners do it to generate profits.
YouTube is the most popular example of advertising-based video on demand.
-- Your target audience can watch your content for free, leading to positive engagement.
-- It is available to a wide range of audiences, which can increase your internet visibility in a short time.
-- It does not require a satellite or cable subscription. But you need a strong and stable internet connection to enjoy a glitch-free viewing.
-- If you have growing audiences, it offers a scalable revenue solution.
So, what’s your choice? Identify your needs beforehand to make everything less stressful and complicated. But do not stick to a single video on a demand business model. A combination of any of the business models is always a smart idea.
Use OTT Platform Provider for Creating Brand OTT Apps
Although you have prior experience building your OTT app, it is always best to leave it to an expert. A 2018 survey found that more than 84.9% of people prefer to outsource their OTT build or management to a platform provider, and the number is estimated to increase in the future. Why is that? It is because of a quick return on investment, speed to market, regular innovation, reliable development, proven experience, and professional customer support.
But with the variety of experts to consider, you may be confused about what to choose. This is where Setplex got you covered. As a go-to OTT platform provider, its solution is comprehensive, consisting of Live TV, Analytics, Video on Demand, apps, radio, catchup, and more.
This article does not necessarily reflect the opinions of the editors or the management of EconoTimes