Viewing the preferences of consumers all over the world have evolved a lot in a very short time. Binge-watching on the OTT platforms is on rising like never before. This is going to be one hyper-competitive industry with user penetration which is at 40.9% in 2021, is expected to hit 48.3% by 2025.
So, if you are looking at starting a professional OTT service, this is the best time to crack into this market. More so, because this business idea does not require huge investments, ingenious IT Teams, or any complicated coding work. Building your own OTT business on a viable budget is very much possible. Are you thinking how?
VPlayed by CONTUS is an enterprise-grade, power-packed video streaming solution that has solutions for broadcasters, distributors, and content owners to build their own streaming platforms completely according to their liking. It has developed a zero-coding, entirely customizable, full-featured OTT platform at profitable pricing. You get a dedicated IT infrastructure, with 24*7 customer support, instant allocation, and expansion options.
With this blog, we will discuss the path to a faultless deployment of a money-making streaming channel that starts earning money for you from Day 1.
How to Make Your Video Streaming Platform
1) Select a Niche
Richard Koch says, “Choose the niche that you enjoy, where you can excel, and stand a chance of becoming an acknowledged leader”. The kind of content, app, or website you want to stream decides how successful your OTT platform will be. Health, Fitness, sports, eLearning are a few popular examples. Take a look at how ‘Shudder’curates specialized horror, thriller, and supernatural streaming services.
2) Build Your Content Inventory
Explore a bit about the mood, mind, and interest of your subscribers before you launch your video streaming platform. This is the very basis on which your app is further updated on a regular basis. This is the crux to stay relevant and engage your users. Make pertinent plans about how many and how frequently would you post the content, would you deliver content season-wise or all in a go, whether make it available for free or on a subscription, etc.
3) Creating Your Video Streaming Website And Mobile App
The next step is to understand which model suits you. It is a good idea to get a Web App for your OTT service. There is a major chunk of users who use internet browsers to stream through videos. Having a web app gives you more advantages like getting ranked on search engines, easy payment processing, developing trust through reviews and rankings, etc.
In the next phase, you can also think of creating a marvelous OTT app. These apps are accessible anywhere, anytime. Being a crucial step to the success of your business, choose only a top-notch OTT app development company to partner with. The app must be instinctive, user-friendly, and should have a first-grade interface to catch the attention of users. A good interface and experience help develop a great experience and build successful commercials.
Reasons Why Video Streaming Platforms Gain Popularity?
An OTT platform’s target groups are “millennials” or those between the ages of 18-35 years. Increased numbers of smartphones, digital India campaigns have hugely driven the population’s viewership preferences. Let us see what makes these OTT platforms such a craze.
- Affordable Prices
More shows, easy availability, anywhere accessibility sounds like a nice deal. The users find value in video streaming services as it offers a huge video library that is exclusive and easy to use at a very appropriate price. Comparing with the current cable packages, OTT subscription starts from appx Rs 100 per month and you can opt for a custom plan according to your choice.
- Good Quality Original Content
Over this lockdown, a huge number of traditional media viewers switched to these platforms because of better content. Exclusive, original content and bigger catalogs are a key driver in OTT that keeps the audiences hooked. This is also the reason why engagement rates on digital are much beyond the traditional media.
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- Work On Different Devices
Unlike in earlier times, when Television sets were a necessity for watching programs. OTT apps become available on all your devices making their use easy and convenient. Smartphone, tab, television, or a laptop, you can choose to watch your stream on any device.
What are the Monetization Models Available in Video Streaming Platform
Video monetization means getting paid for the videos you publish. More you earn, when more people watch or download your content. Let us see how it works.
- AVOD or Advertising Video On Demand is the model that offers streaming for free and viewers are giving their time to your content. Because the brands look for places where their audiences spend time, you can culminate your revenue from ads, sponsored content, commercials, etc. Run pre-roll, mid-roll, post-roll ads using third-party ad-servers from VPlayed which is a smooth functional video streaming platform developed by world-class IT teams.
- SVOD or Subscription Video on Demand is an option where users pay a subscription fee to access video content. E.g. Amazon Prime. Customized subscription plans can be created for different types of viewers which are mostly charged on a monthly, annual, and quarterly basis.
- TVODTransactional Video On Demand means paying-per-view streaming or pay-as-you-go model. This is a transactional model to sell your videos by charging one-time or hourly.
- SSAI server-side ad stitching is the model where ads can be inserted into high-quality videos through video streaming solutions that can manage ad blockers across devices.
- Third-Party Ad Integration is another monetization method that can be facilitated seamlessly to 3rd-party video ads like Google ads, SpotX, OpenX, etc. to make revenue.
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The Formula for Video Streaming Platform Success
Video Streaming is an industry filled with enormous amounts of online videos. So, how does one ensure that your video streaming platform will deliver the benefits? Being Flexible + Customer-centric is the key. The formula gets you better chances to drive home a money-making video streaming service. With the growing market, it takes more than just great content to be successful. So here is how to move up the ladder.
Your distribution, monetization, and promotion must:
- Be Adaptable –Your live-streaming campaign should be flexible to changes in audience, technology, monetization methods, and the digital landscape. Since everything in this space is changing constantly, learn to keep up with the changes.
Formulate strategies that are flexible and can react to unfolding changes. Be open to creative exercises, like experimentation and situation planning. This is an essential tool for expanding knowledge and building more flexibility.
- Be Customer-Driven –A happy user helps to bring more business and is key to retention also. Be watchful of popular content streams, audience preferences, devices being used, and bringing value to the user. A relationship that offers value to the customer is undeniably a long-lasting relation. Customer centricity will help you step outside and look through customers’ eyes. This actually helps to resolve business challenges, understand the customer journey, reduce costs to serve better, and improve efficiency.
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Bringing to Conclusion
To create an OTT app you can
- DIY by using instant TV Channel,
- get a developing team,
- Or lease an app from the best white-labeled video streaming app providers.
VPlayed helps you launch your own app in effective ways and lets you focus on the creation of marketing tactics &brand promotions. For the best ROI, planned launch, and monetization of your content, collaborate with VPlayed from CONTUS which is a global leader in next-gen communication, streaming & digital engineering services.