OTT platform allows users to view on-demand video from anywhere, at anytime on and on any devices connected to the internet. There is no need for a cable network connection. OTT market value is expected to cross US $1 trillion-dollar. The revenue for OTT-business worldwide is growing at a Compound annual growth rate of more than 9%.
Users prefer to use the OTT app and website due to its convenience and easier accessibility on most of the devices connected to the internet. Users have full control over the content, and user data are protected where they can enjoy secure streaming. Here is the blog that lists the reasons why the OTT platform is important for every business.
Why is OTT platform more important for any business?
Omnichannel experience
Most users prefer to use OTT platforms on both mobiles and desktops. At the same time, other people might also use a smart TV, gaming consoles, and tablets to access video content. It provides an omnichannel experience where users can access the video content from a different device.
Personalized experience
With the OTT platform, the business can customize its website and app in order to provide a unique and personalized experience to users. It helps in creating a bond between customer and business. Modern technologies like analytics will give details about user behavior, and with that data, you can tweak changes in the OTT platform to attract more users to the platforms.
Increase in Demand
The number of users of the OTT is expected to cross 500 million by 2026. Around 3.5 billion people use mobile phones, and 65% of the time, video is streamed on mobile and tv apps. More people are cutting down cable connections and have started moving towards OTT platforms for flexibility. It is always the smartest move for any business to consider building an independent OTT platform.
Different business plan
With OTT platforms, video content can be monetized under subscription, transactional, and advertisement-based methods. In the subscription method, the OTT platform can charge a subscription fee monthly or annually from users in return for accessing the content. Whereas in the Transactional method, platforms owners can charge each video on a view basis or time period. In advertisement methods, you can show targeted advertisements to users. In return, you get paid by advertisers for placing their ads.
Why do businesses need to launch an OTT platform?
Businesses launching an OTT platform will allow them to stream videos online, where it helps in reaching broader audience range, increase brand awareness, and generate revenue in the long run. OTT platform supports both live streaming and on-demand hosting.
Advantages of the OTT platform
- Convenience
- Multiple device support
- Increase brand awareness
- Reach a broader range of audience
- Video CMS for easier management of video content
- Rapid delivery of video content to end-user through CDN
- Multiple video monetization options
- Advanced analytics support
Important features to consider when building an OTT platform
- White label option – Platform owners can customize the website and app according to their wishes. They can also include their logo and brand name to give importance to platform owners’ brand image.
- OTT should work well on most devices that may be mobile, desktops, tablets, or Smart TVs.
- Video-on-demand support where viewers can watch on-demand video content at any time and on any device. Live-streamed video content can be recorded and stored to be viewed as on-demand video content.
- Analytics dashboard: you can measure and manage OTT content performance.
- Security features like DRM prevent copyright issues. Other essential security features are SSO authentication, AES encryption, and dynamic watermarking. Dynamic watermarking helps to find the source of video content by the watermarking logo and brand name.
- Multiple audio languages and subtitle support
- Content delivery networks – CDN plays a major role in the safe delivery of video content to end-user across the globe. It ensures security and low latency. It ensures to deliver video content to end users without any deterioration in video quality.
- Different monetization models –
- Choose a platform that offers various content monetization options for enhanced return on investments. Different monetization options must include SVOD, AVOD, TVOD, and Hybrid.
- The pricing of OTT platform should be fixed in such a way that it is affordable to all types of users. If the pricing plan is higher, you need to offer services of higher quality.
Important tips to consider when building an OTT platform
Make a plan- before launching an ott platform, you need to plan regarding goals; you need to identify your potential audience, analyze and compare with your competitors and other needs related to the OTT platform.
Identifying target audience – you need to identify an audience that you want to target. You need to find out the user details of your potential customers like age range, interest, location, etc.
Selecting a niche- choose the type of video content you want to offer. It can be any type of video content that includes entertainment, health, fitness, news, sports, education, and religious-related videos. Choose a niche so that it can help you in identifying a potential audience.
Frame marketing strategies – besides offering video content to the audience. You need to market your OTT platform to reach a broader audience and increase brand awareness. Platform owners need to share images and videos on social media platforms. Write a blog and submit a press release to help potential users to know about the platform in detail. Consider giving coupon codes and discounts to retain subscribers.
Approach OTT platform provider – It would be a smart move if you go in search of an OTT platform provider as they build you an OTT platform according to any business needs that come with advanced features and powerful functionality.
Conclusion
To stay with the trend, it’s always best for any business to start an OTT platform to reach a global audience, and it will also help in scaling up the business at a global level. Branded OTT platform providers are the best choice as they ensure you that OTT platforms are built with essential features required for video streaming.