The app-driven TV viewing or OTT sparks huge change, driving rapid technological development and radically changing consumer viewing habits. Over-the-top video streaming, or OTT as it is popularly called, has transformed everything from how programming is delivered to viewer expectations. Build an OTT Video streaming app and emerge your brand.
Many businesses are finding value in launching OTT streaming platforms. Some offer the platform as a service, whereas some use it as an internal business tool. Whatever the purpose is, the technology has made it possible for businesses of all sizes and shapes to start their own VOD business.
In this blog, let’s discuss how to start an OTT business and emerge yourself as a prominent brand in the crowded streaming market.
Advantages of OTT video streaming apps
The business model of OTT apps is highly profitable to businesses. It offers more alternatives for revenue generation compared to old business models. The advantages are many; let’s explore the benefits of the OTT platform for business.
Highly targeted advertising
OTT opens up effective ways to compare ads with the right users efficiently. The platform offers more platforms and channels that lack ways to track user engagement. OTT apps also allow advertising brands to target ads and more efficiently track the response from different user segments.
- Customer segmentation
OTT video streaming apps allow marketers to segment users more effectively, including live user segmentation. Today, with advancements in technology, an OTT platform can offer the audience valuable insights, including device types, locations, series retention, and a lot more.
In addition to improving user engagement, you can also open up to new subscribers. OTT apps offer flexibility and convenience to cord-cutters, and OTT content is a differentiator for users. Streaming businesses launching OTT apps get over 30% better conversions when compared to businesses that do not have apps.
How to build an OTT video streaming app
OTT video streaming has become the future of entertainment as viewers are relying on OTT more than traditional satellite TV. Creating and launching your own video streaming app calls for a streamlined strategy to attract the audience.
Here is a step-by-step guide to help you make your OTT streaming app.
Choosing the niche
Creating an OTT app in a niche to target a specific audience is a great idea rather than sticking on to general categories. To launch a successful OTT video streaming app, you can choose from niches including Fitness, sports, religion, eLearning, etc.
Building your OTT content library
The soul of an OTT video streaming platform likes the content it has. Being the foundation of the OTT app, it is recommended to build a content inventory to stream before you launch your app. Make a content strategy that defines the type of content you are going to host and the exact number of content you are planning to include.
Answer the following questions to build your OTT library efficiently:
- Will you acquire OTT content or exclusively produce it, or follow a combination approach?
- How many videos you would like to post on a daily basis.
- Would you offer the OTT content for free on or on a membership basis?
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Selecting the right business model
Launching an OTT video streaming app involves choosing the right business model to turn your business into a profitable venture.
Let’s look into some of the common OTT business models to choose from.
1. Advertisement model
Users can enjoy the content for free, and the business makes money by running ads on the OTT content. This business model suits you if you are just launching and waiting to establish a large audience base. However, it takes a large viewership to make money using a business model.
2. Subscription model
The subscription model is another popular business model used by most OTT platforms, including Netflix, where you provide the content that is offered to viewers on a membership fee. This model is great if you have content that can entertain viewers in the long term.
3. Pay per view model
The pay-per-view or transactional model is where users pay for individual content they like to view. This model is great if you provide seasonal content like a live show or event that is compelling for users to purchase.
Features of OTT platforms
As the popularity of OTT video streaming script is at its height, content creators and OTT businesses must accurately access the OTT platform while sharing the content across multiple channels. Let’s look at some of the important features of an OTT platform.
- Social login
The OTT app must include multiple options for account creation. The signup process must be short and straightforward. To shorten the process, allow your users to sign up log in using their social media accounts.
- Simple interface
Users will highly appreciate an OTT interface that is convenient to operate. The platform must allow viewers to quickly find the content they are looking for and perform other tasks efficiently.
- Content discovery
Retrieving new and personalized content is one of the essential features of an OTT platform that improves customer loyalty. A successful OTT platform is powered by a strong recommendation engine and provides rich functionalities which allow viewers to find the content they would like to watch.
- Watch list
The important feature of the OTT video streaming platform is the watch list functionality. A watch list is where users would add content they want to watch later.
- Push notifications
Integrate push notifications to notify your users about new content and other important updates on the OTT platform.
- Multilingual content
If you are launching the OTT platform to cater to a large audience, make sure the platform supports multiple languages to cater to a broad audience.
Content creators must be able to explore an overall view of the content distribution of creating the right revenue strategy that compliments their business type and goals. A dashboard with inbuilt analytics gives creators clarity and in-depth information like user engagement, demographics, content distribution across different devices and platforms, and its results.
To thrive in this highly competitive OTT world, content owners need to ensure that the OTT platform is adaptable to business needs.
The development approach to adopt
Yes, this is the essential part of running a streaming business, build an OTT video streaming app. The obvious approach is to develop your OTT platform from scratch, but it is not the most straightforward or affordable approach; hence it doesn’t suit businesses of all sizes and shapes.
If you are looking for an alternate developmental approach, using VOD software is the best method. VOD software is ready-made solutions or clone scripts that equip you to get started with your own OTT business. The VOD software allows you to customize your OTT app to suit your unique business requirements by personalizing the interface, adding desirable features, choosing the revenue strategy, etc.
Today’s modern viewers are enticed by OTT apps that offer a convenient, flexible, and engaging viewing experience. To begin with, select a niche that matches your business type and goals and come with a business strategy that aligns with it. When you launch an OTT video streaming app, ensure you deliver a great user experience to your viewers to disrupt the industry with your unique OTT content.