Optimize Your OTT Model For Success With These 5 Proven Strategies
Posted By : Priyansha Singh | 29-Dec-2022
5 Tips To Increase Revenue With Different OTT Models
The OTT market has indubitably become a crowded space. With a consistent spike in the volume of new entrants and the ongoing user preferences for ‘accessible’ digital experiences, the Over-The-Top video streaming industry has altogether gained brand new momentum. Moreover, the acceleration of OTT streaming has not only catapulted video delivery over the internet but has also resulted in the cord-cutting phenomenon across the globe.
However, one fact that keeps the entire world in awe is – despite the rise in cutthroat competition, the magnitude of OTT platform growth in generating a sizeable revenue is beyond imaginable. In fact, if we take a closer look at global statistics, the demand only keeps augmenting. According to reports, the OTT platform and video streaming market revenue is projected to reach a magnanimous $210 billion mark by the end of the year 2026 as compared to a mere $6.1 billion back in 2010.
In simpler terms, this billion-dollar industry has proven to be a profitable income stream for content creators, distributors, and publishers of various niches. So, in this blog, we have illustrated 5 proven strategies that will help in amping up the business revenue of OTT platforms. However, let’s first get started with the basics.
Understanding The Significance Of Building A Results-Oriented OTT Platform
Based on the type of content delivery as well as the type of video streaming monetization models such as AVOD, SVOD, TVOD, or Hybrid – the OTT channels are strategically categorized for comprehensive streaming with multi-device compatibility. OTT streaming services are segmented in accordance with the content preferences such as:
Additionally, with more and more content creators switching to OTT production for amping up their audiences by more than 30% (on average), now is the right time to build your own industry-specific OTT application as there are potentially no limitations to OTT content distribution.
With a strategically designed Over-The-Top streaming platform in place, content creators and distributors can reach their viewers and engage them with their video streaming services to an unimaginable extent.
5 Tips On How Can OTT Businesses Increase Business Revenue
- Own a Website
In order to garner the trust and attention of your viewers to commit to your video streaming platform, it necessitates more than just owning your app. Well, it is a well-designed website that can potentially table a professional outlook apart from garnering and fostering a community whose interests align with the values, face, and goals of your business.
We recommend that your website should be:
- Easily navigable & relatable
- Clubs multilingual options
- Provides viewer support
- Accepts payments
- Holds a subscription VOD box
- Customized for search engine optimization
- Prompt Push Alerts
By far, push notifications are one of the most successful tools to make audiences aware of your latest digital content. Whilst being minimally intrusive, push notifications have been diligently used for a long time by OTT businesses among others to convert prospects into paid subscribers, promote interactions with personalized messages, and inform new video or content launches.
Moreover, push notifications immensely broadens the profit-garnering window, provided that they are:
- Sent in relevant time zones
- Optimized in accordance with user behavior
- Not too promotional
- Build Analytics Dashboard
When it comes to understanding your target audiences, their preferences, and what incentivizes them to commit to your OTT platform while paying or subscribing to the available content, building a robust real-time analytics dashboard can prove to be instrumental. The relevant analytics and user behavior data can be reviewed to carry out further operations – ensuring full content relativity and effectiveness for optimum growth.
Here are some of the common metrics that you can include:
- The lifetime value of a user
- Total watch time
- Churn rate
- Conversion rate
- Mins watched/ device type
- The average revenue per user
- Prioritize Content Exclusivity
The fundamental objective of online video streaming platform development is to make its content engaging and therefore, distributing a catchy piece of content would be the most recommended option to go for.
In a nutshell, massive user engagement, traffic, and revenue revolve around digital media content that can not be found elsewhere; meaning that it should be unique so that your prospective viewers could pay for it.
Moreover, exclusive content and service offerings reduce churn rates to a great extent, subsequently elevating the customer lifetime value – which in turn is a significant revenue booster.
- Launch Loyalty Programs
Subscribers who have a long-term relationship with your OTT platform and video streaming services could be offered special loyalty programs including rewards or discount coupons. Such strategies help in retaining loyal customers and make them feel valued.
As an OTT platform owner, some of the other revenue-oriented perks that you can benefit from offering loyalty programs include:
- Rewarding your long-term subscribers
- Securing a positive reputation
- Gaining a competitive edge over other OTT platforms in the market
Looking for OTT app development services for your business?
At Oodles Technologies, we offer end-to-end OTT and video streaming app development services to businesses across a plethora of industries. As a reputed OTT platform development company, we enable global organizations to navigate the immersive space of media & entertainment through robust video streaming app development and optimization services. Since revenue sustainability is one of the key factors in determining the success of OTT platforms, we help in launching winning applications and websites customized to diverse business needs. When it comes to architecting a flexible, scalable, and feature-rich OTT and video streaming platform, we help in figuring out the essential attributes and technology stacks that can entail prime features and capabilities for comprehensive streaming.
If you are looking for OTT app development solutions to take your business revenue to new heights, feel free to drop us a line. Our experts will get back to you within 24 hours.