Are you a content publisher looking for ways to diversify your audience? Wouldn’t it be great if you could leverage the power of videos to break into new demographics? Do you want to reach a wider audience, reinforce brand loyalty, and earn more revenue?
Is your answer to any of the above questions a resounding “yes”? Then it’s high time you work towards launching your branded OTT platform. Apart from helping you build a loyal army of subscribers, an OTT platform is also an excellent revenue stream.
Scope for OTT Publishers in 2021
To begin with, a recent study found that nearly 80% of all internet traffic comes from streaming video viewership. Moreover, worldwide OTT video revenues are projected to grow from $129.4 billion (in 2019) to $200 billion (in 2023). The number of subscription-based OTT viewers across the globe is expected to cross $1.8 billion by 2023. So, if you’ve been contemplating hopping onto the bandwagon of OTT publishers, this is the right time to take action.
How to Build Your OTT Platform
Launching an OTT platform involves a series of complex steps, such as app and website development, content production, etc. So, here are the steps you should follow:
1. Find the Right Tools
Hiring full-time software developers to build your OTT platform can be expensive and time-consuming. Instead, you can use a turnkey SaaS solution, such as MAZ, to quickly create and deploy your OTT app across multiple devices.
MAZ’s user-friendly and intuitive dashboard serves as a one-stop solution for all your OTT development needs. From hosting long-form video content to creating a website for promoting your OTT app — you’ll find simple tools to accomplish every task.
2. Outline Your Content Strategy
Even the most well-designed OTT platform won’t yield the desired revenue unless it delivers high-quality content. Make sure you develop a content strategy to attract and retain your audience before launching your OTT platform. Also, you should outline an actionable plan to create and publish this content at the right time.
3. Promote Your OTT Platform
You can’t compete with other OTT publishers unless your content reaches target users via the right channels at the right time. That’s why it’s essential to build a robust marketing strategy for your OTT content and platform. Make sure you include multiple strategies, such as social media marketing, display advertising, email marketing, etc.
How to Monetize Your OTT Platform
Outlining a monetization strategy is a crucial part of building an OTT platform. It’ll determine how you’re going to earn revenue from your OTT content. Typically, OTT publishers can choose from a wide array of monetization techniques, such as:
- SVOD
- TVOD
- AVOD
- Metered paywalls
- Sponsorships
Subscription Video On Demand (SVOD)
This is one of the most common monetization models used by leading OTT platforms, such as Netflix, Amazon Prime Video, and HBO Now. Simply put, users have to pay a monthly or annual subscription fee to access video content. However, for this strategy to work, you must deliver an excellent OTT viewing experience.
Transactional Video On Demand (TVOD)
In this model, OTT publishers charge users on a pay-per-view basis. In other words, users can pay a fee to buy or rent premium content on your OTT platform.
Advertising-Based Video On Demand (AVOD)
In this model, you make money by selling ad space on your OTT content to advertisers. While the content is available for free, users have to sit through branded advertisements. You will, however, need a thorough understanding of your user demographic and approach relevant advertisers.
With MAZ, you can easily implement different monetization strategies and track user behavior to maximize your revenue.
Final Thoughts
To say that the OTT landscape is expanding would be an understatement. But if you want to stand out from the crowd of OTT publishers, you must have a deep understanding of your target users. Also, it’s a good idea to develop a hybrid monetization strategy using the SVOD and AVOD models.
Can’t wait to kickstart your journey as an OTT publisher? Contact us today to get things going.
