Video content has become really popular. Nowadays, people prefer to use a video subscription platform, so that they can choose what content they pay for and watch it whenever they want. This is why right now a great time to launch an OTT business is.
Globally, the viewership is expected to reach 411 million in the next year. Global revenue of the OTT video subscription business is also predicted to be around $22 billion.
The reasons behind this boom in the OTT business are the trends in OTT platform and video subscription services. Companies are making use of immersive streaming technology, subscription bundles that provide access to an entire library of content and improved user experience. These trends ensure more subscribers and better streaming.
What is an SVOD business model?
Before launching an OTT subscription business, you will have to decide on a business model. The business model you choose will affect the revenue and the way in which you earn it. The best business model is the subscription-based video on demand (SVOD) model. In an SVOD model, there are subscription plans for viewers. They get to choose a specific subscription plan and watch only what they pay for. Subscription plans can include parts of the video content library and can be monthly or yearly. In SVOD platforms, users cannot download the videos. But as long as they renew their subscriptions they can access the platforms and keep watching. The revenue can be generated monthly or annually, depending on the payment plans.
How to launch the best video subscription business?
A video subscription business can be a great way to generate revenue. But it is important to include a few features and create them in a way that attracts subscribers. To build a video subscription website that is accessible and popular among viewers, follow the tips given below.
● Find a Niche and Establish Your Brand
There are various types of videos that can be streamed on OTT platforms. So you might think that diverse content will attract more people. But when you are just starting out, it is better to focus on a particular type of video. Find a niche for your business and build your brand around that. This will make it easier to advertise and establish your business. You can expand the niche or add different types of content once your business is successful.
● Create a Website and an App for the OTT Platform
A website for your OTT subscription business is essential. You can either design it on your own using reliable video subscription software. Apart from a website, you also need to develop an app for the platform. Having an app makes your video content accessible to many users. People usually watch content on their phones, so an app for your online video subscription platform that is compatible with iOS and Android devices is required.
● Leverage a White Label OTT Platform to Develop the Website
If you are unable to design and develop a website on your own, you can use a white label OTT video solution platform. Leveraging a white-label OTT solution platform will allow you to use ready-made templates and start your streaming service immediately.
● Fix Prices of Subscription Plans
Once the website and app are ready, you need to figure out the subscription plans. The price can depend on what content you are offering. If you have multiple plans then the cost of each can depend on the content, quality of streaming and even the duration of the subscription. Before you fix the price for your subscription video-on-demand service, check the plans offered by your competitors. You also need to take into account how much your potential customers want to pay. Do not keep extremely high prices, even if you are offering exclusive content. Since this is a new venture, you should start with affordable rates and then increase them as the popularity of the platform grows.
● Provide Various Subscription Plans
While deciding on the subscription plans of an OTT solution platform, you should keep plans that are flexible. If potential customers have the option to choose monthly or yearly plans and have multiple payment options, they will be more inclined to subscribe to the service.
● Use Analytics to Predict the OTT Market
The market forecast is important because it will allow you to understand when and how you should launch your OTT subscription business. Make use of data analytics to predict the outcomes and optimize your business accordingly.
Conclusion: The content you provide on your OTT video subscription website is the biggest factor in attracting subscribers. The next big factor is the streaming quality. To provide the best of both, you can collaborate with top streaming technologies and OTT platform providers. This will allow you to gain access to immersive streaming technology. Make use of the popular OTT solutions to provide the ideal content streaming experience. This will help you to launch and expand your business.
Author Bio: Interested in digging deep into video/audio streaming media tools and Love to blog, discuss and share views on the latest technologies tips, and tricks. He’s also passionate about photography loves to capture the pure essence of life.