What Is So Great About OTT Platforms?
It seems like everyone has heard of such OTT platforms as Netflix or Hulu. And many businesses are inspired by these popular video streaming services. They also want to attract more people and generate a lot of revenue by launching an OTT platform.
Many companies launch their video streaming services to share the content produced by themselves. They want an OTT platform to be an accompanying project to the main one.
For example, they run a sports club. They want a video streaming platform because it will help them expand their business and reach more possible customers around the world. Consequently, they will be able to generate more revenue.
But some businesses launch a video streaming platform and share licensed content. They partner with content creators, obtain rights to publish their material, and operate. If the content they obtain is interesting for people, they will also make a lot of money.
Let’s observe in detail what businesses and customers find so great about OTT platforms.
What is so great about OTT platforms?
#1 OTT platforms offer great monetization capabilities for businesses.
OTT monetization is the primary goal of video streaming platforms. A business has to make money, and OTT platform developers put a lot of effort into helping companies achieve their goals.
For example, companies like Setplex implement the following monetization capabilities into their platform:
- Advertising-based model. OTT advertising is the monetization model that is gaining popularity now. It happens due to the subscription fatigue that a lot of viewers have experienced lately. People have too many subscriptions and get tired of them. They start canceling their abonnements. That’s why many content providers add an extra package – an advertising-based model. When the platform makes money on ads, it allows third parties to publish their advertisements on it.
- Subscription-based model. It allows viewers to purchase access to content for a period of time – a month, a quarter, or a year. They obtain unlimited access to videos. The subscription is easy to cancel, and this model doesn’t include advertisements. That’s why people love it. But, as we said above, because of too many subscription-based services in the market, people have to make a lot of payments. As a result, the subscription fatigue phenomenon occurred.
- Transactional-based model. It is also known as a pay-per-view model. People pay only for a video they want to watch now. It can be the only video they will purchase on a particular platform or not. The service provider decides whether to allow viewers to download a video forever or rent it for a period of time.
Also, platforms use the combination of several models giving people an opportunity to choose what they prefer the most.
#2 OTT platforms give you a lot of chances to find your audience.
There are a couple of reasons why you have a lot of chances to find your viewers. For example:
- OTT services can operate on multiple devices, including laptops, smartphones, Smart TVs, iPhones, game consoles, and tablets. It means that you have more chances to reach your viewers, especially if you offer applications as a provider.
- With so many devices that can help access your platform, consumers can watch your videos anywhere they want. They can sit in a cafe or the park and enjoy your content. They only need an internet connection and a compatible device.
- Content is king. You should remember that people chase content first. So, if you offer them valuable information or help them solve their problems through your content, people will love your service and become your regular customers. Make sure you make high-quality videos.
- OTT services don’t have a schedule, unlike traditional television. If it is not a live stream that you broadcast, you will probably have a VOD platform (Video-On-Demand). People will be able to access videos at any time they want. They will not need to wait for a video to air. It is available 24/7.
As you can see, flexibility and convenience are those things that people love about video streaming platforms. They allow viewers to watch videos however they want. They can watch a video once a week or binge-watch a bunch of them. It is up to them to decide.
Don’t forget to invest in marketing so that people are informed about your service. Use social media to attract your target audience and tell them about your platform. You can communicate directly with viewers there. They can share valuable feedback about your product later.
Viewers and businesses like video streaming platforms. Consumers solve their problems with their help, whether it is entertainment or valuable information, and businesses receive a lot of profit from them. They not only earn money but also build closer relationships with viewers and increase awareness.