2020 has been a weird year for all of us, the world has changed completely and we cannot ignore the negative consequences.
The pandemic, however, has been a blessing for Digital Platforms (OTT). Netflix added a record-breaking 36 million new users just in 2020, mind-boggling right?
The OTT video business is surging like never before and its market is expected to rise at a CAGR of 19.1%, Surpassing $438.5 Billion by 2026 and that’s HUGE!
With the traditional cable TV slowly going out of use and more consumers now prefer watching their favorite TV show or movie on a smart device.
The OTT revenue is definitely booming and giants like Apple TV Plus, Disney+ & HBO Max entering the scenario just take it a step further.
This has also encouraged a lot of new businesses to launch their own OTT video business and existing TV channels to go online with OTT apps.
With a lot of new players entering the market daily, it has become crucial for OTT businesses to come up with new innovations to increase engagement and scale their business.
In the following paragraphs, we have shared some insights based on our experience of managing OTT video businesses, with practical guidance.
Table of Contents:
The first question you would face is, do I have a great content strategy?
Today, in 2021, Content is the King- Period. Content is going to be the fundamental driving force for any video streaming business. With audiences having access to more quality content, they have become extremely picky in choosing content, because it has to be worth their time & money.
If your content is unique, viewers won’t mind shelling out money from their pockets.
A mediocre movie or web series might attract some viewership initially with great marketing & advertising, however, if you want to sustain long enough and enjoy long-term success, you will only be able to get that with quality content, which gets advertised by the audience in the most positive way.
Listen and understand the behavior of your customers. If you want to attract an audience and keep them coming back, it’s essential to understand what they want and scale your platform to offer that.
Insights like what type of videos are your customers consuming the most, which genre is getting the most number of views, where are your customers coming from, etc, such insights help you to understand the pattern and stay ahead of the game.
To increase OTT service engagement, a good analytics tool that gives you a clear picture of how your content is performing and helps you understand consumer behavior.
It’s the sharp & actionable insights that help you personalize the viewing experience & drive the important OTT video marketing strategies.
What makes people come back for more? One critical element to increase ott service engagement is an excellent user experience.
Since the benchmark in the OTT industry is already set so high, viewers nowadays have zero tolerance for bad UI & experience. Ask yourself, when was the last time you remember watching a video on any streaming website/app which was blurry & kept buffering?
Delivering a world-class user experience is a must, there can’t be any space for bugs that would eventually irritate your customer and force them to leave.
It is equally important to have a beautiful and easy-to-use user interface (UI) to make the experience, even more, better for the users.
The quality of the UI & ease of finding the content are some of the major factors which drive the willingness of users to spend time on your OTT platform.
You can use beautiful templates, which are fully customizable to create awesome websites and apps for your OTT video business!
Being available across all platforms is a big plus for all OTT video businesses.
Not only will it help your brand look very impactful, it will also help you expand your reach to users across their device of choice to consume content.
If your OTT business is just restricted to the web or mobile apps, it might just lose out on a big chunk of customers who prefer watching content on smart TVs.
However, if you master your multi-screen strategy, it will help you:
1. Boost your OTT revenue
2. Offer more flexibility to users
3. Help your brand stay up to date with all the latest trends
With Ventuno you can launch your OTT business across all major devices and screen content on them at the same time, without any coding.
Want to compete with the reigning champs? Keep up with your game
To thrive in a space where change is the only constant, just publishing some must-have features is not sufficient.
The best way to keep viewers engaged & happy is by constantly introducing new features which take their experience to the next level. The bare minimum is never a choice for viewers especially when there is a vast sea of choices in front of them.
The market keeps changing & the top players like Netflix & Prime Video keep setting new benchmarks by establishing new features which in some time become a necessity for viewers.
To match their expectations, it’s absolutely necessary for video streaming services to keep evolving and developing features that will keep their audience hooked, bring more users & increase revenue.
But the question- How do we develop these features?
A Saas platform like Ventuno provides an ideal solution for this. Saas platforms keep up the demands of the streaming market and keep adding new features and enhancing existing features to make the platform robust. You can let our team know what type of additional customizations & features would you like to integrate into your apps and we custom develop them for you!
Scaling an OTT video business and acquiring new users is a mixture of many important factors which should be executed perfectly. Right from creating the right content to building a great app/website, every area of this business requires perfection to attract users and keep them engaged.
Along with creating the right content, it’s very essential to have the right technology partner throughout your journey who would bring your idea to reality.
Get in touch with Ventuno NOW to learn how easily we can help you to not just launch your OTT apps but also excel at it by implementing our unique features which are craved by viewers!
What are your thoughts on this article? reach out to us at email@example.com if you would like to discuss!
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