During the pandemic, interest in OTT services began to snowball. Today, each of us uses the services of such platforms. Today we want to talk about why you should open an OTT service, how to do it, and what points you need to pay attention to for the platform to be profitable.
What is an OTT service, and why should you start one?
OTT service is a platform that gives access to video and audio content over the Internet. If your company is focused on video content, then this will allow you to monetize views.
By creating an OTT service, you become part of a vast market whose capitalization in 2023 could reach $3.5 billion. According to statistics, 93% of all YouTube bloggers need to earn more to satisfy their basic needs. If you record a video and want to make money on it, starting your own individual OTT service makes sense, allowing you to make good money.
What industries is it suitable for?
Many think OTT is a platform that streams movies or series like Netflix. However, this is only partially correct. It is any platform that streams video or audio content.
Such services can be helpful in many industries, but today we want to look at just a few examples.
Fitness and yoga
If you are a successful fitness trainer, you may want to help your clients in the gym and broadcast your workouts to a large audience. In this case, it makes sense for you to create your own OTT platform. It will attract more customers, earn additional income from video monetization and make you more recognizable.
Not only software development but OTT application testing will also allow you to create a high-quality platform. Testing designed to eliminate all detected errors and shortcomings that will allow your users to love your services and help you earn additional income.
Education
Only some have the opportunity to attend your lectures in person. During the pandemic, many had to switch to a remote learning format. So, thanks to OTT services, you can broadcast live or record videos in advance and provide access to them after paying for the course. In general, practice shows no longer a need to maintain an oversized office; people are more willing to study something remotely at any time convenient for them.
Entertainment
If you are creating entertainment content, creating your own platform is more profitable than publishing videos on YouTube or similar resources. A good OTT platform example is Apple TV. If you make something like this, the profit from your activity can exceed all your expectations.
A few simple steps to create a profitable OTT platform
Creating such a business is a rather complicated process that involves the passage of specific actions.
Create a business model
Today, 4 business models make OTT services work, but if this is your first product, you should choose between transactional and subscription.
If you choose a transactional business model, users will be forced to pay whenever they want to view your content. For example, such a business model is used by the music platform FaderPro.
The transactional business model lends itself well to educational platforms where you can access required courses for a fee.
The subscription is ideal for entertainment programs. Here, users can pay for your services once a month and get access to all content. You can set different subscription plans, where the cost of services, the amount of content, and even the quality of video or sound will differ.
Create a video site
In the first stage, you must create your site, where all the content will be stored. It allows:
- Increase the trust of the potential audience;
- Increase ranking in search engines;
- Accept payments;
- Handle support tickets;
- Send emails and more.
Video streaming testing tools will allow you to identify possible errors and fix them in time to satisfy users with the service.
Creation of a mobile application
Most users are accustomed to watching movies and other movies through their smartphones or smart TVs, so creating a separate mobile application will be good. It has several significant benefits:
- Make your product more accessible;
- Create an excellent marketing product;
- Improve the visibility of your service.
Users are unlikely to look for new platforms if they already have your downloaded platform on their smartphone or smart TV. In addition, it will be much easier for you to tell your active users about new content or promotions.
Find your audience
You need to define your audience and consider how you can tell them about your resource. So, please manage your social networks or use YouTube. You need to develop your marketing strategy and do everything to increase your audience.
