Video streaming has grown in the last few years. Businesses of all sizes, content creators are now turning to video streaming. Whether you have a product or service you want to sell or looking to attract subscribers and monetise on your offering, having your own video streaming business may help you remain competitive.
Viewers have a wide variety of options today that allows them to access content anywhere at any time. Many are choosing to pay for over-the-top (OTT) streaming where users can stream video content across multiple devices (i.e. laptop, Smartphone, tablets) whenever they want. The global OTT market size was valued at $121.61 billion in 2019, and is projected to reach $1,039.03 billion by 2027, growing at a CAGR of 29.4% from 2020 to 2027.
Let’s look at key steps to consider when launching your own video streaming business.
1. Determine your service, product or content consumers are willing to pay for.
Whether it is training, educating or selling, knowing what the gap is in the market can kick-start your video streaming platform.
2. Build your strategy.
Who is your target audience with the video content? What is your offering? Are you offering niche content not found in the market?
3. Focus on content.
You don’t need to have a huge library of content to start but providing timely content keeps subscribers engaged and interested and could attract new views.
Find the right technology partner to help all technical needs so you can focus more time on content creation, growing your brand and engaging with your audience. Use CRM to manage content. Stream Viral offers end-to-end services to help you do just that.
5. Choose the right business model to monetise your content
Whether that is ad-supported video on demand (AVOD) subscription video on demand (SVOD), transactional video on demand (TVOD), and live pay-per-view (PPV)
a. AVOD is when advertisers pay you for access to your viewers.
b. SVOD is where subscribers pay a recurring fee (monthly, annually) for access to content. Netflix, Amazon Prime and Disney+ are all SVOD examples.
c. TVOD is the monetisation model that allows viewers to rent content for a specific period of time, normally 48 hours.
d. Pay-per-view (PPV) This option is popular among OTT platforms that live stream sports events to increase revenue from important events.
6. Engage with your audience.
You can leverage social media to promote your brand, content and connect with fans. Add a link to your website on your social accounts and also link your social accounts to your website. It makes it easy for your audience to follow and interact with you online.
7. Create OTT streaming app.
Apps can expand your distribution and subscribers can view content anywhere and at any time across different devices such as mobile, tablets, desktop, Smart TVs