Household names such as Netflix, Amazon Prime, Disney + and Hulu are typically the examples that come to mind when we talk about Over-The-Top (OTT) streaming services, with millions of subscribers between them. However, the world of OTT is becoming increasingly accessible to smaller creators and businesses who may not have thousand-strong audiences and vast budgets.
OTT offers less well-established businesses the opportunity to stream their video content straight to their audience via smartphone, tablet, TV or any internet enabled device without the need to have an existing subscription to a cable network or provider.
A new world of opportunity has become available, with affordable OTT solutions tailored to the specific needs of businesses now being readily available and suddenly a real possibility for all.
However, before making the leap into the world of OTT, it is worth considering how it will benefit your business. While the ability to stream content on a personalised Over-The-Top platform has already made a splash in all areas of entertainment, ranging from movies and television to live sports and fitness classes, it is worth taking a look at the following three considerations to see if OTT is right for your business?
Three key considerations:
1. Ensure Content is King
What will ultimately determine the success of your OTT service is the content that you are offering. Consumers are attracted by high-quality, unique content to lure them to your platform. OTT platforms facilitate the sharing and streaming of video content, so ensuring that the level of your content is high is important.
That said, don’t feel as though you need to have a back catalogue of thousands of videos. Over time you will develop this library of past content, to start with just ensure that you have examples of the content on the way in order to help market your brand to new consumers.
2. Know your audience
Engaged, global. Have an existing one from previous platforms etc. Know that they are willing to pay for the content.
One of the main ways to ensure the success of your OTT service is to be sure that you have an established audience. This could be in the form of an existing following who already pay for your content through other means (eg. Cable TV) or a fanbase who previously do not pay to enjoy your videos (eg. YouTube).
Whether or not they currently pay for the content or not, by moving your business to an OTT platform will help you to engage with your viewers, in turn helping to convert your audience into paying customers.
Having an understanding of your audience also allows you to offer more personalised content through push-notifications, in-app suggestions and other more tailored content, which will in turn help to keep your viewership engaged.
3. Have consistent, scheduled content on the way.
A pipeline of new content releasing frequently is of the utmost importance for the success of your streaming service. One of the best ways to lure consumers to your platform and keeping them subscribed is by offering regular new releases to keep them engaged.
Moreover, having a variety of content in the calendar of releases means that your audience are kept entertained and crucially for your business, will remain subscribed over the long-term due to the prospect of the upcoming content launching.