The revenue in OTT is projected to cross US$ 205,565 million in 2022. And with a CAGR of 9.72% projected till 2026, this will result in a market volume of US$ 297,915 million by the end of 2026.
If you’re looking to capitalise on these numbers and enter the lucrative world of OTT, here’s a checklist for you. Keep the following in mind before launching your OTT channel.
Define your goals
Set your goal before the launch of your OTT channel. Keeping in mind the growth of niche channels, you may want to create a channel that caters to a certain bucket of audience.
Identify your TG
Like any other business, when it comes to OTT, you also need to identify your target audience. According to your TG, you can start creating your content. Since this will be your core in terms of where your views come in, it would make sense to launch your OTT channel with plenty of content options for these viewers.
Have an analytics tool that helps you understand where your views are coming from and at what time of the day. You may observe that while you believe a piece of content would be working for a certain type of viewers (your core TG), you also may be getting views from a completely different market. If so, you may want to look at language sub-edits to attract more of that audience. Enveu has the analytical tools that can help you monitor the number of views and from where.
Create a custom branded environment
When you’re looking to create an OTT channel, don’t think of one platform. While plenty of the viewing does happen on mobile phones, your channel shouldn’t be limited to it. Look to catch your viewer during different times of the day while they’re on different gadgets and so make sure you have your channel across devices – phone, smart TV, Amazon Firestick, website, Sony Playstation, etc.
Define your budget
Again, like any other business, you need to create a business plan and budget for the launch of an OTT channel too. Pre-planned budgets allow you to take all decisions thoughtfully while avoiding any unexpected expenses.
Focus on UI/UX
There may be one piece of content through which a user will enter your channel. To convert that user into a serial binge-watcher on your platform, you need to have a smooth user interface that delivers the best user experience. Have a personalised greeting every time the viewer logs on to the platform and follow that with recommendations that he/she may be interested in. This is where providers like Enveu can help, as data from previous sessions can be used to determine what a viewer may want to video stream during the next session.
As mentioned earlier, the world of OTT is extremely lucrative, and you’re not the only player in this crowded space. For your channel to stand out, you need to clearly define your unique selling proposition. This usually could be in the form of content, but you need to educate the viewer about it through smart marketing which could include free trials for a limited time period.
Keep connected with your consumer
Even if you’ve got a consumer retained for a long-term relationship (six months or more), stay connected with him/her. Out of sight means out of mind, and to make sure that doesn’t happen with your service, you can look at different ways of interacting with your consumer. Your monthly invoice could have a reminder of the content he/she has been watching but left mid-way. You could also offer discounts/new prices for renewals.
Offer family plans
One great way of expanding the user base is by offering bundled packs for family members. Netflix does this by offering a multi-user login for a different price. Customers expect a variety of products and pricing plans. Your plans must cater not only to individuals but to families and businesses too.
Keep up to date
Keep your OTT channel updated by looking at competition as well as the moving times. You don’t want your app to be having the same design it had during the launch as that may be outdated. At Enveu we have a dedicated team of experts that will be looking at your app and ways of developing it as time progresses.
These were just ten points you should keep in mind before starting your OTT journey. If you want to discuss this in detail or have any other queries in your mind, we at Enveu are more than happy to help you!