In recent years, Over the top (OTT) platforms have empowered customers by offering them a vast variety of choices for their entertainment needs. Gone are the days when users were tied down to traditional mediums such as satellite cable. Nowadays, surfing through channels is less preferred as one can now make informed decisions about what to watch quickly. Moreover, Artificial Intelligence (AI) advancements and personalization allow video streaming platforms to predict what users will most likely watch. This has given a massive boost to the new entrants in the OTT market looking for unique ways to approach their consumers and investing in OTT platform development.
In this post, we are going to share the benefits of having OTT platforms and how you can create your own OTT platform without writing a single line of code, and with minimum investments! Let’s dive in!
Table of Contents
- 1 The Growing Importance of OTT Platform Development
- 2 Major Business Benefits of an OTT Platform
- 3 Access to a Larger Audience Base:
- 4 Device Independent Viewing:
- 5 Cost-Effective:
- 6 Varied Content Offerings:
- 7 Build a Solid Foundation with Your Content!
- 8 Emerging OTT Trends for 2023 You Should Know
- 9 Maintain User Experience:
- 10 Data Analytics:
- 11 Subscription Video-on-Demand Strategy:
- 12 Sports OTT is Here to Stay:
- 13 Wrapping Up
The Growing Importance of OTT Platform Development
Have a look at interesting recent stats associated with the OTT scenario-
- As per the Statista report, OTT users are projected to amount to almost 3,778 million by 2025.
- In 2021, video-on-demand revenue reached an estimated 86 billion U.S. dollars, with the United States accounting for the largest share of revenue worldwide. (Source- Statista)
With these facts in hand, it’s not surprising that many media companies, broadcasters, and content providers are seizing the favorable market conditions to launch their own OTT services and tap into the potential of video streaming services.
Major Business Benefits of an OTT Platform
After discussing OTT platforms’ demand in such detail, it is vital to discuss the advantages of owning one. Let’s get right into it.
Access to a Larger Audience Base:
The availability of a wealthier, younger, engaging, and greater audience base makes for the right possibility to unleash an advertising marketing campaign, and having an OTT offers simply this. Thus advertising on OTT platforms yields higher results and allows higher ROI.
Device Independent Viewing:
This is one of the largest benefits of OTT platforms for businesses in terms of increased customer outreach. It may be watched on any device irrespective of the network carrier. Additionally, the ability to observe or add videos even through smartphones makes it possible to permit live video streaming from everywhere and anytime, which as a result benefits in better revenue generation.
The internet is used in different ways like live video streaming, online classes, watching movies, accessing social media, etc. With 5G networks rolling out rapidly, broadcasters and viewers will have new experiences to create and consume content. This is one of the prime benefits for businesses offering internet connectivity at higher bandwidth. The 5G technology elevates the OTT viewer experience to a completely new level as demands for smooth live video streaming and high-quality content increases.
Varied Content Offerings:
OTT platforms provide an extensive kind of content, the maximum of which offer free content in addition to paid content. Subscriptions permit visitors to become prime members; however, even without subscribing to OTT platforms, a viewer can watch various almost limitless content.
Build a Solid Foundation with Your Content!
Your content is what will attract your subscriptions. To get started, strategize your content by answering the Who, What, and When, i.e.
- WHO are your target users?
- WHAT content niche are you selecting to serve your audience?
- WHEN do you want to serve your content across time and on which devices?
Broadcasting your OTT content is a challenging task in itself. But Enveu’s expertise in OTT platform development is going to make it a whole lot easier for you, whether it is managing your content, its structure, scheduling, etc., and publishing across devices simultaneously.
Emerging OTT Trends for 2023 You Should Know
While entering this new market in 2023, it is also crucial to keep yourself updated with the emerging trends for OTT.
Maintain User Experience:
Users are looking for a great entertainment experience on your platform, therefore the process of finding what they want to see based on recommendations must be user-friendly, intuitive and highly personalized. Read this article to know more on how to achieve a great User Expereince for your OTT App.
You need to be well aware if you are getting the desired results in order to take immediate action and improve engagement to produce the best return on investment.
Subscription Video-on-Demand Strategy:
Giants like Disney+ and Netflix are focusing on the quality of their content and opting to include new content distribution methods such as Free Ad-Supported Streaming (FAST) TV and premium subscriptions. It is an efficient way to introduce more personalized advertising that connects directly with users.
Sports OTT is Here to Stay:
Nowadays, live sports events are becoming more popular and accessible, and several established channels like NFL+ have already launched their platform, with many others paying for the rights to offer highly-demanded sports games.
In 2023, it is evident that the idea of investing in OTT platform development is a game changer for businesses. Moreover, what remains a challenge for business persons is how to go about developing a top-notch video streaming platform. With Enveu, you do not need to worry! Whether you are a content provider, an advertiser, or a global operator, we are here to support your business and accomplish your OTT development goals.