It’s no secret that video consumption has surged globally in the last few years and is here to stay for the foreseeable future. In 2020, the global OTT market grew to US$ 121.11 billion. This number is expected to swell to US$ 141.17 billion by the end of 2021, and then to a whopping US$ 257.37 billion by 2025, according to a Business Research Company article.
With growth projections such as those, any content creator using video, cannot and should not ignore OTT.
Keeping that in mind, we at Enveu want to make sure that content creators reap the benefits. We have spoken in previous posts about why content creators should host their videos on their own OTT platform — the most obvious of which is not having to forcibly share revenues with a third-party platform.
In this post, we shall discuss a few ways in which you can increase your engagement with the user, thus increasing time spent and in the end generate more revenue that you can invest back into your video streaming business.
Being present across platforms
While users are connected to a device all through the day, the kind of device changes depending on where they are. Yes, they spend most of their time of the day on the smartphone, but we also see them on the likes of Apple TV, Android TV, Amazon Firestick, Roku, Playstation, Xbox, etc. So, to make sure you’re visible to them at all times, you need to be present across platforms.
Then, once you’ve got the user across platforms and have the numbers in place, you can create customised plans for advertisers. The biggest challenge brands face is catching consumers across multiple touchpoints. With this, that challenge can be solved!
Your content could be supreme, but your UX/UI determines whether a user will stick on or not. Keep your navigation straightforward and simple. One way of getting the user to spend more time on your OTT app could be autoplay (like Netflix and YouTube) where your next video plays right after one video ends. The sneak peek of the next video encourages binge-watching. Before your viewer knows it — her/his promise of watching one episode has been broken and five have been watched!
More time spent = more money!
Different sized subscription packs
If you’re looking to loop in paid subscribers, make sure your content can be accessed by all types of users. Offer daily, weekly, monthly, half-yearly, and yearly subscription models. Price the yearly pack in a way that it’s a little more expensive than the half-yearly pack. The half-yearly pack can be priced in a way that’s the cost of three or four months of the monthly subscription price. This way you’re locking in more revenue and more users for a longer period of time.
Deliver personalised content
To hold user attention, your OTT should have a ‘suggestion algorithm’ that offers users relevant content to what their preferences are. This is a great way of encouraging longer viewing sessions. It could be something as simple as more episodes from the same series, or just offering content of the same type of genre.
If the user hasn’t logged on to your app for a while, using this suggested algorithm, you can also reach out to your subscriber on mail, to alert them of content similar to what they have consumed, in order to get them back to the platform. But, do make sure what you send is really relevant for the user, or they could easily add you to the ‘spam’ category.
These are just a few ways in which you can look to monetise your content.
Get in touch with us at Enveu now so that we can build the OTT app your content deserves along with the monetisation that you have been missing!
Let’s talk soon!