A new study has found that almost half of the people in the United States have used over-the-top (OTT) video platforms such as Netflix or Hulu. With this much attention being given to OTT platforms, it is no wonder why so many companies are looking into launching their own OTT service.
If you’re considering creating your own OTT platform, consider these factors first:
- The cost will likely be high and
- You need a way to keep viewers coming back.
It’s important to think about how you’ll monetize your service and what kind of content you plan on providing.
Launching an OTT platform is a massive undertaking for any company, no matter how big or small. The process can be highly time-consuming and costly, especially if you want to create a unique user experience that reinforces your brand’s identity in the market.
However, there are several things you should consider when launching an OTT platform so that you can have the best chance at success with it. For more information on this topic, check out our white paper here.
It goes into great detail about what to consider when launching an OTT platform!
What is OTT?
OTT stands for “Over the Top” content. Most of these channels are not offered by cable or satellite providers, so you need an Internet connection to view them.
OTT is a communications term that means Over The Top. It’s a trend in telecommunications/media distribution where content is published online and streamed directly to viewers instead of distributed through traditional channels such as cable networks, broadcast TV networks, and movie theaters.
In essence, it’s “Anything goes” with content from what drug store products you want to sell from your website or streaming live events without any ads or commercials or interruptions of any kind for viewers or affiliates.
The importance of an OTT back-end system
As mobile devices have become more popular, OTT back-end systems that allow push notifications and low latency communication between the device and the cloud are becoming increasingly important.
An OTT back-end system can be fundamental to communication between your front-end and the server.
Having an Over-the-Top (OTT) back-end system is important for many reasons. One main reason is that it allows users to access your service on any device they want without downloading an app.
The Backend is what powers your OTT service. And it is crucial to the success of the business.
The power of a great smartphone is often in the apps that run on it. This makes an app’s back-end system incredibly important to its success.
Make sure the OTT content is high quality
The quality of OTT content is a little harder to define than traditional TV because it’s so varied. Being entertaining and engaging is the best way to have high-quality OTT content, but there are no complex rules.
If you want to succeed, then keep in mind that the quality of your content is essential.
Considerations While Launching an OTT Platform
- Determine the type of content you want to offer
- Decide on a business model: subscription, pay-per-view, or ad-supported
- Ensure that your OTT platform is accessible through all major streaming devices and browsers
- Create a website with an online store for customers who do not have access to your service (e.g., due to geography)
- Develop a marketing strategy and budget
- What is the goal of your OTT platform?
- Who are you targeting with your content?
- How will you generate revenue from the platform?
- What are the costs associated with launching an OTT Platform?
- Who will be paying for it?
- How does your OTT platform compare to other providers out there?
- Do you have a content strategy in place, and if so, how do you plan on acquiring new content?
- Is this an international or national launch, and what are the costs of that decision?
- Will you need to invest in marketing your product or service and its infrastructure before going live with it?
- What content will be available on your platform?
- How much does it cost to launch an OTT platform?
- Who are the competitors in your field, and what do they offer that you don’t?
- Where can you advertise your product or service for free or at a low cost?
- Consider the target audience
- Identify competitors and how you can differentiate your platform from theirs
- Determine what type of content to offer- live, on-demand, or both?
- Analyze your target market’s behavior and habits to tailor features accordingly
- Decide what kind of devices will be compatible with the platform (smartphones, tablets, computers)
- Will you have a linear TV channel or just OTT content?
- How will you monetize the platform?
- Who are your competitors, and how do they compare to what you’re offering?
- What’s the value of your OTT service about other platforms on the market today, such as Netflix, YouTube, etc.?
- Determine the suitable business model
- Choose pricing and content options
- Select a distribution platform
- Develop an app for your OTT service
- Decide on device compatibility, including smart TVs, smartphones, tablets, PCs, laptops, and game consoles
- Consider advertising options to monetize your service
- Select a marketing strategy that will help you reach your target market
- Select a platform
- Determine the content to be streamed on the platform
- Create an interface that is easy to use and intuitive for users
- Consider what devices consumers will use, including mobile phones, laptops, tablets, etc.
- Choose a pricing model
- What are some competitors that exist in this space?
- How much funding do you need to launch an OTT Platform with a full slate of original programming and marketing campaigns?
- Determine pricing models and revenue streams
- Consider how you’ll get new customers to subscribe
- Decide on hardware requirements for viewers, such as TVs or gaming consoles.
Launching an OTT platform is no easy task. There are many considerations to take into account, and these can vary depending on the size of your company or business model.
If you’re considering launching a new video streaming service, we have the expertise and experience to help you get started with all of your marketing needs. Contact us for more Information about launching OTT platforms.