Want to launch a profitable OTT platform?! It is possible to achieve this goal, but you need to have a complete idea about how an OTT service works.
At present, OTT platforms are a popular business model to earn superficially with audience-centric content. You need to select a popular niche, have great content ideas, and a suitable business model to kick start with. You can also start a linear OTT platform and broadcast it through Samsung TV or direct-to-consumer apps. Understanding the linear OTT will need a separate blog. Let’s know about OTT and the platform creation.
What is the benefit of starting an OTT platform?
There are many benefits associated with starting an OTT platform, but the sole advantage is OWNERSHIP. You own the rights to the content you upload on the channel. Moreover, you can put the price at par with your choice, which is impossible while associated with platforms like YouTube.
This is a great business model for video-focused businesses to showcase their ownership and fill their pockets directly. The cherry on the cake will be quality and TV-like content, which will motivate the audience to at least try once besides being swayed by the big players. If your content is good and the price is affordable, nothing can stop you become the driving force in the OTT business.
Step by Step guide to launching your OTT Platform
Before you dig deep, here are two cents – choose a niche relevant to audience interest. As per the current scenario, the Entertainment niche holds the highest demand, and later in the row come niches such as Education, Fitness, and Yoga.
Step 1: The business model
All the Over-the-top (OTT) platforms follow a business model through which they earn benefits. There are two types, Subscription and Transactional business models at present. Based on your niche, the final product will decide the type of business model to dictate. The transactional model goes on a one-time basis. For example, you create the product and sell it at a set price. Such models work wonders for niches such as education, fitness, etc.
The subscription model allows the audience to access your OTT platform at an affordable price. Within the subscription, the audience gets a library of contents that may or not keep evolving from time to time. Such a business model works great for the entertainment niche.
Step 2: Build the website
Once you have the idea, get a website developed for your OTT service. You can use this website for multiple purposes like using it as a marketing tool, handling customer queries, and growing the mailing list.
Step 3: Choose the OTT broadcast platform
As you have a product ready, much like streaming TV to broadcast, choose the right platform, including Mobile Phones, Tablets, Smart TVs, Free Ad-Supported TV Platforms, etc.
Step 4: Research the audience
Creating an audience-centric platform will help you gain profits sooner. But you should know how to reach the audience. You can leverage the power of social media sites and publicize your platform with trailers and videos.
With the hope that you get a clear idea about starting an OTT platform of yours, start it soon before the market is more crowded.