OTT platforms are becoming a more common way of consuming videos, surpassing all traditional services. Bringing unique HD content on-demand, streaming platforms like Netflix, Amazon Prime, Hulu, Disney plus are becoming the go-to space for cinephiles. Among all OTT platforms, Netflix remains the top choice for streaming, thanks to the simplicity of the platform, affordable subscription packages, lack of commercials, and original content (you could go to this link to know what is currently trending on the popular streaming platforms).
Subscribing to OTT platforms like Netflix is the best way to watch TV as it includes a wider range of familiar TV shows, movies, original series, and special programs than any of its competitors.Due to its increasing popularity, many smart TVs now come with Netflix and other popular streaming tv apps in-built in them, with a button on the remote solely to access these platforms. You can go to websites of popular smart TVs to learn more about these remotes. If you want to run an OTT platform, you must first know the advantages of OTT platforms for your business.
According to Statista, OTT media revenue is expected to experience massive growth and is projected to reach $210 by 2026. As you can see, the OTT industry has immense potential to be profitable. Let’s take a detailed look into the benefits of launching an OTT platform.
Low cost and quick set up
While building an OTT platform from scratch and hiring a team to build your website can cost you thousands of dollars, you have other better options that are quick and low cost. You can use any professional Netflix clone script to build an OTT platform quickly with all the essential features and functionalities just like Netflix. You can also customize the website based on your unique requirements and objectives. However, like running any other business, there are some operation costs involved for which you must plan for and allocate a budget.
Easy monetization
The revenue potential of OTT platforms is high; it is a fact that you already know. Streaming platforms like Netflix make money primarily from subscriptions, sponsorships, advertisements, etc. While promotions hold money-making potential, viewers hate them. Netflix is among users due to the fact that it is a no-commercial OTT streaming platform. When you are starting out, you can offer the service for free by running ads making money from it. As your OTT platform grows, and when you have unique content, move on to the subscription model. Subscriptions will help you give a steady revenue flow.
Demand never wears down
It will be no exaggeration to say that it would be difficult to find someone who doesn’t watch any TV shows or movies. The COVID-19 pandemic has further accelerated the growth of the already booming OTT market while movie theatres remain closed. As more users depend on OTT platforms, production houses also chose streaming services to launch their films and series. While Netflix remains the top choice for many users, most users subscribing to two or more OTT services give hope to new OTT players. Considering the amount of time an average user spends on entertainment, even post-pandemic, the demand for the OTT platform is not going to drop.
Flexible location and hours
The best benefit of launching an OTT business is the flexible working location and hours. For example, if you are launching a streaming platform, you can work from a remote location if you have an internet connection anytime, based on your convenience. You are free to select the working timings and location.
Tips for creating the best OTT platform
Now that you know the advantages of OTT platform for your business, here are some valuable tips for launching the best OTT streaming service.
Variety and unique content
OTT streaming platforms have revolutionized entertainment, granting users access to a vast library of movies, TV shows, and original productions. Thanks to platforms like Netflix, viewers can immerse themselves in content from across the globe. If you’re launching your own OTT platform, it’s crucial to prioritize offering a wide range of unique content to captivate your audience. Additionally, investing in original programming is a strategic move, as original shows are in high demand. The success of Netflix is largely attributed to their creation and promotion of original series. Furthermore, securing rights to movies featuring popular actors like Jeremy Piven, Tom Cruise, and Daniel Radcliffe can be a game-changer. This move can draw in their dedicated fan base, enhancing the appeal of your platform. By curating a diverse and exclusive content library, your OTT platform can stand out and capture the attention of avid entertainment seekers.
Keep the design simple and user-friendly
This might seem like an obvious thing, but it is one of the most important aspects to focus on when you are creating an OTT platform. OTT platforms like Netflix are simple to use. It doesn’t demand users to set up anything. If you are using the platform, you just have to search the website and log in. Whereas, if you want to watch Netflix on a smartphone or other devices, you need to download the app, and you are ready to go. After logging in, navigating and browsing for your favorite shows is also very easy. When creating an OTT streaming platform, keep the overall design and the navigation system simple and easy to use. Viewers must be able to access and view the library with a single click. Other essential features in the OTT platform to consider are auto-playing on clicking start, pause and rewind option continuous playback, push alerts, ability to download, etc.
Use the right technology
When creating an OTT streaming platform, you must use the right technology to implement the service’s full functionality. The tech stack must include video capturing, audio compressions, and transferring to the streaming server. On the server side, processes like business logic, storing video chunks, re-encoding, etc., must be performed for incoming video streams. It is also important to select the right streaming protocol before designing your OTT platform. As we have already mentioned, you need not build everything from scratch, Netflix clone scripts come with the right tech stack to deliver a great quality streaming experience.
Conclusion
OTT streaming is a constantly growing industry with huge revenue-generating potential. In fact, fewer people watch TV nowadays and instead choose OTT platforms like Netflix to stream their favorite films and series. The demand is growing, increasing opportunities for new players to enter the market, and it doesn’t seem like the demand will ever wear off soon. As it is easy to set up an OTT website, you can launch your OTT business within no time. Though it might take some investment to launch your OTT streaming business, it’s absolutely worth it.
