Suppose you already have an OTT video streaming platform. It performs well, but you want more. You want to increase the revenue it brings and grow the audience. We will talk about achieving these goals in this article. Continue reading!
So, how can OTT video streaming platforms increase revenue and the number of viewers?
#1 Add another monetization model
OTT platforms have many monetization capabilities. For example, there are the following standard models of OTT monetization:
● AVOD (Advertisement-based Video-On-Demand) brings OTT platforms money through ads. In this case, the content is usually free of charge, but the platform also shows ads to viewers. These ads are created by third parties who pay a video streaming service for showing them to users.
● SVOD (Subscription-based Video-On-Demand) is when users purchase a monthly or yearly fee in exchange for continuous access to video content.
● TVOD (Transactional-based Video-On-Demand) is paying for a single piece of content. People purchase for one video, and the rest of them remain unpaid.
If you are unsatisfied with the amount of revenue you receive with one monetization model, add another one. Create a hybrid approach by adding an extra revenue generation approach.
For example, if you offer users to subscribe, you can add videos that will not be available on a subscription and will demand extra payment. It doesn’t mean that the revenue will definitely increase. But the hypothesis is worth testing. There will likely be users that find it more convenient to pay for a single video instead of a subscription.
#2 Add OTT applications
If you have only a website with video content, consider implementing OTT applications into your business. OTT applications can help you cover more devices and bring a smooth experience to users. Along with that, they may help increase a user retention rate and boost your revenue.
These apps can help you cover smartphones, tablets, and Smart TVs. People will need to install an OTT application on their devices and enjoy videos when they want. Applications simplify the accessibility of a platform.
Smartphones allow viewers to consume videos whenever they want and wherever they are. People can watch their favorite shows and movies when they are in a cafe or in a queue. They can enjoy them while going to work on a bus.
Some of your viewers will appreciate the possibility of watching videos on a Smart TV as it allows full HD or 4K quality of an image.
#3 Expand to new locations
Suppose that you are streaming videos for one country. But you can expand your business and become an international company. With CDN (Content Delivery Network), you can achieve this goal. CDN can transmit videos without latencies and interruptions.
You can increase revenue and boost the platform’s performance by attracting people from new locations to your video streaming service.
You should decide whether you want to cover the whole new market that speaks another language or you want to reach people speaking your language but living in another country. If the last option, you shouldn’t make any changes on the platform. You should only implement CDN.
But if you want to attract people speaking other languages, you should think about adding subtitles to videos and localizing content. It will help new viewers understand what you have on the platform.
A video streaming platform is a profitable business. It has many capabilities that can help you monetize your video content. We have described some of them. But we believe that even combining some of the abovementioned tips can help your service grow and thrive.