The best OTT solution is the one that helps businesses achieve their goals. Generally, companies create an OTT platform to monetize video content. But to monetize content, a platform should have certain functionality that will help not only generate revenue but provide a good user experience. And people will not leave the service as soon as they visit it. In this article, we speak about features that can help with the goals covered above.
So, what features can help generate more revenue and provide a smooth user experience?
#1 Revenue-generating models
OTT companies can develop a solution with one model or all of them. So, you should find a solution that matches your goals. It is also good if you find a solution that will help you grow in the future.
Here are some of the most popular video content monetization models:
- AVOD is based on advertising. Usually, the platform allows free access to content. Money is generated by letting other companies post ads on the video streaming platform. What is OTT advertising? Learn more.
- SVOD requires a monthly or yearly subscription. So, you receive revenue by charging a recurring fee from viewers. They purchase a subscription once in a period and get access to all videos on the platform.
- TVOD offers users to pay for a single video. People purchase access to a certain video they want to watch right now. The rest of the videos stay unavailable and require additional payment.
Choose the one that matches your goals. Also, it is probably a good idea to find a video streaming solution that maintains all three models. You will be able to test each of them and understand which works best for your business.
#2 OTT applications and CDNs
These two are optional. But they can help your business grow and scale:
- OTT applications allow your audience to watch videos on any device they want: smartphones, Smart TVs, laptops, tablets, and game consoles. If your platform operates only on computers, you lose many potential customers because many people today don’t use computers. A smartphone is enough for some of them. Also, many like watching videos on Smart TVs with high-quality pictures.
- CDN stands for Content Delivery Network. It helps you deliver videos without latencies. So, users watch videos without interruptions. CDN can help transmit videos over long distances. It gives you an opportunity to create a worldwide business.
OTT applications and CDNs allow you to cover as many markets as possible generating revenue for your company.
#3 Additional features to boost user experience
Usually, content is what people chase. If it solves their goals (it doesn’t matter whether they want to learn new information or to have fun), they will love your service and return back to you. You will have a regular customer base.
But there are features that can boost user experience even more. For example:
- A recommendation engine that will analyze the videos that a consumer has already watched, their genres, and themes. And it will offer a user those videos that they haven’t watched before but might like.
- Multiple profiles will allow families to reduce the battles over the TV remote control. They allow viewers to have one account and use it on different devices. So, each family member has their own viewing history.
When choosing an OTT solution to create your own video streaming platform, be careful. It is better to spend some time choosing a solution and explore everything the provider can offer you than obtain the first software you find and understand after a while that it doesn’t help you solve your business’s problems.