An online research claimed, ‘’240 billion hours were spent using video streaming apps on mobiles across the globe in Q4 2020.’’
Smartphones are no longer limited to streaming social media alone. Today this device has become the next big hub to stream VOD content.
OTT apps have made life easier for entertainment users who wish to access original content at their convenience and location.
The action of OTT app development has driven more revenue for video content owners since the retention and viewing rates for the same has remained high.
If you are a video content owner, building an OTT subscription platform is the need of the hour.
So how can an OTT streaming app benefit your pockets and business? This blog covers the complete details below.
3 Reasons For The Successful Growth Of OTT App
1. Cheaper investment
Did you know that the cost of using OTT apps is much more convenient than regularly spending on DVDs, etc.?
To increase revenue, OTT apps have various options to choose from. For instance, you can opt for a subscription-based model where you pay a monthly fee to access the unlimited content library provided. Similarly, you can even access premium content via a transactional-based model.
Your investment is what the OTT apps offer, which always provides more value for the money invested.
2. Access to the original content
Another great reason that sparked the rise of OTT app development is what users get in return for a price. The app offers original content that cannot be accessed anywhere and is exclusive to the platform. Users have a content library that is not limited to anything. You can access VOD content in any language, genre, and taste.
3. No limitations on devices
Lastly, another reason for the popularity of OTT apps is that users have no limitations on where they can access them. You can download the app on your tablet or laptop, and with a sign-in option, you can access the content there. This is convenient as most users don’t depend on their smartphones more often and prefer to use laptops or bigger devices to stream OTT content.
How do OTT Platform Apps Benefit Your Business?
1. Expand your audience
OTT apps play a huge role in capturing the right audience for you globally. This ease of streaming content expands your audience base and makes it accessible for users globally to invest in your OTT platform.
Online stats revealed, that ‘’global cell data traffic is expected to increase from 28 exabytes per month in 2019 to 77 exabytes per month in 2022. That’s a threefold increase in three years!’’
And the rise is bound to happen as the use of video consumption is speeding rapidly.
2. Drives higher revenue
If you’re looking to build a business that drives higher revenue, OTT apps are the preferred choice. With OTT apps, increasing revenue is driven by the right strategic choice made. For instance, video content owners can earn from subscription fees, advertising, etc. When you have an OTT app that caters to the need of users every time and is growing better in numbers, driving revenue becomes simpler.
Online research claims, ‘’SVOD sales are forecast to increase from $25 billion in 2017 to $69 billion in 2023. During the same time frame, advertising sales (AVOD) are projected to increase from $20 billion to $47 billion. ‘’
4 Ways To Create OTT App
1. Identify and Plan your content actions
Before you can create an OTT app, you need to first ask a few questions.
- What type of content will my platform stream?
- How will I exhibit my VOD content?
- Which content is TVOD, and which is premium content?
- How can I categorize my content better?
- What do I offer my users when they first sign in on the OTT app?
2. Choose the right revenue model
Once you have your content sorted, identify how you will drive your revenue from the platform. There are multiple OTT monetization models such as subscription-based, pay-per-view-based, etc. Based on the analytics and your type of audience, understand what works better for your business.
For instance, you can receive monthly or early revenue from your audience with a subscription-based model. To access premium content, you can charge users with a pay-per-view model.
3. Invest in an OTT App Platform Provider
The idea to build OTT apps from scratch can be a tiresome process which is why it is better to invest in pre-built components to enhance the work of app developers. There are many OTT subscription platform providers that even offer relevant features to enhance your OTT streaming app.
4. Build a Mobile/Web OTT App platform
Lastly, while you invest in a mobile application, go on to create a web OTT platform so that it becomes easier to rank the same in google searches. This will drive more attention and get users to explore your platform more quicker.
Conclusion
OTT apps have made live easier with just a single click.
Today millions of users can access VOD content without having to worry about extra payments, wires, etc.
Now that you’re aware of OTT subscription apps, it’s time to create an OTT app. While creating from scratch can help you personalize the OTT apps better, having a similar solution also helps.
Investing with an OTT app builder, set up your OTT apps just as you visualize them and add the relevant features that can better enhance your platform.
So, tell us, when do you plan to create your OTT app platform?
