At Webinars, we understand that creating your own OTT platform can be a daunting task. That’s why we’ve put together this comprehensive guide to help you through the process from beginning to end. With our expertise, we can help you stand ahead of other websites and ensure that your OTT platform is a success.
Understanding OTT Platform
OTT, or over-the-top, platforms are streaming services that deliver video content directly to viewers via the internet, bypassing traditional cable or satellite providers. They offer viewers a way to watch their favorite movies, TV shows, and other video content anytime, anywhere. With the rise of digital media, OTT platforms have become increasingly popular with millions of viewers across the globe.
The Benefits of Building Your Own OTT Platform
There are many advantages to building your own OTT platform, which includes:
More control over your content: You can curate and manage your own content, giving you complete control over what your viewers see.
Increased Revenue: By offering a subscription-based model, you can generate recurring revenue and create a sustainable business model.
Better viewer engagement: By building a platform tailored to your audience, you can create a better viewing experience, which results in increased engagement and loyalty.
Step-By-Step Guide to Building Your Own OTT Platform
Determine Your Niche and Target Audience: Before you even start building your platform, you need to determine your niche and target audience. What type of content will you be offering? Who is your target audience? Understanding your audience will help you create a platform that caters to their needs.
Choose the Right OTT Platform Provider: There are a number of OTT platform providers to choose from, each with its own features and benefits. It’s important to choose a provider that meets your specific requirements and budget. Some popular providers include Vimeo, Brightcove, and UScreen.
Create and curate your content: Once you’ve set up your platform, it’s time to create and curate your content. This includes acquiring the rights to movies, TV shows, and other content, as well as producing its own original content.
Develop a Marketing Strategy: No matter how great your platform is, it will not be successful if no one knows about it. You need to develop a marketing strategy that will reach out to your target audience and encourage them to sign up for your service.
Launch and grow your platform: Once your platform is ready, it is time to launch and grow your customer base. This includes creating user-friendly interfaces, offering promotions and discounts, and continually improving user experience.
Why Create an Immersive OTT Platform for Entertainment?
When we look at the success rates of the big players in the market like Netflix, HBO, Hotstar, or Amazon content owners, publishers are inspired. This is because many more businesses are looking to create many streaming services like Netflix. Some major players are getting into the competitive treatment with the likes of CBS All Access, Hulu, Fubo TV, Peacock, and Paramount Pictures. These are taken into account even by the big game streaming companies. Thus a complete victory for both sides.
OTT Market Brings To The Table
- Overall video streaming services saw a massive 10% increase in viewership during the pandemic when homes were closed (Grandview search, 2020)
- In the video streaming segment, average revenue per user is estimated to reach approximately $1,636 million in 2022 (Statista, 2022)
- It is surprising to know that, most of the revenue from Netflix was generated in the global regions which are 222 million subscribers (BusinessOfApps, 2022).
- Did you know, Netflix has the largest share of regional subscriber numbers when major countries such as the US and Canada are combined, reaching a total of 75 million (Comparitech, 2022)?
There is no doubt that the industry promises to take a huge leap of growth very soon. Therefore, building a video streaming app like Netflix will no longer be a concern as it will be built on the basis of what users would like to watch. You will learn more about it as you read the following sections given below.
Building your own OTT platform is a complex process, but with the right guidance, it can be a rewarding and profitable venture. By following our step-by-step guide, you can create a platform that delivers a unique and engaging visual experience to your target audience. At Webnext, we are dedicated to helping you achieve success with your OTT Platform.