These days, people increasingly prefer video content to the point where it has become one of the market’s most dominant forms of content. The drastic shift in how they consume content has been dramatically influenced by the rise of mobile devices and improved internet speeds, which have made it easier than ever to watch videos on the go. As reported by MarketsAndMarkets, the global OTT market size grew to $81.6 billion in 2019 and is forecasted to reach $156.9 billion by 2024. Moreover, as per Statista, OTT user penetration is expected to reach 53.0% by 2027.
This surge in popularity has led many brands to consider creating their own OTT applications as a way to reach their target audiences. But why should you opt for OTT development for your brand? And how can you go about doing it? In this blog post, we’ll answer these questions and more. So let’s get started.
Advantages of creating an OTT app for your brand
No wonder, with the fragmentation of content and huge demand, there’s ample opportunity for brands to develop their own over-the-top content application. Not only does it give them a chance to get in the action, but there are also several advantages of having an OTT app for your brand, which we’ve listed below.
Reach a wider audience
With the rise in internet and mobile users, the number of people using OTT platforms has also increased. This allows brands to reach a broader audience with their content. With OTT apps, you can offer your users the convenience of watching the content whenever and wherever they want.
Moreover, when there is no time constraint, the users can watch the content at their own pace, which is impossible with traditional TV. For example, Netflix Money Heist broke viewership records, with a whopping 65 million households tuning in to watch the show within a few weeks of its release.
Increase brand awareness and loyalty
Nowadays, it’s much more critical for a brand to have a robust online presence. One way to do this is by building an over-the-top (OTT) platform where customers can access exclusive content directly from your brand. An OTT app development company can help you develop an OTT application that will make your brand more visible. This will help you gather valuable data on viewer preferences and behavior.
Also, by building an OTT platform, you can increase customer loyalty by offering them personalized recommendations and exclusive offers. Moreover, by updating content regularly and offering value to consumers, can help build a stronger connection with your customers and ultimately increase brand awareness.
Improved user engagement
Undoubtedly, OTT apps have proved to provide an immersive and seamless experience in viewing content than traditional TV. This is because users can interact with the video content in multiple ways, such as pausing, rewinding, or even commenting on it. This level of engagement is impossible with traditional TV. Also, connecting directly with your users through your OTT platform allows you to customize content offerings and create a unique user experience. Furthermore, with the help of push notifications, you can keep your users updated on new content and offers, further increasing user engagement.
One of the most significant advantages of having an OTT application is that it can help you generate new revenue streams for your business. This is because the platform involves streaming content directly to users through the internet. And by having direct access to your viewers, there is a lot of opportunity to monetize your app’s content. This can be done with subscriptions, advertising, or by offering exclusive content. For example, Netflix generates revenue through monthly subscriptions (SVOD), while Amazon Prime uses a mix of SVOD, transaction video on demand (TVOD), and the hybrid model.
Undeniably, using third-party streaming services can often come with hidden costs and limitations, but creating your own platform will offer you complete control over pricing and advertising opportunities. It will also help you gather valuable insights into viewer behavior and interests, improving the effectiveness of future advertising campaigns. Building an OTT platform may require an initial investment, but it can ultimately lead to increased revenue and cost savings for your brand. It is an innovative, forward-thinking move for any business looking to maximize its return on investments.
Now that we’ve covered the benefits of having an OTT platform, let’s dive deeper to look at how you can get started.
Define your goals
Before developing your own platform, you need to know what you want to achieve with it. Do you want to surge your brand awareness? Drive sales? Develop deeper relationships with your customers. Or need something else. Once you know your business goals, you can start to create a strategy for achieving them.
Identify your target audience
By understanding your target audience, you can create a platform that appeals to them and meets their needs. What are their interests? How do they consume content? What do they want to see from your brand? By knowing the solutions to these queries will help you build a platform that resonates with your audience.
Choose your content
The key to any successful OTT platform is excellent content. You must consider what type of content will best achieve your goals and appeal to your target audience.
Outsource or build in-house
Once you’ve decided on your content, you need to decide how you’re going to create it. Will you outsource it to a third-party or will you build it in-house? Both approaches have pros and cons, so you need to weigh your options and decide what’s best for your brand.
Leverage an OTT development provider
You can leverage an OTT development provider if you don’t have the in-house resources to build a platform. These specialize in developing OTT platforms and can help build a custom solution that meets your specific needs.
Developing an OTT app can offer many benefits to a business, including increased brand awareness, deeper customer relationships, and more control over advertising. If you’re thinking about launching your own, it’s essential to understand your business goals, target audience, and content needs. So, what are you waiting for? Start planning and building your platform today!