Live streaming platforms are overtaking traditional ways to broadcast the content for the consumers as per their choices. A study reveals that over 46 million households are going to cut the cable connection by 2024. Consumers are likely to drop the cable connection to favour the streaming on Over-the-Top (OTT) platforms. Streaming of the services on smart devices has majorly contributed to the market development.
This has increased the demand for the power broadcasting and storage platforms for the OTT platforms thereby creating a challenge to manage the content. Enveu is a digital experience to grow, manage, and monetize your OTT business. It offers custom OTT platform development services to prioritize the needs of the businesses for their audiences.
The infinitely growing trend of OTT streaming is giving this market new heights. We have been discussing the live streaming of the content. Let’s acquaint you with the functionality of the OTT platform.
Fundamentals of OTT
OTT is a cloud space that has skipped the conventional methods of streaming the content and serving the content on user’s demand through internet accessibility. Netflix, Amazon Prime, Hotstar, and Voot are some of the examples of OTT platforms. These platforms deliver top-notch content at comparatively lower costs than the traditional service providers.
One time or long-term subscription plan allows the users to consume the content on multiple devices and tune in to their preferences.
How is an OTT Platform created and Set Up?
Creating an OTT platform might sound a little technical but it is really easy when you work with Enveu. For the creation of a robust OTT platform, Enveu helps businesses to create, set, and enable the live streaming of their content. For effective hosting of the content, Enveu provides cloud streaming that requires comparatively low power and space to stream your content. For a quick set up of the cloud system, the businesses can work with a make-your-own-service provider like Enveu. Customize your streaming with a flexible layout and brand dynamic interfaces, you can successfully broadcast your content and get a deep user engagement.
Money Making with OTT
Ever wondered how do OTT platforms monetize through their services? The OTT platforms are flexible and the users can consume the content based on their suitability. However, the liberty of broadcasting the network lets the businesses decide the profitability. To that, here are a few monetization methods for OTT:
- Ad-based video streaming on-demand (AVOD)
This service is beneficial for customers who enjoy free content streaming. If the OTT platforms stream the on-demand videos, they make money by selling the highly targeted ad-time. The more customers watch the ads and wait to resume the video, the more profitable businesses make.
- Subscription-based Video on Demand (SVOD)
Subscription-based video is the most common method of making money per customer. With one time subscription, users get unlimited access to the content. Targeting the group of the audience, the businesses can set multiple price points for different levels of services that also includes the ads in the lower tiers.
- Transactional Video On-demand (TVOD)
Here, consumers pay for each video-on-demand and the businesses make a profit out of it. Businesses aren’t confined only to these ways of monetizing their OTT platforms. Most of the platforms offer a free trial for the users to get access to the content for a particular period of time. Later, they turn the free content broadcasting into the paid one by offering the subscription plans to the users by restricting the free content.
Businesses can promote their pay-per-view live streaming events in frequent time and generate significant revenue from the ads and the subscription plans.
How do businesses step into OTT?
If you are hooked to OTT platforms, there is no going back. Streaming and on-demand videos are witnessing amazing growth. To this, businesses are capably making huge profits through this. Building an OTT platform yourself may require more resources and technical expertise as well. To ease you off from the complexities, Enveu is a great solution to augment your digital experience.
How is OTT unlocking the doors for businesses to be profitable?
- Ad- supportability on the OTT Platforms
With the advancement in the tech world, OTT platforms are only offering entertainment but it also has become one of the great sources to stream news and another type of content. Businesses enable ad-supported streaming services to trigger specific segments of the customers in a more defined manner. Some on-demands streaming channels becomes the brand’s favourite for marketing their product and services to reach out to customers. According to the target audience based on the varying geographical lieus, age group, and interest, businesses opt for OTT platforms to schedule their promotions and advertisements. It brings more user attention and engagement to the businesses.
- Growth of the OTT Users
Evidently, OTT is bringing turnkey solutions to businesses by reaching out to an extensive and loyal customer base. With more than 3.5 billion of the total population in the world using smart devices, the OTT platforms are getting a showering customer base. In a study revealed by Forbes, in 2019, the conventional TV channels had a loss of more than 53 million with 6 million consumers. Studies say that in the coming five years, the OTT platforms will outperform pay-TV subscribers.
- Growing Demand for Omnichannel Expertise
With state-of-art facilities, the digital age consumers have access to the content at their fingertips. It triggers the demand for omnichannel expertise to access different types of content. The current scenario depicts the OTT platforms to facilitate on-demand content accessibility, be it audio or video on a virtually compatible and efficient device. A majority of the users would prefer the streaming of the content on their mobile devices and TV. Smart consumers require smart solutions to calm down their urge of leveraging entertainment sources.
Enveu is endeavouring to bring your idea of digital existence to reality through a robust cloud experience. OTT streaming has been growing significantly in recent years and Enveu is giving you ways to set up your cloud streaming solution. Enveu is among the best OTT providers that are providing you opportunities to create, set, and monetize your business.