When starting a new OTT streaming business, make sure you or your partners can deliver on the three essentials for business success.
Must-have features for your new OTT platform
Good-to-have features for your new OTT platform
1. Excellent User Experience
A great user experience is essential for your OTT streaming success. Users who have a positive experience with the platform are far more likely to subscribe and stay subscribed. A great user experience can make a video-on-demand app, but a poor user experience can break one.
One of the key elements of UX is a strong identity management system which is the foundation for the most-desired functionality. In one recent survey, the top-three features most likely to increase viewing were: to be able to continue watching easily from where they left off (61%), to be able to find new content fast (54%), and to have a good viewing experience regardless of device (57%). Something as seemingly simple as a ‘continue watching’ feature will be hardly noticed when it’s there, but is a disaster if it is not. You know that you’re providing quality content that people want to watch. It’s much easier to rest easy when you know your user experience is the best that it can be.
2. Access to the Optimal Business Model
You need a distribution and monetization platform that supports a wide range of revenue models to suit whatever your business requires – requirements that may change over time. The right suite of tools and real-time tracking will help you maximize your revenue and project with reliability.For example, subscription-based streaming (SVOD) is a tried-and-tested revenue system for an OTT service and it comes with many advantages including the reliable stream of income that your clients will provide through their monthly or annual subscriptions. Does your platform offer all of the necessary tools to offer, test and adapt every possible price and package? Track lifetime performance by plan, marketing vehicle, geography and device?
You may need an OTT video streaming service that supports an advertising-based revenue model (AVOD) with many options therein. Most importantly, you need a platform that allows for both server-based and dynamic ads to best fulfil the needs of your advertisers.
Perhaps your business will feature special events where live viewing is in high demand. The pay-per-view model of revenue may be of greatest benefit, by allowing you to make the most out of your high-profile content. Whether it’s a major sporting event or a film premier, being able to utilize a pay-per-view payment model is an excellent way to ensure that your top content generates the revenue that it deserves.
3. End to End Distribution
There are many benefits from using a platform offering end-to-end distribution. First, this structure is the most accountable – no buck-passing is possible with a single source of operational support. Second, a unified single platform can get your OTT service into the market far faster than managing multiple partial providers. Third, total CapEx cost is usually significantly lower, because there are no integration costs, which are often impossible to predict in advance with the multiple-vendor model. And finally, continuous innovation is more practical, because only a single code base requires modification.
Two additional platform features that can take your brand over the top:
1. VOD and Live Content Delivery
You may offer content with the urgency that requires live streaming (sporting events, news broadcasts, special fashion shows, movie premieres, etc.). But very few content services create enough live content to satisfy their audience or business model only with those live offerings. On-demand viewing allows your audience to watch later if they missed the live event; to watch again (perhaps with others); and to enjoy pre-recorded programming (think: athletes’ profiles; lifestyle segments; relevant movies). Having the option for both live and on-demand allows you the flexibility that you’ll require in the crowded OTT landscape.
2. Real-Time Analytics
Imagine driving a car with no windows or mirrors. Operating a business without real-time analytics is similarly “flying blind”. 59% of companies now use analytics in some capacity; it’s no longer limited to massive corporations. Ideally, you want a dashboard that offers a 360-degree view of the key operational metrics, allowing quick and precise analysis of the traffic, viewer engagement and content consumption, revenue, and marketing channels and campaigns. These detailed analytics will let you double-down on what’s working, and find the source of softness. With the right platform analytics package, you’ll track audience growth and measure the success of your user acquisition efforts, keep track of churn, and constantly adjust your business.
The Choice Is Obvious to Reach Your Audience:
ViewLift offers an excellent user experience with our excellent identity management software that allows your customers to customize their user profiles and watch lists across multiple devices. ViewLift also offers support for a wide variety of business models so you can monetize in the way that works best for you. ViewLift is fully end-to-end, with support for both live streaming and VOD to ensure that your customers get great service and you can offer content the way you want. Your marketing, ops and finance teams will love our comprehensive real time analytics that will help them to run every part of your business with maximum visibility. Those are five excellent reasons to go with ViewLift for your OTT needs. Reach out to us and see what we can do for you and your streaming business today.