Statista reveals that by the end of 2023, the OTT video market is projected to reach $316.10 billion. Entertainment has been a vital part of everyone’s lives. Whether you’re having a bad day or wish to watch the latest movies, the entertainment world has catered to the interests of many.
Previously the form of entertainment was in two aspects, cable TV and satellites. While these were great, the growth of the online world soon started to overshadow them. With the online world growing, your target audience will also expect faster entertainment access. Thus, this is where the introduction of OTT platforms was welcomed with great support.
Today entertainment is being accessed with the use of the OTT platform. On-demand content can now be streamed with quality internet connections. The same content can be accessed via laptops and mobile phones, preventing the limitation of TVs alone.
So, if you’re a video content owner looking to make it big with OTT, consider building a revenue-driven OTT entertainment business. Learn more about why creating an OTT business is vital with this blog.
Why Should You Start OTT Business In Entertainment?
OTT stands for (Over the Top) is a platform that offers target audiences easy access to stream on-demand content.
The audience must conduct a single sign-in and make a payment based on the app’s services. Popular OTT examples include Netflix, Amazon Prime, etc.
The OTT business is expanding and growing, especially in the entertainment sector.
The ease of streaming content on any device and having an unlimited range of content libraries to explore, all whilst using an internet connection, is winning all users’ attention.
Popular OTT platforms such as Netflix, and Amazon Prime prove that any form of entertainment, such as movies, tv-shows, sports, etc., can be accessed much faster and better than normal TVs.
5 OTT Business Benefits To Consider
1. Access to unlimited content round the clock
With an OTT platform, your target audience can easily access unlimited content anytime on their watch. There is no time limitation when streaming any content on OTT platforms.
2. Personalized accounts
Another factor that drives the demand for an OTT platform is the personalization a target audience receives. Based on the analytics and viewing habits, the OTT account of a user can be personalized. This means the content recommendations will be based on the user’s likes to stream on the platform.
3. Taps a wider audience
With an OTT platform, your target audience isn’t limited to your home country alone. You have the ability to tap a global audience based on your marketing actions. In fact, you can even exhibit your content offerings that could vary from one user of a country to another. This is what Netflix does as well.
4. Drives revenue within the app
Another great reason to have an OTT platform is the ability to drive revenue from within the application. Various OTT monetization models are available such as subscription-based, pay-per-view and many more. Based on the type of your audience and the content offered, the monetization models can be placed accordingly.
5. Supports multiple app platforms
Lastly, another reason to support the growth of an OTT platform is the ease it provides to support any platform. For instance, your app can be created in a manner that supports Android and iOS applications, thus engaging various audience types. This is important as the number of users who use the above two operating systems is high.
How Netflix Created A Million Dollar OTT Entertainment Business?
Netflix has grown to become a popular OTT business. Almost everyone across the globe has a Netflix account to stream content. So, what did they do right?
With a single sign-in, they made it easy to enter the account; they have content recommendations based on viewing habits, offer an unlimited range of fresh content, etc.
Netflix’s main agenda is to satisfy the entertainment needs of its target audience.
Thus, if you notice, every account is personalized based on what the audience is streaming.
They have also introduced new features such as reminder options to stream new content, offline download option, smartly categorizing each genre of content and much more.
Wrapping Up
Investing in an industry with a foreseeable future is the best way to grow your OTT business. When you create a TV app like Netflix, you’re bound to grow in the right direction. Netflix has built a brand that is considered one of the highest downloads across multiple audiences across the globe.
And here comes the most common question, how to create TV app like Netflix? The simple answer is to invest in OTT platform app providers. These experts offer a simple method to set up your OTT entertainment business whilst providing powerful features to enhance and grow the platform.
Investing in such platform providers is suggested since you’re starting to grow your OTT business in the entertainment sector.
