Every successful business eventually reaches a point where it must explore options for expansion and revenue growth. For an OTT platform operator, understanding the pathways to growth is crucial. In this article, we discuss strategies and options to grow an OTT business.
How to Grow an OTT Business?
1. Consider a hybrid monetization strategy
The era of one-size-fits-all payment solutions is ending. Consumers now seek platforms with flexible purchase options: some prefer monthly subscriptions, others opt for one-time purchases, and many choose to watch ads during video playback.
Implementing a hybrid OTT monetization approach can attract and retain a diverse audience.
2. Cover a new market
OTT services have immense potential to penetrate new markets worldwide. Developing an OTT application enables a business to reach a broader range of devices. While a website limits users to laptops, an OTT app allows access from various devices, including smartphones, tablets, and Smart TVs. This flexibility can lead to audience growth, as many users prefer accessing content on their portable devices or home entertainment systems.
3. Go International
Expanding your video streaming service internationally can open up new revenue streams. When the local market becomes saturated, exploring foreign markets can bring in new customers. This approach, however, comes with challenges such as the need for CDN (Content Delivery Network) to ensure smooth streaming with low latency.
Additionally, entering markets with different languages necessitates adding subtitles, translating your website, and localizing content to meet the new audience’s expectations.
4. Utilize all possible sales channels
Sometimes, optimizing existing sales channels can significantly impact your reach. Evaluate if you are leveraging all potential channels to promote your platform, such as referral programs, SEO, social media marketing, and outdoor advertising. Enhancing your marketing strategy and exploring new approaches can also drive growth.
5. Introduce a new service or product
Consider diversifying your offerings by introducing new services or products that align with your brand. Market research is essential to understand your audience’s interests and assess the long-term profitability of new ventures.
Having additional products or services opens up opportunities for promotional campaigns, like offering discounts on one service when another is purchased.
6. Optimize Your OTT Content Strategy
Small changes in your content strategy can attract new customers and increase revenue. Stay updated with trends in your niche and what your audience is seeking. You might need to refine the types of videos you post or focus on a specific genre.
Niche content is becoming increasingly popular, with many platforms dedicating themselves to a particular genre or topic. Consider testing new content creation and processing approaches to see what resonates best with your audience.
Conclusion
We have outlined several strategies for expanding an OTT video streaming business. We hope these ideas inspire you to explore new avenues for growth and enhance your project. By implementing a hybrid monetization approach, covering new markets, going international, optimizing sales channels, introducing new services, and refining your content strategy to grow an OTT business can achieve substantial growth and success.
