10 Winning Strategies To Boost OTT Revenue In 2023
The OTT market is becoming increasingly crowded, with a surge in new entrants and the ongoing pandemic fueling cord-cutting. Despite the rising competition, OTT platforms continue to generate substantial revenue, with the global OTT and video market projected to reach a staggering $210 billion by 2026, a significant increase from $6.1 billion in 2010.
However, not all platforms succeed in the revenue game. Only those that employ effective strategies and tactics can build a large user base and generate a profitable income stream. In this article, we will explore some of the strategies used by market leaders to boost their OTT revenue.
Reinventing the Pathway to OTT Revenue
Different platforms adopt various revenue strategies depending on their niche and content diversification. While some platforms opt for a recurring revenue stream through subscription-based models like SVOD platform, others choose pay-per-view pricing. Advertising also plays a significant role in generating income when executed in a non-intrusive manner. Successful players often integrate multiple business models to maximise revenue potential.
Valuing Audience Preferences
To ensure a steady income stream, platforms must not only adopt a variety of revenue strategies but also personalise their content and user experience according to audience preferences. Understanding the target market is crucial for effective marketing and allows platforms to tailor their campaigns to attract the most relevant and engaged traffic, leading to a steady stream of revenue. Market research helps platforms stay informed about industry trends, customise user experiences, and identify competitors. we provide Cheap video streaming Platform
Prioritising Content Exclusivity
Offering unique and exclusive content is crucial for attracting viewers and generating revenue. Platforms that provide content found nowhere else have a higher chance of enticing viewers to pay for their services. Exclusive offerings also help minimise churn rates and increase customer lifetime value, ultimately boosting revenue.
Displaying Pricing Efficacy
Choosing the right pricing model is essential for a flourishing revenue stream. Platforms can opt for subscription-based models (SVOD), advertising-based models (AVOD), or pay-per-view/transactional models. Additionally, platforms can offer free trials, discounted annual packages, and other flexible pricing plans tailored to their long-term goals. An integrated mix of pricing models based on factors such as content niche, target audience, geography, and device usage can maximise profits. We provide Video Streaming Platforms providers in India
Hyper-personalization is key to successful OTT marketing. Platforms should tailor their communications, such as emails and push notifications, to create a humanised interaction with potential users. Personalised messages and targeted push notifications can drive unprecedented traffic to the platform, improving revenue potential.
Prompt Push Alerts
Push notifications are highly effective in raising awareness about new content and converting anonymous visitors into paid subscribers. Optimised push alerts, sent at the right time zones and based on viewer behaviour, can significantly widen the profit-making window.
Encouraging Social Interaction
Integrating social sharing options on OTT platforms allows content to reach a wider audience base. Likes, favourites, and shares on social media platforms can amplify viewership and help platforms understand audience preferences, leading to more targeted paid campaigns.
Launching Loyalty Programs
Loyalty programs can be a valuable tool for retaining long-term subscribers. Offering special discounts, coupons, or rewards to loyal customers not only increases customer retention but also enhances the platform’s reputation and competitive advantage.
Assessing Analytics Data
Real-time analytics provide invaluable insights into audience preferences, enabling platforms to make informed decisions. Metrics such as total watch time, conversion rate, churn rate, and average revenue per user offer deep insights for optimising content acquisition, enhancing the customer experience through recommendations, allocating funds effectively, and refining offerings, pricing plans, and free trials based on various factors.
In summary, revenue sustainability is a crucial measure of OTT success, and it goes beyond simply launching a well-designed platform.