The OTT business has been seeing a steady rise and the pandemic situation added to its growth with more user penetration. In 2020, the market share of the OTT industry globally was valued at USD 50.11 billion.
Thus, having the right OTT strategy or optimizing it will help you beat the competition as well as attract a wider audience.
Focus on OTT Platform Delivery
When you start an OTT business, you’ll notice that there is huge competition in various niches. This not just makes it tough to penetrate the market but if the quality of your service is below par, there are chances of losing your market share. It is essential to optimize the experience to retain customers and be on par with others in the industry.
While content is the main focus in having loyal customers, it is also essential to give them a smooth experience. This requires an efficient UI and UX working in the background along with fast servers to deliver a buffer-free experience.
High Traffic on the Platform
Your OTT-business plan shouldn’t just be about getting more customers but catering to high traffic on your platform, too. As your business scales, it will be normal to have peak timings and your infrastructure should be capable of handling the load and giving equal experience to everyone on the platform.
OTT Platform Challenges
Quality content is always the backbone of the OTT industry. For customer retention, your OTT strategy should revolve around consistent quality content. Focusing on a niche can always help you deliver content that appeases your audience.
With customers using various devices to stream videos, ISPs need to support multicast channels. You can either choose a one-size-fits-all video or use multicast versions to enable DASH protocols.
With the number of OTT services in the market, customers have a lot of options to move towards. It gets difficult to retain them as most prefer quality, unique and original content along with a smooth streaming experience.
Piracy is another concern that risks the trust and loyalty built by companies in the OTT market. Along with stolen content, customer data can also be leaked. Strong security and other measures can reduce this challenge considerably.
OTT Trends to Look For
Native Cloud Architectures
This new architecture allows you to develop your application by focusing only on scaling certain parts. Native cloud architectures utilize cloud services to update, run or develop software based on a modular method. In OTT, this helps you scale a workflow that is beneficial for you and your audience without upgrading the entire system.
Microservices can be designated to individual functions within your OTT platform. This again helps you scale single components that benefit your OTT services. Netflix is one of the first services to use cloud-based micro-services.
How to overcome the issues & Optimize Perfectly?
Finalize your Content Niche and Streaming Type
Your content and audience mainly influence your streaming type. For example, in sports, viewers prefer live streaming but also would want to playback it at another time. So, finding an OTT solution that provides great live streaming and then converts it into a linear streaming program. Pick a niche and streaming type and then get support for your OTT development.
Geographical Location of Your Audience
By understanding your audience’s location, you can ask your OTT platform provider for features like geo-restrictions, global servers, and more. This can help you personalize your content according to the geography of your audience along with restricting unwanted users from getting access to your content. Also, having servers closer to their location will help faster streaming experience.
Understanding where your content is stored will help in streaming, downloads, and more. It could be cloud-based or on-premises. Either way, the hosting affects how your data is uploaded, whether there is a bulk data uploading mechanism. Choose an OTT provider who can give you different options with strong Content Delivery Networks (CDNs) for smooth streaming.
Integration of Recommendation Engine
If you want to personalize content and promote your videos, having a recommendation engine integrated during OTT app development is beneficial. It will help in keeping your users on the app for longer and increase user engagement time.
DRM (Digital Rights Management)
One way to tackle piracy is using DRM. This secures your content through encryption and decryption of your videos. This reduces attempts to steal your videos and increases the security of your content. For original content or streaming of copyrighted content, this is essential.
To optimize your OTT business, it is essential to be on top of market trends and employ the latest strategy for content, streaming solutions, and security. Choosing the right OTT platform provider can help you update your service and have experts suggest the best solutions.