An online source revealed, ‘’By 2022 OTT revenues will top $83.4 billion – roughly half of the expected pay-TV revenues by 2022.’’
Online video platform has changed the way we can access entertainment today. Today with a click of a button, users can access an unlimited library of VOD content at an affordable price.
The popularity of video streaming solutions has garnered huge attention. Online sources revealed, ‘’More than 50% of consumers said they’ve been streaming videos on their preferred streaming platforms at home because of the COVID-19 outbreak.’’ This industry is not just profitable but if you develop a video streaming solution that works well with your target audience, you have a successful revenue generating business in hand.
Thus to help you conduct such actions, this blog shares the popular for those video owners who are looking to either build video streaming website or enhance their current video streaming platform.
10 Strategies To Incorporate For A Video Streaming Business
1. Consider Your Users’ Needs
Your video streaming solution is driven based on your user’s needs. Thus ensure that the content you exhibit or the payment model you choose, everything is considered based on your users’ needs.
As a business, the first preference always lies towards what your users’ needs are. Thus when you create a business model based on this, you’re on the path towards creating an empire.
2. Engage your Users with Push Notifications
The purpose of push notifications is simple, encourage users to engage with your app or video streaming solution more. Online sources stated, ‘’Did you know that on average push notifications have a 71% opt-in rate across Android and iOS?.’’
Push notifications need to be created in a manner where your target audience is compelled to engage further with your platform.
3. Make Onboarding Simple
Your target audience will walk away if they find an inconvenience in the way they access entertainment. Your onboarding experience needs to be simple and convenient for your users.
Make accessing any content simple, keep the searches for content easy and create the layout of your video platform smooth for the users to explore.
4. Create Customized Push Notification Campaigns
Push notifications will capture your users’ attention and play a vital role in retaining their attention on your platform longer. Create campaigns that are centered around their behavior in your platform.
Based on what they watch the most of the plans they explore, create push notifications campaigns that compel them to engage deeper with your platform.
5. Incorporate recommendations/suggestions
Another great way to retain users’ attention on your best video streaming solution is to recommend. Based on their watching habits, recommend similar content they can stream.
It is a simple theory that if your user liked one type of content, they will go on to watch similar ones for quite some time. Use this strategy to capture more attention on your platform.
6. Offer content based on payment plans
Another great way to get your users hooked on your platform is by showing them the right investment plans. Based on your plans, the exhibit on the menu, what content is included in the free plans, what content can be accessed with a premium subscription, etc.
Pro tip: Keep the latest content on premium subscriptions as users will have the urge to subscribe to stream the content.
7. Highlight new content via stories
With so many movies and tv shows releasing almost each day and week, how can you increase their attention amongst the huge content library you have?
The best way to do this is by creating stories. When your user open your website or app, create a small space to exhibit stories of the new releases shared on your platform. This will encourage users to stream them all.
8. Retain users attention on website
The best tip to capture loyal users on your platform is to increase their viewing time longer. While recommendations is one way, there are also other tips that can help you conduct this action.
Having premium plans for the new releases, offering discounts on plans etc are a few other options.
9. Consider feedbacks
Feedbacks play a vital role in he growth of your video streaming business. With constant feedbacks, you can continue to enhance your platform.
Conduct a survey or get users to fill a feedback form. Do this on a regular basis and continue to retain your users attention with updates and eliminations of any lags.
10. Increase referral count
Another great way to capture you target audience is via referrals. Online sources stated, ‘’Referred customers have an 18% lower churn than customers acquired by other means.’’Referral marketing works great as it is one of the popular forms of advertising that works well.
Give your users a discount or a benefit if they refer their family or friends. In this case both parties benefit well.
To be successful in the video streaming business in 2022, a good strategy plays a vital role. While you have the strategy in hand, as a video business owner, you are also required to build a reliable live video streaming solution.
There are multiple video streaming solution providers that can help you build a video streaming website. Apart from the setup, they also provide tons of features that can further enhance your application.
So, tell us when do you plan to get started? What strategy will you incorporate first for your video streaming solution?