Over-the-top platforms (OTT) have given an opportunity to the consumers to customize their preferences. This is the reason that has increased the demand for OTT services across the globe.
The reports say the revenue from the OTT services is expected to reach 210 billion USD by the year 2026. This figurative estimation is almost double the revenue in the year 2020 which was 106 billion USD. However, the new players jumping into the market still have the possibility to fail in the market. To help you create online OTT platform entertainment, Enveu is the platform that accompanies you since you develop an idea of providing OTT services.
Let’s unveil the challenges in the OTT and how you can tackle them:
1. Targeting Wrong Audience
In any business, the audience is the prime controller. While you create an OTT platform, you should emphasize an audience-centric business model. You should know your audiences’ expectations to cater to their needs.
The OTT service providers can focus on multiple niches to broadcast to their audience. It is important that you gather a loyal audience in the OTT industry as there are already so many giants. If you have the right audience, you would know their expectations and offer top-notch service to them.
2. Poor technological Implementation
With the advancement of technology, businesses are pacing up significantly. From API, servers, content management systems to security, paywalls, and integration with devices, you must implement the technical aspects to accelerate your OTT platform to the road to success. With Enveu professionals, you can mitigate the risk and challenges posed in the broadcasting network.
3. Irrelevant Content Broadcasting
Since you have defined your audience, created a niche, and created content, you must be wondering about the next step. To lure more customers to your platform, the service providers need to suggest more refreshed content to the users. For Example, when you watch a series on Netflix and Prime, it recommends new content for binge-watching. This practice lets the audience explore the useful content on these OTT platforms and keeps them engaged in the platform. Customizing and personalizing the user experience helps in increasing the revenue in these platforms.
4. Unstandardized User Experience
There are more than 40 OTT platforms across the globe. To compete in such a huge industry, you must have unique content or quality services to stand out from them. Most importantly, the service providers should focus on offering a great experience that includes the design of the platform, easy navigation, and simple controls.
Enveu is one such service provider that can customize your platform that has accessibility on smartphones as well. In an online OTT platform entertainment, user experience is a major concern among the audiences.
5. No Consistent Quality
In the OTT industry, meeting the expectations of the customers is one of the major concerns. Be it the unique content or the platform interface, or the attractive designs, customers expect more. Apart from the OTT giants like Netflix, HBO Go and more, the new OTT service providers also have to create a differentiation factor. Moreover, offering quality content consistently keeps the user engaged with your platform.
6. Revenue Generation Issues
According to reports, the US solely has more than 340 million SVoD (Subscription-based Revenue Subscriptions). It was believed to be the next hit but the subscription-based OTT revenue model witnessed a steady rise. The different OTT platforms have different target audiences. A dynamic monetization model that caters to all audiences is the perfect solution for businesses to grow exponentially. The multiple revenue models help businesses to attract more customers to their platform. If you are looking for a video streaming app builder, Enveu is the ideal solution for you.
7. Video Piracy
Video piracy is not new to the media industry. It is in tradition since the time of traditional TV. It might lead to a huge revenue loss, customers, and reputation for a business. If the hackers succeed to get access to the OTT servers, it not only means the leakage of the content but also puts the customers’ data at high risk. To combat the piracy issues, the tech professionals of Enveu enable a secured platform with technology like DRM, digital watermarking, encryption, and others that can reduce this risk considerably.
8. No Customer Retention
As there are more than 40 OTT service providers in India that poses a tough challenge for the new players to attract and retain new customers. Here are the following issues that you might encounter:
● Customers leverage the benefits of a free trial but opt out when the trial is over.
● No fresh content in the platform drives away your customers.
● Complexity in the user interface can push away your subscribers from your service.
To mitigate these risks, businesses have to focus on creating unique and quality content for their audience. Along with the unique content, the service providers also have to emphasize a smooth user experience. If you could experience the requirements of your customers, this strategy can also work in your favor.
Summing Up
On a summarizing note, original and unique content attracts and retains the customers to your OTT platform. The security, implementation of good technology, customization of the services, and multiple monetization models are factors that contribute to the success of OTT platforms over a period of time.
Enveu is among the leading video streaming app builders in USA that help you set up your OTT business from scratch to monetise it. You just have to focus on the creation of unique and engaging content and the rest is all on the professionals. By creating OTT platforms with Enveu, you don’t face any technical complexity that implements state-of-the-art facilities.
