Believe it or not, an average person spends more time in front of the TV than they do on their smartphones.
To be honest, people just spend time in front of various screens. It is the digital age. Does that sound like blasphemy? Well, it’s not. People spend four hours or more watching television. This is nearly half an hour longer than they spend on their smartphones, which they use for about three hours and forty-five minutes.
With this, the number of people who want to watch on-demand continues to grow. Over 232 million people choose to watch their shows on-demand, thus skyrocketing subscription video platforms. How have viewing platforms like Netflix, Hulu, and Amazon created a 22-billion-dollar industry?
Below, we’ve listed a few steps that help every video platform succeed.
Make a Plan
Every good business starts with an equally well-thought-of business plan, and the same goes for your video platform. Your plan can help you build the foundations of your service, and it can help you visualise the goals you have for your business. When you create a plan, you’ll be able to flesh out and fully develop your brand. Figuring out what or who that brand is can help you find your target market or audience. Not all subscription video platforms have to focus on movies or TV shows. It really depends on the content you want to create and the market you have in mind.
Deciding on Your Budget
Launching a video platform isn’t going to be easy or cheap, but it is a good investment. All your hard work and capital will pay off once you get your business off the ground. However, just because you believe in your success does not mean you should go all out in your budget. Do your research, ask for financial advice if you need it, and set a realistic budget for yourself.
Buying Quality Video Gear
If you’re going to set up a video platform, of course, you’re going to need the proper equipment. If your platform has videos created by you, then you’re going to need good cameras, lighting gear, stands, backdrops, and even high-speed computers where you can edit videos. These are the things that you shouldn’t forget to include in your budget because they become your tools of the trade.
Find an OTT Platform
An OTT platform or over-the-top platform is usually an application that allows consumers or viewers to stream on their mobile devices. Video platforms are an essential part of any streaming service. Any complication with these platforms can lead to the loss of viewers. An OTT platform is not easy to build or use. You might need the help of a developer to set up your OTT platform.
Build Your Audience
Building your audience is easier said than done, but you can always use marketing strategies to attract more people. You can even track your viewers’ data to figure out their preferences. This feature can be included or incorporated into your viewing platform.
The way that technology has evolved now means that companies are able to tailor content to suit their audience. It is sometimes the little things which make such a big difference. An example would be sections on streaming services which include ‘Because you watched this’ and ‘What you may like’. More often than not, you may not have really thought about these shows.
Subscription video platforms continue to grow. Even though more prominent names are more easily recognised, there is always room for independent creators to find their way to success. Focus on creating a solid plan with a brand that viewers can trust and enjoy. Don’t forget to find or build a good OTT platform to help bring your service to your subscribers.