OTT (over-the-top) services have received a lot of attention in the last three years, completely transforming the way we consume information online. OTT platforms are significantly altering the landscape of the entertainment and media industries. OTT services are classified into several groups based on the type of content, helping both innovative content creators and brands gain better visibility and engagement among a wider set of global audiences. With access to internet video material, artists and content creators also have an opportunity to build a brand out of their work, that will lead to organic development and popularity among viewers.
With the versatility of the gadgets, modern consumers are more accustomed to consuming video material at any time and from any location. According to a PWC analysis, India’s OTT video industry would grow at a 21.8 percent CAGR from Rs 4,464 crore in 2018 to Rs 1,1976 crore in 2023. From large companies to start-ups, everyone is welcoming OTT platforms for innovative and data-driven campaigns. This also offers content creators an opportunity to drive better brand partnerships, find sponsors and create a stronger base of viewers for themselves, and enjoy a wider reach to viewers through dedicated OTT platforms.
In line with the above, having a dedicated OTT platform and building a niche ecosystem can have several benefits for content creators, like:
1.Better Engagement
OTT platforms have enormous potential for expansion. The enormous market makes it all feasible, but before proceeding, one needs to understand the approach for engaging the audience. OTT enables content makers to create content that increases engagement. It provides a diverse range of material to choose from based on the consumer’s preferences. Consumers, on the other side, have increased viewing independence in terms of location, device, time, and quality of options. Additionally, OTT platforms also help the audience to locate new material quickly and effortlessly, which will undoubtedly lead to success for content providers.
2.Increases brand awareness
OTT platforms are excellent in preserving an image that will improve your audience’s reach. On a regular basis, almost 70% of users watch at least three hours of video streaming services. According to a different survey, video accounts for 82% of all consumer web traffic. So it’s evident that digital and video are here to stay. Any brand, people, or organisation that can successfully combine these two. Owning an OTT platform will aid in improving brand exposure, increasing reach, and gaining more consumer loyalty.
3.Focus on your target audience
OTT platforms clearly identify their target audience, followed by enticing and relevant advertising based on their target group’s interests, which increases the ads’ views and reach. The 5G network provided to the OTT business is based on Fixed Wireless Access video transmission. 5G will compel high-quality consumption in households, hence enlarging the advertising area. Focus on a certain target first, then expand your reach after you have a clear understanding of the OTT audience.
4.Monetization Model
Content producers now have the resources and flexibility to pursue their passions. They might monetize their material in a single or several ways. These include Ad-supported-video-on demand (AVOD); Video on Demand Subscription (SVOD). A hybrid approach i.e. ad -supported video with subscription mode. The service provider/creator should select the most appropriate model for the platform. It all depends on your target audience.
Every content producer has a strong desire to increase the exposure of his or her own brand in the entertainment industry. And with a strategically planned platform, it is possible for large and small content creators to generate revenue and make an impact in the market through a well-planned and managed platform.
Article is authored by Hansa Mondal, COO, Ssoftoons.
