8 Elements that help to stand out in a Crowded OTT TV App Streaming Market
OTT Streaming Market
Launch an OTT service in today’s market scenario requires good research partners, efforts, and time. Since the market is brimming with OTT platform of all kinds, it is important to employ a broad launch strategy that highly differentiates your product from your competition. At the same time, it must have a meaningful offering against the competitive products. While a highly differentiating product launch may end up being more expensive, you can choose to launch a platform quickly with some key differentiators like end-user experience, content quality, pricing, and lowered upfront costs, etc.
Digital TV Research reports that the Asia-Pacific region will increase OTT TV and movie revenue by 90% to $54bn by 2026. So, in this blog, we will take you through a turnkey approach that will help you find the best fit to make you stand out if you are looking to go OTT.
Popularly used OTT platforms that cannot go wrong with any business
Apart from Television, Smartphones and tablets also draw a large number of viewers for OTT TV platforms. So, there is a rise in the use of OTT devices like Fire TV, Xbox, Apple TV, Amazon Fire Stick, etc. To support smart TV technology, the right platform needs to be chosen while building OTT apps. Here are a few recommendations for your OTT TV App development based on the market share and the reason for their popularity.
- Roku TV
Roku is a leading TV streaming platform in the U.S with a 36% OTT streaming market share there. It offers a variety of affordable streaming devices. Its devices include HDMI sticks as well as Block Boxes that can connect to Wi-Fi. Many Smart TVs also come pre-installed with Roku. Since it has about 5000+ channels, it is the most liked platform for OTT app development.
- Fire TV
Fire TV is an Amazon product used to stream videos, music, and games on TV. It can be plugged into the HDMI port on the TV to convert it to a smart TV. They have a Fire TV cube (set-top box) and a Fire TV Stick (HDMI stick). Fire TV is a big Roku competitor and has about 40 million active users. Fire TV users have access to the Amazon app store and its 488,674 apps.
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Android TV
Android TV is Google’s OS, developed for TVs. Android TV is popular due to the fact that 40% of Smart TVs are built on Android TV OS. Therefore, your idea of building a Smart TV channel will stand successful with an Android TV app development.
- Apple TV
Apple TV is a streaming device that can connect with high-definition TVs with the help of HDMI cable. It captures 13.2% of the set-top box market. Although a popular streaming device, Apple TV still stands behind its above contemporaries in terms of market coverage. Users can stream music, movies, and games but it is more popularly used for gaming.
What makes an OTT TV Platform Popular
OTT TV easily connects with the younger audience and over the recent years, it has spread its ambits and has cultivated a larger online media-consuming population than traditional TV. Here are some advantages of OTT that make it more popular than any other medium of entertainment.
- Better Viewing Experience
The quality and variety of content video-on-demand offers have transformed the way users consume entertainment. Popular OTT channels like Netflix, and Amazon Prime give a beautiful viewing experience due to high-speed streaming over the internet and special content and access.
- Leverages Across the Industries
OTT has not limited itself to the entertainment industry; it has transformed the education industry, the medical field, e-commerce, banking, etc. It has expanded to enterprises, facilitated communications and above all made it affordable and accessible to big and small businesses.
- Data Transparency and Micro-Targeting
OTT ads and data are more specific about who is watching its content, related relevant data, what is being watched, and what device is being used. This gives a better insight into the business and improves the rate of returns. Viewers also get a better choice of content and choice of timings for their media consumption.
8 Recommendations to build a top-class OTT Channel
To launch a new OTT service, we will lay down 8 basic elements for analyzing which is the best TV platform technology.
- Powerful content recommendations
For users, deciding what to watch is a pain point. The search option helps viewers decide what to watch by presenting relevant content at the right time. This adds to the value of your content catalog, even when the list is too deep.
- Reliable data analysis to track the visitors
Having powerful data analytics reveals the viewing patterns and behavior of the users. This is very essential to make better content decisions and understanding more about churn rates.
- In-built personalization tool for platform owners
Tailored services to the users are also an important factor that decides viewer satisfaction. The technology must be more like an interactive viewer-facing service. Wish list, options, separate user profiles, differentiating between genres according to user preferences, etc. helps maximize the value of content.
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Customized Revenue models
A technology that can use AI for differentiating your market segment and allows advertisers to target their ads to more relevant audiences will be a good selection.
- Better UI/UX
A bad user interface can be off-putting. A good user experience provides more opportunities for acquiring more clientele. An effective UI/UX makes all user interactions seamless. Moreover, the user’s experience if shaped by analytics brings more chances for profitability.
- Ensure Security
Piracy attacks have advanced from just streaming recorded programs to even live streaming broadcasts as they are broadcasted. Methods to immediately pull down detected piracy links, watermarking etc. are a few comprehensive solutions for content protection.
- World-class picture quality
High-quality programs may be difficult to watch as the pictures may go muffled, may have bad audio etc. Work with the OTT Platform providers who work with only high-quality streams. This leads to improved video quality experience and improvement in churn rates.
- The power of the cloud/Hosting
The cloud provides a lot of advantages for OTT tv service providers. Scaling, reducing Time to Market, increased responsiveness, quickness, reduced costs, etc are a few benefits to derive from cloud hosting.
Stand Out From OTT streaming Market
There are several ways that a business or organization can stand out in a crowded OTT (over-the-top) TV app streaming market. Some strategies that may be effective include:
- Offer a unique value proposition: In order to stand out in a crowded market, it’s important to offer something that sets your business apart from the competition. This could be a unique feature or service, a specialized content library, or a more personalized user experience.
- Focus on user experience: The quality of the user experience can be a major differentiator in the OTT TV app streaming market. Consider investing in a high-quality video player, using intuitive navigation and design, and providing timely customer support to ensure that your users have a positive experience.
- Build a strong brand: A strong brand can help you stand out in a crowded market and build loyalty among your customers. Invest in branding and marketing efforts to create a cohesive and consistent brand image that resonates with your target audience.
- Foster a sense of community: Building a sense of community around your OTT TV app can help you stand out and differentiate your business. Consider offering social features or hosting events to engage with your users and create a sense of belonging.
- Utilize data and analytics: Use data and analytics to understand your users and their preferences, and use this information to optimize and improve your OTT TV app. By gathering and analyzing data, you can identify opportunities to stand out and differentiate your business.
We have laid down 8 basic elements you must not forget while building a stand-out OTT Channel. Because every company has a different object, environment, and market situation, one may have to look beyond these points to set up a profitable business based on the forces working on them. Checking off these elements will make sure that you would not go wrong in choosing the best TV platform for your viewers. Since the OTT market is growing like ever before, consider collaborating with the best for leading-edge OTT streaming, premium features, and turnkey solutions.