The internet access to different types of programming regardless of a network or facility dedicated for its delivery is the feature that defines the OTT, or ‘Over the Top’ services. The age of the OTT content has arrived and the leading OTT companies boast of having over millions of subscribers. With the widespread availability of broadbrand internet connections, the appetite of the viewers for OTT will grow at an ever-rising pace.
OTT offers an unprecedented opportunity to provide content directly to the viewers, and in such a scenario, the content providers are increasingly realizing that they need to have a viable way of monetizing OTT content. No one wants to be stuck without a way of turning great content into a strong revenue stream. The challenges are many with the usage fees and targeted ads falling far short of the promise and the service providers facing difficulty in maintaining and monetizing their business in a situation where consumers have their loyalty set on specific talents or shows. Even in such a scenario, there are ways to overcome the challenges and have successful ways of OTT Video monetization.
Turn to options for subscription
Consumers expect anytime and anywhere access to the contents that they want. Subscriptions and other automatically periodic revenue-based OTT Video monetization models offer the consumers exactly what they look for. Models that provide inconvenience to the customers or compel them to purchase content will not have a good chance at succeeding. Consumer choice and user experience need to come together in order for you to win at the game of OTT monetization.
Offer viewing on different platforms
The traditional models of viewing content do not offer an avenue for the busy professionals to watch entire seasons over the weekend. Offering an empowerment with choices and providing preferred user experience has been the key to successful monetizing by many OTT service providers. The fact of the matter is that you need to satisfy the consumer’s desire for your content in a way so that your bottom line is positively impacted.
Charge for each unit consumed
When your content offers value, you can easily charge your consumers based on each unit that they consume. Think of it as something similar to charging for tickets to shows. If the content is based on special events, like concerts, this way of OTT Video monetization can actually do the trick. The only initial drawback is that this payment per unit model makes you incur higher costs for customer acquisition. You will have to acquire consumers in advance of every such purchase, and at the same time, compete with the providers who offer similar content. However, if you feel that your content is up for those obstacles, you can easily opt for this method.
Support multiple payment options, languages, and currencies
You need to offer support for multiple languages, currencies, and payment options to attract more consumers to your services. You must allow the customers to transact using their own languages and make the payment using their own currency, along with the method of payment that they prefer. Any inability in communicating using their language and transacting with their cards will turn the consumers away from the videos that you offer.
Turn up the reliability and speed of transactions
Believe it or not, the speed of transactions also has a significant bearing on easy monetization of your content. A difficult or slow pace of initial transaction will drive the customers away from your content. You need to be able to process the transactions quickly even on those days when the demand for your content is high. It is also of absolute necessity that you offer a reliable mode of payment and a trusted payment processer for your content, so that, people do not need to think again before putting in their card’s numbers.
Offering flexibility in pricing
Your model of subscription needs to offer a variability of plans. An annual plan that comes with a discount can be attractive to one consumer but some other consumer might look for a monthly option. Figure out the range of options that your consumers are looking for, and then, refine them for increasing retention and revenue. There are as many service providers who are stuck with overpricing as there are those who are stuck with underpricing. Analyzing and benchmarking the needs of the users will help you set the price just right to increase your revenue.
The era of OTT is underway and it is crucial that the content distributors, curators, and owners find ways to monetize OTT content. The market is ready and you need to keep up with the rising demand. When considering the modes of generating revenue in OTT, the given ideas can take you a long way.