Streaming services offer users a platform to watch media such as box sets, films and documentaries, and have become incredibly popular in the last decade. With the global video streaming market being predicted to be worth over $125 billion by 2025 (around GBP90 billion) there’s never been a better time to join the market.
Not only are people’s viewing habits changing, but the onset of the novel COVID-19 pandemic has caused viewership on streaming services to skyrocket, since people have now found themselves with a lot more time on their hands. While the future of the virus still remains uncertain, the popularity of streaming services will continue to rise- so what are you waiting for?
If you’re thinking of building your own streaming service, then here is everything you need to know before you get started:
Decide On Your Target Audience And Niche
Your niche is essentially going to depend on your target audience, which in turn is going to be contingent to what kind of brand you are.
For example, if you’re in the fitness industry, then it makes sense for your streaming service to be tailored around workout content and fitness-related videos. This is a great niche to be in, since there are hundreds of different types of workouts, making it easy to categorise each video.
Different ages, genders and countries may also have different viewing habits, so it’s important that you do your research to find out how to best optimise your content towards your intended audience. For example, if you’re planning on offering a weekly live workout, you’ll need to make sure that it is streamed at a time that best suits your audience.
Find A Reliable Developer
While you may have some amazing ideas behind creating your video streaming service, you can’t be expected to build the whole thing yourself. If you’re looking to create an OTT platform, then developers like Red Bee can help you bring this idea to life.
Red Bee help to deliver faster and more effective streaming services, often to multiple devices, so you can be sure that your project is in safe hands. You won’t have to worry about any of the technical side of launching your video streaming service when working with Red Bee, as their specially trained developers will do it all for you.
Determine What Content You Will Use
You have two options for your streaming service: will you use videos from other distributors, or will you create all your own video content?
Obviously, the first option of the two is undoubtedly the easier one, though you’d need to get a license for public performance.
Choose Your Monetization Model
There are plenty of different ways for you to earn month through your video streaming service. Subscription services tend to be one of the most popular options, and to help you keep on top of the competition, you should be sure to choose a price that’s similar to what your competitors are offering.
Subscriptions can either be paid for on a weekly, monthly, 6 monthly or yearly basis, and a good way to keep your customers around in the long run is to offer a discount for those who agree to commit to their subscription for a certain amount of time.
Another way to earn month is through advertising. If your streaming site has a higher viewership, then companies will be willing to pay you to advertise their products at the beginning of the video, or maybe during an ad break.
Finally, you can implement a pay-per-view service which may be better for those who want to ‘try before they buy.’ This model is great for bringing in new customers, but it may be more difficult to maintain a loyal viewership.