Digitization has transformed the way people look at entertainment. Binge-watching shows on OTT platforms have become the most preferable means of entertainment. Considering the behavioural change of people, the need for OTT app development is increasing. As per Statista, Over-the-top media revenue is anticipated to be more than 210 billion US dollars by 2026.
So if you want to know when would be your perfect time to start your OTT app development, then keep reading.
Right Time to Invest in OTT TV App Builder
Now is the right time to invest in OTT app development, why?
OTT has evolved as a compelling way to view entertainment that transcends boundaries across the world. So now is the perfect time for marketers to tap into the massive potential of OTT apps.
If you are one of them, align your marketing strategies with on-demand streaming and reach out to your target audience and reinvent revenue models to get increased ad-based revenue, augmented reach anywhere, anytime across multiple devices, and improved profit with consistently increasing subscriptions.
12 Crucial Factors to Consider While Creating an OTT Application in 2024
1. UX of Content
With a growing number of OTT platforms with content of all sorts, as an OTT player you must ensure you offer an easy experience by ensuring the following:
- Make the experience to discover and view the content easy
- Make clear segregation of content types
- Define clear navigation to browse content
- Categorize content by language
2. Design System
A well-defined design system leads to a well-designed, user-centric digital product. Utilize the Atomic Design system interface which can be broken down into fundamental building blocks, making it easier to build an OTT platform user interface.
3. Personalized User Experience
Users expect a personalized experience across all digital platforms. Ensure you offer that by using an AI-powered recommendation engine. Most of the content that people watch is recommended by the platform’s recommendation system.
Include a plan to offer personalized up-sell and retain packages for every stage of the user journey from signing up to renewals.
4. Intuitive UI and Simplified Viewing Experience
Use Intuitive UI to simplify every aspect of the process of OTT platforms, which offers the following benefits:
- Flexibility switch-on-and-off subtitles option.
- Quality of video and data consumption information
- Resume option
- Quick and easy start, stop, rewind, and fast forward buttons
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5. Building a Multi-experience for Users
Create an OTT app that offers seamless delivery of content across multiple OTT devices. So ensure that your OTT platform offers a consistent experience across devices.
Another way to add value to users is by allowing them to watch their favourite content at their convenience. Enable the option to download the video for watching later whenever the user wants.
6. Easy Payment Gateway Integration
Major OTT streaming services accept payments through credit or debit cards, digital wallets, and real-time payment systems where available. These platforms charge users every month, thereby making payment easy.
7. Push Notifications
Push notifications are integral for user experience and impeccable engagement with viewers. OTT app developers know the importance of optimizing push notifications that cause a great difference in user engagement. The various factors to get push notifications right are:
- Personalized notifications are relevant to the user.
- Notifications are sent to the local time zone of the user.
- Actionable notifications for user engagement.
- Not sending too many notifications in the same time frame.
8. Video Library Management
Get 100% control of your content with a centralized video library that facilitates on-demand sorting & categorizing of movies, music, news, and more.
9. Real-time Audience Analytics
Personalize content delivery & increase viewership with accurate insights into user behaviour, regional preferences, ratings, run time, subscription patterns & more.
10. Multi-language Support
Expand reaches beyond borders with content available in a variety of language options through subtitles, audio descriptions, or audio tracks.
11. Easy Customization Options
Build your online streaming apps for TV, mobile & web platforms with limited coding dependency and complete personalization options.
12. OTT Revenue Models
Choose from SVOD (Subscription Video on Demand), TVOD (Transactional Video on Demand), and AVOD (Ad-Supported Video on Demand) and a hybrid business model for your OTT platform. OTT TV providers must be familiar with identifying which model would work best for your needs.
→ SVOD (Subscription Video on Demand)
Users view the entire range of your video content for a fixed subscription fee. Netflix and Amazon Prime are popular examples of this type of model.
→ TVOD (Transactional Video on Demand)
TVOD is a pay-per-view model, where the log-in is free but the users pay to view and download content.
→ AVOD (Ad-Supported Video on Demand)
AVOD is suitable for huge viewership. And access to major content is free for the users and it is still advertising-driven within the content. YouTube is a perfect example of AVOD.
→ Hybrid Models
The hybrid model is a mixture of all the above models. You can address a different segment of users with some videos for free, and offer unlimited access to a video library and users who want to pay for the content they access.
To generate high revenue from your OTT app development, you can decide the model based on your business needs.
Conclusion
The key to achieving building a fully optimized user experience depends on the OTT solution you choose. A perfect OTT platform provider offers all the benefits we have mentioned and now is the right time to choose a customizable OTT solution to develop your OTT app with a complete set of factors.
Choose from the best OTT TV apps to get all the benefits of building a successful branded OTT app that maximizes profits.