9 Key Strategies To Boost OTT Business Revenue & Engagement

9 Key Strategies To Boost OTT Business Revenue & Engagement

Boost OTT Business Revenue

Did you know? There are over 169 million Netflix viewers in the US alone! OTT subscriptions have been growing over the years and there has been a steep increase in the last year as more players like Disney +, HBO Max, and others enter into the market. 

It is of utmost importance for OTT Platform services that run on the subscription-based business model to have a good number of subscribers to generate high revenue. Let’s focus on some key strategies to increase the engagement and customers for your platform. 

Key Factors for a Successful Subscription Business

1. Highlight push notifications

When a new subscriber comes into your platform, they are curious about what your service has to offer. Good content is the main deal breaker but being able to know when new content is available or notifying them of a new series can result in more engagement. In a subscription revenue model, retention of customers is key to success, and push notifications serve as a reminder. Nudging a new customer to opt for push notification, can help you market the content of your OTT business with ease. 

2. Compatibility across various devices

Subscribers now love the control they have over what content they watch and from where. Making your OTT platform available across devices like smartphones, PCs, smart TVs, media players and consoles can give you an edge over the competitors. Every customer prefers a different device to watch their shows and giving them access to stream your content on various platforms can make your OTT business model a success. 

3. Promote Content with Stories

To increase your OTT apps subscription, you’ll need enough content to keep your subscribers hooked to your service in the long run. With a great collection of videos, it gets tougher to browse through the myriad of options. One of the easiest ways to push recommendations is to use stories. This is similar to Instagram stories where you can suggest videos your customer might like. 

4. Build an Easy UI & UX 

When you start an OTT business, remember that simplicity and easy controls are the solutions to making your revenue model a success. If your platform has complicated UI and an unpleasant overall experience, then you’ll see a dip in the number of subscribers. Whether it is content discovery, playback or even adding to a favorites list, it is important to take note of how easy it is to interact with your app or platform. 

5. Unique & Original Content

For any OTT platform business model, content ranks high on key factors that make it a success. OTT platform companies not just focus on the platform but also on making content that is not just engaging but unique and original. With many OTT streaming platforms in the market, bringing in new content that is different from the rest will act as a boost for your business.

6. Cross-selling & Up-selling on the App

Use your app smartly by using its in-app messaging feature to suggest videos your customers might like. Cross-selling or up-selling can increase the viewership time on the app. When a customer spends more time on an app, they are far less likely to unsubscribe from such a service. Personalized recommendations also are a good tactic to use to increase customer loyalty. 

7. Listen to your Customers

If you’re unsure what you can do to make your OTT video subscription better, just ask your customers. Asking for feedback can help you directly get data from your customer about what they want in your service. Use this data to make your platform better and bring in more like-minded customers into your OTT platform.

8. Use Different Channels to Connect with Subscribers

To keep your audience engaged off your platform, make use of social media and emails to share promotional messages, teasers, polls, and more. For the success of your OTT platform revenue model, you need to create a sense of community amongst your audience. The best way to do it is by using different channels not just to promote but frequently connect with your customers.

9. Make Decisions Based on Analytics

Whether you’ve used an OTT platform provider or built your service from scratch, you have access to real-time analytics. This can help you make business decisions that benefit your company and the users at large. From screen time to popular videos, you can use analytics to plan your content, make marketing decisions and recommend videos to your audience.  In short, the key to running a successful OTT business is to ensure your customers are happy with unique content, a good experience and keep them engaged on the platform and outside too. Also, using analytics and feedback to constantly update your services helps boost revenue and subscribers.

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