Video streaming has revolutionized the media landscape as we know it. Giants like Netflix have eclipsed traditional broadcast TV channels, with online streaming services now the primary way people access explainer video content.
The idea of companies like YouTube coming from humble beginnings to the tech titans they are today certainly has some romance, and lots of people want to get in on the action. For content creators, the idea of being able to easily monetize their videos and directly access viewers is extremely appealing, but can it be done? Keep reading to find out what you need to consider before launching your own streaming service.
Select a Platform
To operate a successful streaming service, you need to employ the services of an OTT platform. This will allow you to stream your content ‘over the top’ of other types of media, often to multiple types of devices.
Partnering with an established and reputable OTT platform will help improve the quality of your streams, allow for monetization options, and will give you access to detailed insights and viewer analytic information, which will help you adjust your methods and maximize the reach of your content.
Find Your Niche
Deciding what kind of video content you are going to deliver to viewers is crucial when forming the identity and overall image of your service. Focusing on a particular topic or professional sector allows you to direct your efforts towards a specific demographic and will help differentiate yourself from other services.
There is content to cover just about every niche imaginable online, so the more specific you are the more likely you are to provide something fresh. However, this also works to limit your potential audience, so think carefully. Perhaps you want to go the other way and have no niche at all. This is an option, but you’ll need to demonstrate some kind of unique selling point that sets you apart from the competition.
Target Your Audience
Once you have decided what kind of content it is you are going to stream, the next step is to identity and target your audience. Market research into similar services can help you draw up a profile of your ideal customer, from which you can begin formulating a plan on how best to attract them.
By identifying your target demographics’ age, gender, and interests you can specifically tailor your content to appeal directly to them, ensuring they are engaged and likely to return.
Choose a Payment Model
Streaming services can have a range of different payment methods, and it’s important to choose the right one for your particular service. Subscription based services like Netflix give users access to a full library for a monthly or yearly flat fee. This is convenient for both the consumer and the business and can make for stable and sustainable revenue. Want to know more about setting up a subscription-based payment model? Check out Chargebee’s guide on accepting recurring payments.
Transactional or pay-per-view services charge a fee for a one-time purchase to access content. Examples of this model include Amazon Prime, where users can buy movies or TV show episodes. This model can make for significant earnings, but you must ensure a high and consistent standard of content to ensure users are satisfied and make more purchases in the future.
Conclusion
Starting your own online video streaming service can be a viable way of monetizing your content and appealing directly to your viewer base. By partnering with a reputable OTT platform, finding your niche, identifying your target audience, and then choosing a suitable payment model, you could be well on your way to becoming the next streaming sensation.
