The media industry today is continually tossing up new variants of over-the-top (OTT) entertainment for technology-savvy netizens. And while we already know that the sector has morphed into a colossal force powering millions of bits of content to all four corners of the globe, it’s worthwhile to dig deeper into the relevance of OTT and how you can start a business in this space. To begin with, let’s look at what OTT really is.
The Fundamentals of OTT Video:
OTT is a broadcasting method that transmits video content over an internet line. The term denotes the delivery of content above and beyond the purview of traditional broadcasting formats such as satellite, cinema, and cable. OTT has undergone an interesting evolution since its inception. Started as a means for users to stream content on-demand, it now exhibits the capability to transmit live content to users, akin to a live telecast on television. It’s likely that you’re more familiar with video streaming services like Netflix, as this model is far more evolved than its live broadcasting counterpart. Having said that, live streaming is gaining traction in several markets across the globe as a means to transmit real-time information to users. OTT is an ideal solution for users who decide to forego a monthly cable subscription or those who prefer to consume entertainment nuggets on the go. With emerging turnkey frameworks available in the market, setting up an OTT video streaming service is affordable, viable and sustainable. StreamView is an option worth considering.
Steps to Create Your Own Video Streaming Service:
If you’re already engaged in traditional media and plan to expand your repertoire to include OTT, you may have a whole lot on your plate. Adding OTT to your media portfolio can be a challenge if you don’t have the relevant technology. Plus, acquiring media rights entails a different licensing process to conventional content formats.
Here are some steps you can follow to start a video streaming service:
Here’s the good news: licenses for OTT content follow a very similar path to that of traditional content. Naturally, your first step should be to get your content licenses in place. These include advertising agreements, revenue-sharing ratios with content owners and other relevant approvals and licensing clauses. It’s a good idea to consult a lawyer to get an insight into the legal implications for licensing.
Step 2. Create a Monetisation Model:
When it comes to monetizing OTT content, there are three recommended routes you could take. You could use each route independently or in conjunction with one or more others. Have a look to gauge which one you think suits your video streaming service the best:
Subscription Video on Demand:
Like the name suggests, Subscription Video on Demand (SVOD) pivots on a subscription model, requiring users to pay a fixed monthly fee for access to an unlimited library of content. Netflix, Amazon Prime, and Hulu follow this model. SVOD is ideal for users because there is no lock-in period or long-term commitment. At the same time, it serves OTT video streaming services well by garnering more users via word of mouth.
Ad-Supported Video on Demand:
By onboarding advertisers, you have the option of keeping your core video streaming service free. However, think twice before you go down this road because Ad-Supported Video on Demand (AVOD) is a rudimentary model for specialized content. If your content is coveted and your portfolio boasts features far superior to your competitors’, consider a subscription model. Where there’s value, there are bound to be customers, even for a price.
Transactional Video on Demand:
Transactional Video on Demand (TVOD) works on a piecemeal basis, requiring a user to pay only for specific content items consumed. You’re likely to reach a wider audience through TVOD, because users may not feel encumbered by a monthly subscription. The problem is, you may undercut yourself using this model. If your content quality is formidable, users may not mind paying a subscription for it.
Step 3. Pick a Technology:
Okay, so you’ve carved out your monetization model and content licenses and now it’s time to pick out a technology. There are several ways you could do this. If you’re feeling especially adventurous and have the appetite, you could build a framework from the ground up. But this takes time, money and resources and it’s probably wiser to opt for a turnkey streaming technology from a reputed brand. StreamView has become a prominent framework in the technology stack of numerous OTT companies across the world. Given its lightweight interface, customization features, and handy admin console, it’s little surprise.
Step 4. Organize Your Ancillary Tools:
Once you have your technology in place, there are several tools you should organize to make sure that your setup is seamless. Here’s a look at some of them.
An API is critical in powering an OTT video streaming service and serves as a key that unlocks the elementary components of a content service. StreamView comes with an inbuilt, full-fledged API that serves to provide access to an array of features.
Software Development Kit:
A Software Development Kit (SDK) is an organic off root of an API. Made up of software tools and coding scripts, it works as an enabler to propel long-drawn API routines. StreamView offers select bespoke SDK tools for a variety of streaming capabilities. Make sure you ask to have your SDK integrated when you set up your video streaming service.
Fluidity and Compatibility Tools:
Your users will likely access your content from a range of different devices. While StreamView comes equipped with tools to augment fluidity, it’s a good idea to seek out an HTML5 video player to make sure that your content is digestible on a variety of screen sizes.
Setting up your own version of Netflix doesn’t have to be a cumbersome, long-wound process. With the right technology partner and superior content, you’ve got yourself covered.