March 20, 2017
If you are a media company, then you know that I speak the truth. By now, dozens of vendors have approached you trying to sell you their magical formula for success, but that isn’t reality. If you are new to the game and investigating this on your own, I am sure you feel overwhelmed. If not, then you’re ahead of the curve.
If you are overwhelmed, don’t feel ashamed! Float Left has been working with hundreds of brands to launch OTT services since 2010, and we are still discovering how to do it better.
OTT is an acronym for Over-The-Top. It refers to the use of the Internet to deliver a video service directly to the consumer via an internet-connected device – think Netflix, Hulu, Amazon, etc.. OTT services do not require a cable or satellite subscription, only a high-speed internet connection. In fact, most refer to those adopting this method of consumption as cord-cutters. “Cutting the cord” is a trend that has seen rapid growth over the past five years, and now most media brands are getting on board the OTT express.
We outlined the challenges of launching an OTT service in a previous post, but here are the main areas where publishers struggle:
To be successful in this new era of digital content and technology, I hope you are either in the planning phase for your OTT strategy or are neck deep in development. At this point, hopefully, you are nodding your head in agreement and understand that there is a path forward in the OTT space. If you have not planned your OTT strategy, then you need to start immediately.
OTT is the future of Television, and that’s great news! OTT provides quality content for millions of viewers that are looking for alternatives to cable and satellite services. What makes OTT services is the opportunity to provide very niche content to their audience and connect with them directly. If you have made that connection, then you will have loyal viewers for years to come. The opportunity for success is enormous, but it requires carefully planning and strategy at the beginning.
Relax. You have time to figure this out. The market is huge, and this transformation of TV isn’t going to happen overnight.
Contact a company that has particular experience in LAUNCHING OTT SERVICES, not just app development companies.
Determine your business model – is your content so exclusive and unique that consumers can’t get it anywhere else? If so, you may be able to look at a subscription service. If not, a free service monetized with ads will be your best chance out of the gate to drive revenue.
You don’t know what you don’t know. When speaking with a potential partner, make sure they are leading you and not just asking you to come up with all of the answers. They should be directing you and helping you every step of the way.
We have found success in our ability to connect with each of our partners to build a long-term, successful business plan that navigates the technology and marketing ecosystems in helping to develop a winning app formula.