Over-the-top (OTT) refers to delivering television, internet, and wireless services to consumers via a digital platform. In other words, it offers television programming to consumers without a traditional broadcast satellite transmission. While there are many different types of OTTs, including pay-TV and free-to-air services provided over mobile networks, the most common type of OTT is direct-to-consumer (DTC).
Direct-to-consumer refers to services sold directly by a content producer to consumers. In contrast, indirect-to-consumers refers to services sold by a content distributor to retailers or other distributors who, in turn, sell to consumers.
Shifting trends of OTT in India and worldwide:
- OTTs are becoming more popular worldwide as consumers have more choices and access to quality entertainment at reasonable prices. In addition to being accessible on multiple platforms, OTTs offer high-quality video at low latency compared with traditional broadcasting via satellite or terrestrial transmission. This makes them famous among viewers who place greater importance on the quality of experience than the number of channels available.
- For example, many Indian users have shifted from traditional TV service providers such as Tata Sky to online streaming platforms due to cost reductions brought about by OTTs. As more people switch from traditional TV services to cheaper OTT options, this trend will continue worldwide.
- OTTs must be marketed effectively to reach consumers worldwide, given that different countries have different television habits and purchasing power. Therefore, media companies must choose an appropriate OTT platform for their clients based on their target audience's needs and purchasing power levels. This will help them determine which platform suits their clients since different channels may need distinct marketing strategies for local customers.
In addition to choosing an appropriate global platform for marketing purposes, advertisers must work with DTC platforms to reach potential customers quickly and efficiently since these customers tend to be less affluent than those reached via the ICT platform.
- DTC platforms charge lower advertising fees because they don't require media companies or advertisers to pay additional fees for their advertising campaigns aired on DTC platforms. Since lower advertising fees make it feasible for advertisers and media companies alike to reach potential customers with their advertisements, this model has become increasingly popular among advertisers worldwide. Currently, over 100 DTC ad networks are operating worldwide; however, demand is increasing, so expect this trend towards direct advertising globally to continue rising in coming years.
- With many OTT platforms and entertainment channels available today, few gain success immediately after their launch. It takes time, consistent efforts, and correct marketing strategies to make the OTT platform rise to the top.
- When it comes to naming the most popular OTT platforms in India, few are Netflix, Amazon Prime, Disney+ Hotstar, etc., are a few names that we remember. This is because they have managed to create a brand image in the mind of their clients through successful strategies.
- With high competition for these OTT platforms, they must adopt the latest models and create unique factors that keep their audience hooked. To stay in the market, many factors need to be fulfilled by them. . Depending on the type of OTT, there are various revenue models that content producers can implement.
Because of changing trends, there are many steps in digital marketing involved to follow a right structure to make an OTT platform reach its desired target.
Some of the ways to boost sales and improve existing conditions of OTT platforms are:
Carefully planning and analyzing the OTT platform and its content helps. When any new planning is done, its results must be noted and analyzed in detail.
After the process, strategies must be implemented based on the output.
Marketing strategies to boost revenue and sales:
You can price by
The most challenging aspect of pricing a platform is the difference between the targeted customers. If you don't recognize this difference, the platform's ecosystem will be inefficient, resulting in not attracting new customers or, worse, in losing them.
Making quality and diverse content will be worth your effort and hard work if that can reach a large pool audience. In order to do that, you need to create promotional content to reach your target audience. For instance, trailers and teasers are some of the most common and popular forms of promotional content that can be put on your OTT platform as well as other media.
All the leading OTT platforms promote their content through promotional content, not only through trailers or teasers but by creating interactive videos/interviews/rapid-fire rounds with the cast, especially for the original OTT content. Creating audience quizzes, polls, contests, etc., also work well to create buzz among the viewers and drive even more new customers to your OTT channel.
The best practice is to keep multilingual content for the audience from a broad range of demographics. At the same time, focus on the crucial things like audio & subtitle options in multiple languages, bring in more variety in genre, keep more regional content for diverse demographics, and include different types & forms of content like movies, series, and documentaries, etc.
As a brand, you need to leverage the strength of your existing library and extract more value from that and/or potentially think differently about content-acquisition strategies like partnerships. A big piece of using your existing content is ensuring flawless content recommendation. With more and more viewing and listening, patterns being formed during these times, delivering a hyper-personalized experience is vital.
Since the competition in this space is high, you can lose a user to a competitor almost immediately if they feel your recommendations do not align with what TV show they want to see or the music track they want to listen to. As the usage of OTT media apps is increasing, marketers are also revisiting their user personas – and are making changes to their app interface to make it more user-centric and user-friendly – making app navigation simpler and intuitive. For all of this, OTT apps rely on technology – analytics and insights are driven by intelligence.
The marketing strategies companies should implement include building consumer awareness, promoting price points, and creating exclusive content for customers with traditional television subscriptions. To build consumer awareness of an OTT service, companies can use social media platforms as well as mobile apps and websites that provide information about their services. In addition, it's important for companies to target consumers based on their interests and preferences using data analytics tools.
To promote price points for consumers with traditional television subscriptions, companies can offer introductory pricing or free trials of their services. Offerings can also be tailored to target specific demographics or geographic regions so that consumers who are interested in the service can find out about it first. Promoting exclusive content for customers with traditional television subscriptions is essential— this will encourage them to continue subscribing to the service since they will be receiving new episodes early.
Blunders made by OTT platforms that hinder sales and revenue generation:
The common mistakes companies make when implementing the marketing strategy for OTT platforms include failing to consider how revenue will decline if users do not upgrade their traditional televisions or devices capable of accessing internet services. Companies should also consider how they will deal with declining revenue in the event that users do not upgrade their televisions or devices capable of accessing internet services since this will affect company profits negatively.
Additionally, failing to consider user behavior when planning customer acquisition strategies — such as advertising — could lead to an insufficient number of customers converting into paying customers. As for user behavior when implementing a marketing strategy for OTT platforms, users tend to have shorter attention spans than those who use traditional television; this could lead them to stop subscribing after watching only a few episodes of an OTT show without completing the entire season or episode cycle first.
Companies planning on offering OTT must consider how revenue will change and what steps they need to take if users do not upgrade their traditional televisions or internet-capable devices due to promotions or exclusive content provided by the service provider.
Additionally— as is typically done with any marketing strategy — planning is essential so that any miscalculations don't negatively affect company profits. For example, if users do not upgrade their televisions or internet-capable devices because they are unable to access an OTT channel they like, then declining revenues will occur when users try watching old episodes instead of subscribing to new ones at regular intervals.
After all these calculations and considerations have been made by companies seeking to offer effective OTT marketing strategies, all that remains is the actual implementation.
To sum up, what seems like a complicated topic— selling television through new technologies — several key points bear mentioning:
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