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Every successful business sometimes reaches a point when it starts looking for options to expand and receive more revenue. An OTT platform business owner should know the ways their business can grow. In this article, we talk about OTT business strategies and expansion options.
What can an OTT business do to expand and grow?
Cover a new market
OTT services have incredible potential to cover more and more markets across the world. For example, with OTT application development, a business can cover more devices than before. If it has only a website, people will probably use laptops to view content. But if a business can offer OTT apps, then customers will be able to use any device they have. They will not be tied to one of the gadgets but have a variety of choices.
A business then will likely have audience growth as there is a tendency among people to access their beloved services on smartphones or tablets. Many prefer Smart TVs. So, a business should think about a Smart TV app, too.
OTT apps will likely attract new customers to your platform and increase the time they spend on it.
Think about expanding your video streaming service abroad to cover markets from other countries. The local market can become saturated one day. So, all a business can do is expand to other countries.
There will be some challenges, but you can attract new people and receive more revenue.
You will need CDN software to make the viewing experience smooth for new customers. Content delivery networks will allow them to watch videos with low latencies.
Also, if you expand to markets in a different language, think about adding subtitles to videos, translating the website, and localization. It is necessary for your audience.
Check if you use all possible sales channels
Sometimes, it’s enough to use an additional sales channel to cover more people in the local market. Check if you use all possible channels to inform people about your platform, including referral program encouragement, SEO, social media marketing, outdoor advertising, and others.
Maybe, one of the channels needs optimization and the use of new approaches. Enhancing the OTT marketing strategy can also contribute to business growth.
Start a new service or product
Maybe, your customers will appreciate your brand merchandise or something else. Think about what they might like or ask them about it.
This strategy sounds good but also requires market research and work. You need to understand whether your audience will like the service or product you want to offer. Also, you should estimate whether a new project is profitable in the long term.
Having an additional product or service can bring many opportunities for promo campaigns. For example, you can offer a discount on one service if a person uses the other one.
Optimize OTT content strategy
Little changes can attract new customers and bring more revenue. What is popular in your niche right now? What are people looking for in your field? It might occur that you need a new approach to videos you post or the topic you specialize in.
For example, if you stream movies and series to people, think about choosing a niche. Niche content is getting more popular now. Many platforms focus on one genre or topic of videos and post only those that match it.
Maybe, you need to optimize the way you create and process your videos. Make hypotheses and test them.
We came up with only a few ideas for a business expansion. But we hope that you will find something interesting here that will give you ideas to grow and improve your project.