Are you considering developing a top-notch OTT video streaming platform to enter and capitalize on the rapidly growing market? Beyond thinking of how to create something like Netflix, there is much more to think about. We will see some other factors here:

• Why is there a demand for an OTT video platform in the entertainment industry? 
• Key elements that contribute to the growth of an OTT business?
• How do business owners start with an OTT platform?

Why Create an OTT Platform for Entertainment?

OTT is becoming increasingly popular as more people access streaming media within the comfort of their own homes. Their success, because of their incredibly popular big players such as Netflix, HBO, Hotstar, and Amazon content owners and publishers, has inspired many businesses to create more video streaming platforms – including CBS All Access, Hulu, Fubo TV, and Peacock. This growth in the sector is a great win for both consumers and big game streaming companies.

OTT Statistics

• During the pandemic period, the use of OTT video streaming services increased by over 50% in the number of new installations of its mobile application in Italy and over 30% in Spain.
• By 2022, they expect the revenue per user generated by video streaming services to reach $1.636 million, demonstrating the popularity of the streaming industry.
• Netflix has experienced immense growth in recent years, with the company reporting an impressive 222 million global subscribers.
• Netflix is one of the biggest streaming services in the world, with a whopping 75 million subscribers across the United States and Canada combined. That means it has the largest share of the regional subscriber count out of all its rivals.

How To Start OTT Platform in 2023

If you are planning to start an OTT platform, there are several things you need to consider before diving into the market. OTT platforms have become increasingly popular in recent years, and there are many players in the market. So, to make your platform stand out, you need to do proper research, plan well, and execute your plans effectively. Here are steps on how to start a platform:

Define your niche: The first step in starting an OTT platform is to define your niche. Decide on the type of content you want to offer and who your target audience is. Some popular niches are movies, TV shows, documentaries, sports, news, music, and kids’ content. Your niche will determine the kind of content you need to acquire and produce.

Research the market: Once you have identified your niche, research the market to understand your competitors, their strengths, and weaknesses. Analyze their business models, subscription plans, content offerings, and user experience. This research will help you understand the gaps in the market that you can fill with your platform.

Create a content strategy: Based on your niche and market research, create a content strategy. Determine the type of content you want to produce and acquire, the frequency of releases, and the content formats. Identify the production and distribution partners you need to work with to execute your content strategy.

Build the platform: Once you have a content strategy, it’s time to build your platform. Identify the technology stack you need to used to build your platform. Choose a platform that is scalable, flexible, and offers a seamless user experience. You may also need to hire a team of developers and designers to build your platform.

Acquire and produce content: With your platform in place, it’s time to acquire and produce content. Acquire the rights to popular movies, TV shows, documentaries, and other content that fits your niche. Produce original content that resonates with your target audience. Ensure that your content library is regularly updated to keep your users engaged.

Launch and market your platform: Once you have a sizeable content library, it’s time to launch your platform. Create a buzz around your launch with marketing campaigns across social media, email, and other channels. Offer attractive subscription plans and discounts to early adopters. Once launched, continue marketing your platform to attract new users.

Monitor and improve: With your platform launched, monitor user behavior, engagement, and feedback. Use this data to enhance your platform’s user experience, content offerings, and subscription plans. Continuously innovate and stay ahead of your competitors to keep your users loyal.

Starting an OTT platform is not a simple task, but with the right strategy and execution, it can be a lucrative business. Follow this guide, and you’ll be on your way to creating a successful OTT platform.

4 Key Features that Help To Make OTT Business Success

Monetization in your App

Monetization of apps involves adding different payment models, such as subscription-based ones, that allow users to choose variable plans. You may provide free trial versions for a certain period and create specific plans for your users. You should also ensure seamless automated payments and deliver updates about discounts or add videos for ads. With these strategies implemented thoughtfully in your mobile app, you can maximize revenue and user engagement.

Multi-Currency Support

To make your own Netflix a success, multi-currency support is essential to accommodate users from all over the world. This means offering them different payment preferences and options, so they can pay according to their own currency and preferences. By providing this kind of flexibility, you can ensure that your service is available to as many people as possible across the globe.

Quality-Driven Content

Quality-driven content is the most important factor in launching your own OTT streaming channel like Netflix. It has an attached user base because of its large expenditure – $14 Billion last year- on its content. Therefore, the resulting growth rate of subscribers increases with better-quality content investments.

Video Sharing And Distribution

Video sharing and distribution have gone through an incredible transformation in the digital era. OTT Services like Netflix, Amazon, and Hotstar enable users to watch content across multiple devices with a seamless experience. In addition, these services also allow users to share videos easily anytime and anywhere, with just an internet connection on a computer or other devices.

How Can Webnexs Help To Build an OTT Platform?

Webnexs are experts in developing robust OTT video streaming platforms. Our experienced OTT integration consultants can help you achieve your digital streaming goals with a seamless and consistent operation strategy. With custom applications, your business will have complete control over user accounts, the interface, and content.

We offer comprehensive OTT development solutions to help manage, distribute, and monetize your OTT content on a global scale. Our services include 

The design phase has to be incorporated:

The design for the OTT platform focuses on creating an attractive visual that engages users, as well as improving usability and overall user experience. Our frontend team is highly skilled in building high-quality user interfaces that are optimized for a variety of devices and form factors.

The configuration of the platform like branding, logos, and colors, along with how you’ll monetize it.

Development Phase: 

Webnexs provide custom OTT app development solutions. Our experienced team of developers creates platforms that give businesses complete control over user accounts, interfaces, and content, allowing for powerful and engaging video streaming experiences.

Here, all components decided during setup are compiled into a downloadable OTT platform

Server setting up phase: 

Storage :

OTT system needs unlimited storage, so you can have to use a cloud storage service like

• Frontend and Backend Development– JavaScript-based frameworks like Laravel, PHP
• Databases– MySQL

Encoding Of The Video:

While making an efficient Ott platform server, you need to ensure protocols that will handle audio/video portions within the player. FFMPEG supports encoding, transcoding, packaging the media files.

Streaming Solution:

You can use the CDN to stream the files either in HTTP or RTMP based. you can use Amazon CloudFront services for a secure streaming solution.

Security:

You can apply the security of the videos to prevent the “hot-linking ” of the videos. AWS provides such a kind of security.

Technology stack to develop the application- Amazon Web Services (AWS)

Frontend and Backend Development– JavaScript-based frameworks like Laravel, PHP

Databases– MySQL

Video Transcoding Tools: FFMPEG supports encoding, transcoding, packaging the media files.

Read More: How to Create HLS Files: A Beginner’s Guide

Domain Mapping: 

The next step will be domain mapping. Here you can set up a custom domain rather than the default address that Cloud Run provides for a deployed service.

Testing the first upload

This is the step where you review your functionality and Customer Experience. Testing services, including unit testing and system testing, have been done

Testing the design

The testing team must perform the UAT Test Strategy to ensure layout consistency and seamless navigation. They can do this mainly to ensure the user interface is stable and straightforward.