Can Music, Travel, Fitness and E-Commerce Generate Revenue on OTT?
Over-the-top streaming is a dream come true for consumers. They are finally able to access the content they want, when they want it and from any device they own. The old way where you had to wait till the clock strikes 8pm on a Sunday to tune into an episode of your favorite show doesn’t exist anymore. So naturally, as the people listen to, watch and play more streaming content, content publishers have seen the growing potential of on-demand video streaming and the revenue opportunities it can offer. Apart from media & entertainment, a plethora of diverse industries have either already turned to or are dabbling with the idea of monetizing their content on OTT. Here we will look at the monetization potential of 4 industries in particular:
A CyberMedia Research (CMR) study says that many consumers are prioritizing audio quality as the key smartphone purchase driver even before camera and battery (Source). This has given audio content creators a sweet spot to connect with their audience. Streaming platforms have turned the tables for aspiring musicians giving them a fair chance at gaining exposure without the backing of music label corporations. A musician can prosper either by capitalizing their audio content on a streaming platform or through a music app. They can monetize the same following a set of guided steps. The first one is to offer free subscriptions to your music in the beginning in order to build a relationship which is later followed by reserving exclusive pieces with a price tag. The other one is by enabling in-stream advertising between your music or display advertising which appears as banners over your application. And lastly, once your free subscriptions have grown sizeably, you can compel your audience to start moving towards a paid subscription plan.
Travel as an industry has also increasingly undergone a transformation because of the umpteen possibilities that the internet carries. Uploading recorded content or live streaming while on travel are new ways that travel vloggers are making an impact with their content. If a travel content creator has found success on Youtube, maybe it is time to experiment with OTT and become a pioneer in OTT travel live streams. A dedicated OTT application will give your travel experiences a unique voice and draw audiences to your content that gives off a personal touch. Apart from the usual SVOD and AVOD monetization methods, travel content creators can also collaborate with a destination (whether a cafe, hotel or location) to promote it in exchange for perks or profits. This adds up as exclusive content which will do favorably well for a video streaming platform.
Just like how education for kids is a humongous market to capitalize on OTT, so is fitness. Basically, if you have something to teach, like a skill or knowledge to impart, then an OTT application is the place to take it to. The online fitness market which was valued at $6,046 million in 2019 is expected to touch $59,231 million by 2027 (source). After gaining a good following to your fitness brand, a subscription model is the best way to monetize your business on OTT. You can sell single sessions, group workout videos or fitness challenges in bundles. This can further be divided into workout styles, levels and as per trainers. For someone picking quarterly or yearly memberships, they get exclusive access to events, podcasts, webinars and special prices to your online fitness store.
Psychologically speaking, an impulsive buying behavior is considered to be a significant factor in driving sales volumes in the retail sector. And the way an advertisement stimulates certain triggers in a person, they are tempted to look it up out of curiosity. Advertisers have been able to play on this formula and subtly ‘sell’ their products through digital media. OTT could incorporate e-commerce integrations which would take product placements to the next level. Imagine a pop-up on screen while watching a Disney movie that allows you to buy the full soundtrack or to buy George Clooney’s suit from Ocean’s 11 with just a few clicks while the movie is playing. The possibilities for marketers are endless. Existing e-commerce platforms already track our internet browsing habits to display ads of products that its algorithm thinks we will be interested in. But this method can really amp up when ads are personalized based on what an audience views on an OTT platform. It’s a revolutionary new advertising model and a tech partner such as Enveu has the tools to make it happen for you.
Traditional monetization avenues are changing and content distributors, owners and curators belonging to any and every industry must find a way to capitalize on OTT. Consumers are constantly looking out for a wide array of content which in all likelihood can be neatly curated and delivered through an over-the-top video streaming platform. Content creators in music, travel, fitness, e-commerce as well as other industries have a plum opportunity to take their monetization possibilities to a whole new level with OTT. Check here to see the types of monetization channels you can opt for.
At the end of the day, if you are looking for such a breakthrough in OTT, the help of a tech partner such as Enveu is recommended. Get in touch with us today and we will outline the blueprint for what it will take for your business to generate profits in this OTT landscape.