One of the constant challenges of OTT platform is attracting and retaining new subscribers while retaining existing subscribers. Thanks to technological advancements, user behavior can be better forecasted and anticipated using predictive analytics and advances in ML and AI.
Here are some statistics that highlight the OTT Market’s growing trend:
- Over the last few years, OTT has grown at a breakneck pace, and it will be worth US$ 167.4 billion by the end of 2025.
- By 2025, the SVOD (subscription video on demand) market is expected to grow by 52%.
- OTT video platform revenue is expected to reach $2.53 billion by 2022.
- By 2027, the number of OTT Video users will reach 459.1 million.
- User penetration will be 24.5% in 2022 and is expected to reach 31.2% by 2027.
As more companies use OTT video platform to deliver their products, the world of OTT subscription services is becoming more competitive. So, it’s no surprise that subscription services are the most popular among video platforms. Just imagine where Amazon, Netflix, and Spotify began and where they are now, adding millions of subscribers with each passing milestone. It takes a lot of hard work and dedication to get to where these giants are today. However, it doesn’t matter if you’re getting started or struggling to maximize your ott app subscription to your SVOD platforms – here’s a hack for you.
Want to know how to get an OTT subscription and increase subscribers? If so, we’ve compiled a list of the best ways to get an OTT subscription without paying a dime.
But first, let’s explore Covid-19’s Impact on OTT Subscriptions:
The Impact of COVID-19 on OTT Platform Subscriptions
The pandemic caused widespread disruption throughout the world. With sporting events, theaters, and other public venues closed, people, were forced to stay indoors and consume entertainment and various media types via over-the-top (OTT) services. Unsurprisingly, the OTT Platform Providers experienced significant growth during the lockdown. Despite the slow return to normalcy, this growth will continue for many years.
COVID-19 was a game-changer for the OTT industry, and it is expected that the best OTT Subscription will grow even more in the coming years. No matter if you currently have a strong online presence or want to start one, picking the right partner for your OTT Platform development is crucial. Otherwise, you’ll become lost in a big sea of competitors and will be able to achieve only limited success.
7 Best Ways to Grow OTT Platform Subscriptions
Some of the best ways to increase OTT Platform Subscriptions are as follows:
# Understand the Value of Free Trials
Offering free trials to your OTT platform encourages users to join in the first place, and there is always a good chance that they will remain if you provide what they are looking for. You can then use various strategies to keep them engaged, such as offering more content, discounts, and so on, to keep them buying after the free trial expires. A big trick here is to ask your subscribers to provide their credit card information before the start of the free trial, making the transition from a free trial to paying, and it is now up to the viewer to continue or cancel the subscription.
# Provide Bonus Content
If you entice your subscribers with free or promotional content, they are more likely to remain loyal. Everyone enjoys the feeling that they are getting a good deal. Offer bonus content in addition to your membership service. A loyal audience would even pay for such content. You can also use other pricing and packaging tactics, such as delivering a mix of bonus and regular content at a discounted price, therefore upgrading customers to premium pricing. Besides that, you can also take advantage of special events and seasonal delights to deliver freebies for a short time. It will bring in new subscribers while bringing back old ones.
# Provide Services Across Devices and Platforms
You can make it easy for your audience to find and subscribe to your OTT channel by making it available on every platform and device they use, such as the web, mobile, tablet, and smart TVs. However, traditional means did not allow people to access content in whatever way they needed, so they cut cables and turned to contemporary media, which enabled them to access a diverse range of content via various devices and platforms.
# Give Subtitles and Multiple Audios
Keep your global audience in mind and optimize your platform based on their language preferences. If your global audience visits your site and finds a subtitle in their native language, they are twice as likely to join up. Viewers enjoy personalization, so giving them a choice to watch their content in their preferred languages will undoubtedly pique their interest.
# Keep Up With Current Market Trends
Market paradigms are changing so quickly, and it is critical that you keep your platform up to date with any new features and offerings. Original content is a major selling point for leading OTT platforms such as Netflix and Amazon. One of the most engaging ways to keep your subscribers engaged in today’s competitive VOD environment is to create and update your video collection constantly with original pieces.
# Choose the Price Wisely
When it comes to pricing your video platform, you must be very cautious. One effective strategy is to start low and gradually raise your platform pricing based on the viewer’s interests. And viewing patterns, as well as what they are willing to pay for and what they are not. Create a good mix of SVOD, AVOD, and PPV/Transactional formats to provide them with lots of alternatives for pricing. Continue to monitor the current market pricing, what your competitors are offering. And the rate at which viewers are most likely to subscribe. In general, your charges should vary based on the type of content. Mode of access, and duration of video viewing time.
# Make an Investment in an Analytics Tool
Understanding your audience’s needs and expanding your platform to meet them is the key to acquiring subscribers. Investing in an advanced analytics tool for your video platform will allow you to track numerous data such as who, what, when, and where. Your videos are being seen, helping you to attract your audience better. The best video analytics tool will provide you with data in the form of reports and charts. Allowing you to have a better understanding of the platform’s performance and helping. You build better pricing and promotion strategies based on viewer statistics.
The Final Notes
Finally, if you fail to maintain the quality of your content library and user experience, nothing will work. Even the best offers and lowest membership plans won’t help if customers don’t love your content or the platform works like something from the past.
To fix this, you must ensure you have a consistent flow of content – specifically, unique content. If your users can’t get your content anywhere else, the Subscription Video on Demand Model works like a charm. Also, ensure that your video streaming solution has the most up-to-date technological stack that supports cutting-edge features.