The covid-19 outbreak has caused the kind of disruption in the market that will stay in the years to come. As work and education have moved online, so has entertainment. Businesses are cashing upon white-label OTT platforms by creating and running them.
Globally, the OTT market generated revenue of $91,881.6 million in 2020 and 129.59 billion in 2021. In this article, we are going to discuss the benefits of a white-label OTT solution, business opportunities, and how to leap into it.
Meaning of white-label OTT streaming platform
White-label OTT streaming platform is a ready-to-use streaming platform that can be customized as per business requirements. The streaming solution is equipped with all the features that any business needs which can be used to customize the product. The OTT platform can be launched in the market immediately upon customization and technical know-how is not required for customization.
What are the business opportunities for the OTT platform?
The world has adapted to the new normal of working from home and hybrid working method of a minimal number of days working from the office and the rest of the days working from home. This means that OTT is going to be a permanent platform of entertainment for the masses throughout the world.
OTT platform is projected to generate revenue of $688.7 billion by 2024. It is a 19.1% growth from $245.3 billion in 2018. The subscription video-on-demand market in the U.S. is one of the biggest OTT consumer markets in the world. Paying subscribers in the U.S. alone is projected to increase by 5 million by 2025.
Amazon Prime and Netflix are facing stiff competition from their rivals. As more OTT platforms are being launched in the market and several more are expected to be launched soon, the OTT market will expand by leaps and bounds.
Businesses leaping into the OTT industry in 2022
If you are inspired by the statistics presented above and want to grab a pie of the market share in the coming days, it is wise to use a white label video solution. Opting for the traditional way of building your own OTT platform from scratch would involve investing a lot of time, money, and labor. White-label streaming service is pocket-friendly and can launch your OTT platform as soon as you customize it.
Though there are several OTT platforms in the market, there is always a requirement for new platforms that will cater to the current demands of the market.
Advantages of a white-label OTT platform
Detailed below are the advantages of using a white-label OTT platform and launching your business in 2022.
Custom-made OTT solution
Branding and personalization are key to the success of any business today. In the competitive market, this is what makes a business stand out and develop a connection with its audience. User-friendly applications that are personalized can beat the best business in the market.
Several monetization models
When you create your own OTT platform using a white label video solution, you can choose the method you want to monetize it. White-label video solutions offer several monetization models so that any business can opt for the revenue generation model as per their requirements.
Opportunity to expand business
After launching the OTT platform, as a business, you might want to explore other genres and cater to additional geographic locations. White label OTT solutions are designed to handle a large database of content and live audience, so you can expand your OTT business at any point in time without having to worry about the technical implications.
Users access the OTT platform from multiple devices. As per global statistics of Statcounter, 54.86% of internet users accessed through a smartphone, 42.65% through desktop, and 2.49% through Tablet in 2021. When you build an OTT platform using a white-label streaming service, you can cater to your audience from any device that has a browser.
Build your brand using your OTT platform
As discussed above, personalization and customization are key to the success of any business. This was true for offline businesses but it has become crucial for online businesses as well. Any business of any nature that is on the internet should first build its brand before it can gain the confidence of its target audience.
A white-label OTT solution is fully customizable
you can incorporate your brand logo, change controls, choose colors, define the background of the screen, create a viewing experience differently in each section to suit the audience. In short, you can create the kind of customer experience you want to provide to your audience. This will build brand loyalty by getting your users familiar with your brand.
Creating an OTT platform from scratch not only involves a lot of effort but also maintaining it through the course of business is a huge responsibility. White-label OTT solutions on the other hand can be fully customized and personalized to provide optimal customer experience while also supporting your business to grow.