Data from Statista revealed that Netflix had 223 million paid subscribers in its 3rd quarter of 2022, a rise of 2.5 million subscribers in their 2nd quarter.
Do you know what makes Netflix the ultimate platform to stream anything entertainment?
From exhibiting the quality of original content to creating convenience to access the platform, the brand has curated a solution that caters to the present needs of its customers.
There are multiple streaming service platforms available on the internet. What makes them different is their unique selling points. Most video content users like you often take a step back when answering the crucial question of your career, ‘ how to start your own streaming service?’.
While competition is one reason that raises concern, another one that stands out is the worry that you won’t be able to attract enough business from your target demographic.
But what if you were told you could, “creating a successful streaming service like Netflix is more simple than you think?”
If you’re a video content owner or creator looking for answers to your question, ‘how to build a streaming service like Netflix?’, you’ve come to the right place. This blog covers everything you need to know about creating a revenue-driven streaming service like Netflix.
Advantages Of Creating A Streaming Service
What perks can create a streaming service like Netflix offer?
As a content video owner, you should know what this action can offer you. How can it help your business thrive? Here are the top advantages that justify this action:
1. OTT entertainment is the future
OTT has changed the way entertainment is consumed. The convenience it offers has converted multiple users to stream on-demand content via their smartphones or tablets.
If you want to create a brand via the OTT platform, this is the best time to make it a reality. The future of OTT is bright because users are happy with the concept of accessing online content that is fresh, original, and can be accessed anytime and anywhere.
This isn’t limited to one type of content alone. Video content can be of various forms, such as fitness, nutrition, etc. You should know the techniques to run a business like how Netflix does.
2. Users look at more than a single OTT platform
There are multiple OTT platforms available. The best part about these multiple platforms is that users are open to exploring them. If you see closely, users are not content with just one OTT platform. Users will have more than one streaming service which they access to stream content online. This is because they are always looking to access more original content.
As a video content owner, as long as you offer quality content, your streaming service will likely garner more audiences.
3. Opportunity to create a revenue-driven video brand
With the OTT industry booming and Netflix continuing to be an excellent streaming service amongst users, there could not be a better time to create your brand.
Creating your streaming service helps you exhibit your unique solutions to your target audience. Videos have always been a great way to engage with any target audience. The fact that you will run a business from video streaming alone increases your chances to grow better this way.
4. Better way to earn higher revenue
As a video content owner, if you know the tricks and tips on how to start a streaming business, you can create a million-dollar empire in this industry. By simplifying catering to your target audience and exhibiting original content alone, video content owners can make a good amount of revenue performance each quarter.
5. Personalised Ads
Lastly, ads are one of the reasons why most users might associate with something other than a streaming service. No one likes to see continuous ads; however, what if each ad was customized as per their viewing habits? Instead of displaying ads that don’t cater to your users, show relevant ads that could increase revenue from your and your advertiser’s end.
In fact, as per online research, 40% of users have paused their streaming content to purchase an item they’ve seen via the ad.
8 Steps To Follow To Make A Streaming Service
1. Understand your brand
Before you can get started with your streaming service, the first factor is understanding what type of brand you are—Analyze which market you wish to enter. Having a clear understanding of this helps you sell better to your audience.
2. Analyse who is your target audience
Once you’re aware of the brand, understand who your target audience is. Knowing this helps you target the right audience and that will, in turn, drive your business in the right direction.
3. Invest in a video hosting platform
Before you launch your streaming service, you must create an OTT platform. Many OTT platform providers are available online that help you set up your platform and offer a range of features to enhance your application. Seeking assistance from these experts can also cater to you when you require help during the scaling period of your business.
4. Create a pricing plan
To drive revenue, you need to create a well-planned pricing strategy. There are tons of revenue models available, such as subscription-based, pay-per-view, premium, or hybrid models, and much more.
Understand your target audience and business better to analyze which pricing model will suit your business better.
5. Understand what your platform requires
While you create your streaming service, multiple other things will be required, such as specific features or other requirements that can enhance your platform better. Therefore, it is better to analyze what is needed to create an effective streaming service. Examples include having good security features to avoid copyright infringement, having a cloud-based system to store all data, etc.
6. Organize your content platform
The next step you should focus on is to make your online video streaming platform easily accessible. Create a simple navigation process to make it easy for users to understand and explore your platform. For instance, with Netflix, users should do a single sign-in and immediately access various categories such as comedy, recently played, thriller, etc.
7. Personalize your platform
Many streaming services exist; what can make you stand out from the crowd? First, have more personalization in your service. Examples include adding subtitles, showing more recommendations after streaming content, etc.
8. Invest in marketing tools
Lastly, use the best available- marketing tools to keep your users engaged. These tools aim to conduct actions that can drive better revenue for your services.
For instance, use a marketing tool that can eliminate the issue of abandoned carts. These tools can ping your users to return to the cart to continue their decision to rent or complete a movie.
What Is The Cost Of Making A Streaming Service?
The cost of making a streaming service varies on a video content owner’s requirements. Creating a basic streaming service platform app can cost $30,000, including essential features. Video content owners are advised to invest with OTT app platform providers as they offer a better pricing plan that includes everything you need for your streaming service. You can get started with them by contacting them at the earliest.
Conclusion
Netflix has grown popular over the years because it continues to cater to its audience well.
If you wish to build a successful empire like Netflix, following the above tips will guarantee you better results. In the era we live in, technology has continued to offer instant solutions that make the lives of individuals easy.
So, when you’ve decided to create a streaming service, your first step should be engaging with the experts who offer complete solutions to help manage, stream, and monetize your different forms of content on all devices, including your streaming services.
When do you plan to kickstart your revenue-driven OTT platform like Netflix?
Talk to our streaming experts and schedule your streaming service’s launch now.