YouTube offers a lot of guidelines for those who want to become a YouTube blogger. For example, a YouTuber should have more than 1,000 subscribers and more than 4,000 watch hours in the last 12 months. Achieving these results usually takes quite a lot of time.
Additionally, YouTube defines how much money you will receive for your videos.
But there is an easier way to generate money on videos. Building your OTT platform can help.
How to make money on your OTT platform?
OTT platforms are designed for video monetization. Developers work hard to implement as many features as possible so you can reach more people and earn more money, and people enjoy using your service.
Let’s observe some tips that can help you.
#1 Learn about video streaming platforms and their monetization models
While sometimes you can be unaware of the way video streaming operates, you should understand the main monetization models that video streaming platforms offer.
If you aren’t going to develop a video streaming platform all by yourself, but you obtain a solution already designed (for example, the Setplex solution), you may not be aware of everything happening under the hood. But it is still helpful knowledge.
You should understand the main monetization models as the one you will choose will define the way you generate revenue and your business model. There are three common monetization methods: AVOD, SVOD and TVOD monetization.
#2 Learn your target audience
Knowing your audience goes beyond just being aware of the approximate age and occupation of your potential customers. It is about understanding their interests, preferences, and life values. It is about answering the question: what real problem do people want to solve watching your videos?
You can do research and understand your audience deeper. Use the power of social media services. You can communicate with people directly, ask them questions, and receive feedback.
It can be valuable information that can help you build better relationships with your viewers.
#3 Explore the market
The OTT video streaming market is growing day after day. Businesses launch their platforms, and people cut the cords and start using online video streaming platforms. That’s why you should research the market.
You should understand how many businesses are streaming videos on the same topic as yours. And then, it is better to understand how you will stand out. What will your unique selling proposition be?
You can also learn what your competitors have already done and what things worked. You can use that information then.
#4 Choose the right OTT video streaming solution
You should understand your business goal to obtain an appropriate OTT solution. If you are going to become a worldwide video streaming service provider, you will need a solution that offers that possibility.
If you want to offer applications to users, you should find a company that offers them too. Don’t obtain Middleware from one provider and applications from another. You can face problems when operating and managing the service.
Producing high-quality content is crucial, as people want it first. Make sure that the picture, sound, and information are of premium quality.
Communicate with your viewers. They can provide you with ideas on what video to create next.
It can be that YouTube is the first platform you think of when considering starting to share videos with people. But you should consider launching a video streaming platform as it provides you with more monetization capabilities. You can start earning money sooner than on YouTube.
Moreover, there is no competition on the platform. On YouTube, a viewer can quickly leave your page, while on your video streaming platform, they see only your videos.