Media and entertainment are one of the most growing industries in the world, and the basis for this industry is always technological advancements. One company that has made huge fortunes in the media and entertainment industry is Netflix. OTT business like Netflix is one of the top-rated services worldwide, with more than 200 million active subscribers. Although launched in 1997, Netflix came under the spotlight a few years ago when it started releasing some of the best web series in the world.
When you compare the success of the World’s famous video streaming service like Netflix to other OTT platforms, you would see that Netflix is far ahead of its competitors like Amazon Prime Video, Hulu, Disney, and many others. They follow certain tricks and mantras which has brought them such humongous success in such a short time. Again, if you are willing to create an OTT platform like Netflix, you would, too, need to follow the expert tricks.
Here we have discussed some of the essential winning elements used by Netflix. If you follow this while building the OTT platform, you will get the best results in minimal time. Always keep these strategies in mind while starting your own service at your convenience.
Netflix Winning Element
With all the methods Netflix has been using over the years, it has successfully launched itself and replaced the traditional cable TV concept. They are all about innovation and are creating newer OTT solutions all the time that are helping them scale such heights.
Here we share some of the most effective tricks used by Netflix to build the empire they have today.
Creating Disruption Through Technology
Although Netflix falls directly in the media and entertainment industry, they too are technological giant. They have evolved over the years regarding their service. If you want to make a video streaming website, you too need to be constantly evolving your services.
Initially, Netflix started through DVDs to show the movies. Next up, they emailed their customers the streams and films available. This was done to only the ones who subscribed to their mailing lists. Currently, they run a subscription-based model where they stream high-quality movies and web series. They have also ventured into creating their original content.
One of the main reasons why Netflix’s success has skyrocketed over the years is that they provide its services with a flexible perspective. Users can watch the content at any time from anywhere. After the subscription is confirmed, users are opened to a plethora of on-demand content that can be watched on any screen. Netflix is more into looking for convenience for their users.
Variety of Options
Netflix provides many viewing options, including movies, web series, documentaries and original content. This allows diversity and more interest within the platform. If you look forward to creating a video streaming website, you would also need to cater to different options.
Strategy of Original Content
For the past couple of years, Netflix has heavily invested in creating original content from its own production house. Since the original content is unique, it has attracted a massive force of new subscribers. Compared to its competitors, Netflix is way ahead in investing in original content. If you build a Netflix like website, over time, you would need to venture into original content to keep up the success level.
Since Netflix is an entirely subscription-based platform, it does not encourage showing ads. Compared to other video streaming platforms, those are full of ads that can easily piss the user off. This method used by Netflix does not annoy the users and attracts more users.
Enhanced User Experience
When you scroll through a particular card on Netflix, you will find a small preview of what the content is all about. If you feel interested, you can then watch the video. Users can also download the content from Netflix, making this platform quite user-friendly. Netflix also provides a month of free access before subscription through which users can test the platform. If you start an OTT platform, you must also enhance the user experience.
Netflix uses methods like AI and ML to study user experience. They know the shows you are watching and at what point you have left them. Accordingly, they show you personalized title cards through which you can access those shows where you left them. This recommendation engine is highly efficient and is a basis for OTT platform development.
Netflix uses a subtle technique through storytelling where they stream pretty long shows, have many episodes and are also intriguing. This ensures that the customers are glued to their platform and finish the series or stream. This enables them to have a better customer retention rate than other platforms.
Netflix measures its success through metrics like valued hours and enjoyment ratios. This is different from other platforms but gives way more accurate customer behavior metrics. Having such specific metrics of calculation will help you in building OTT platforms.
How to Create Streaming Services like Netflix?
If you want to start an OTT business, you need certain tricks to get a headstart. Over time you can evolve and implement new ideas to develop more. Here are specific tips that you can follow to start with.
Find Your Niche
Deciding on the niche you want to stream on is the most crucial step. Here are some examples
- Entertainment- You can stream entertainment content on your website like Netflix, Amazon Prime Video, etc.
- Fitness and sports- Fitness freaks would be an ideal audience for such streaming services where you share content related to fitness and sports. You can also stream live matches for various sports.
- Education and documentaries- This promotes educational content for many who love to consume such content. Different topics can be accessed through this niche.
Decide on Content Availability
Since the content needs to be based on the availability and type of service, you need to decide whether you would offer original content or use the content from service distributors.
If you decide to take services from a distributor, you would also need a license and rent the content. If not, you can also contact the copyright authorities directly for the contact.
Choose the Monetization Model
You can have three options for the monetization model-
- The subscription model is where the user becomes a member for a specific time and has access to all the content at a particular price.
- The pay-per-view model requires the user to pay a certain fee whenever they want to watch something.
- The advertisement model is where you can charge funds from other platforms to show their ads on your platform.
Focus on Your Audience
You can use various channels to determine the type of content your audience wants. You can use social media to find your target audience and show previews on YouTube for promotion. You can also start email list services where you describe your offerings to the users who are signed up for your mailing list.
If you are looking forward to creating an OTT platform, taking inspiration is always a good idea. What better than taking ideas and inspiration from one of the giants in the business, Netflix. They use the best methods and rapidly develop their platform for maximum customer satisfaction, retention, and personal growth.