OTT subscriptions have taken on a whole new perspective in today’s scenario. Gone are the days when people would come together to watch a sports match on one single television. But today, it is much easier and more convenient with the help of live streaming of sports events and matches. Most viewers have been tuning into live streaming platforms via their connected devices.
Nonetheless, an increase in the number of subscription billings will increase the overall revenue. In several countries, the appetite for consuming digital content of live sports is expanding rather than attending the actual event, all thanks to the pandemic. Further, a cutting-edge subscription billing platform attracts more traction for live streaming.
As per the statistics, 56% of the live streaming audience intentionally pays more than the traditional channels. Live streaming platforms have been gaining enormous profits with the help of recurring billing solutions. It helps consumers stop worrying about recurring payments related to their OTT platform subscriptions. However, many platforms have been facing issues with gaining more subscriptions for their platforms. Here are a few ways to help you gain more subscribers on live streaming platforms.
Giving Free Trial Packages
The provision of free trials is one of the best ways to attract more subscribers to a sports-related OTT subscription monetization platform. It not only attracts more loyal customers but recurring subscriptions as well. The free trials can be for a week or up to a month, whichever you think is enough for an audience to get acquainted with the platform. The subscription model makes it easier and more traceable.
Offering Bonus Content and Updates
Following the trend of providing free trials, the facility of bonus content for sports viewers is like a boon. Sports enthusiasts always look forward to engaging with minute-to-minute updates on the sport they are interested in. Whether football, cricket, or tennis, all sports have a different fan base. And, as companies are growing sports OTT monetization, providing bonus content can help attract more subscribers.
Provisioning Across Platforms
Nowadays, accessing live streaming on various platforms is an essential requirement for all users. They always need their favorite sports to be available on every device possible to access, be it a mobile phone, tablet, laptop, or even desktop. Mobile phones and Smart TVs are the most commonly used devices for sports streaming. Hence, it has become crucial for companies to offer convenience for viewers across all age groups. Magnaquest’s OTT subscription billing software ‘Sure’ ensures that viewers can easily view their favorite sport and the software takes care of the OTT subscription billing management.
Pricing Deals and Discounts – Subscription Packages
There is no doubt that OTT subscription monetization has grown popular in the world of live streaming. Especially in the sports genre, sports enthusiasts are willing to shell out a bit extra to enjoy their beloved sport with comfort and convenience. It is imperative to price the subscription packages very wisely, considering the affordability of the consumers. Prices can be a bit on the lower side initially, but they must be increased gradually with time to earn more revenue and also to sustain the customers. Ensure that there are good subscription packs for the existing customers or pay per view for specific events.
It is essential to understand which content subscribers prefer and accordingly make provisions to attract more subscribers. Keeping your customers happy is the ultimate goal for all sports OTT platforms because of the live streaming factor. The best way to move forward with the plan is to invest in understanding the analytics and strategizing accordingly.
Getting creative with how you use the various tactics mentioned above would help you focus and figure out how to gain more subscribers for the OTT Platforms and ultimately increase revenues and profits.