Over the years, the internet has evolved and changed how the media industry offers content, empowering them to unlock new opportunities and deliver high-resolution content. But the introduction of the over-the-top (OTT) platforms has made a breakthrough in the media industry. However, OTT platforms are achieving new strides in sports broadcasting.
Generally speaking, the sports media industry is in a spot of bother because of growing OTT platforms causing loss of pay-TV subscriptions. The only reason users were sticking to TV streaming services was sports channels. However, over 1.3 million homes dropped traditional cable subscriptions by the end of 2020.
The Growth of Sports OTT
Nevertheless, OTT offers plenty of benefits. You can watch content anytime (including live streaming), wherein media companies can provide personalized services. Live sports streaming on OTT platforms is already happening with the $130 million deal Amazon made with the NFL in April 2018 to live stream games on their Prime Video service.
However, streaming sports matches live on OTT platforms has helped sports broadcasters to unlock new revenue potential by offering more features such as stats, replay, and fan reactions available on a single application.
Adding to this, the number of devices where you can access OTT content is also increasing–laptops, tablets, smart TVs, and even mobile phones. And when there is a smartphone, social media is ubiquitous. Twitter recently launched a new “Happening Now” feature that broadcasts a stream of minute updates for US sports fans.
But the cherry on the cake is that sports channels can access valuable data and real-time analytics that were otherwise unavailable with traditional cable TV services. Sports channels, as well as advertising companies, can leverage this data to display target ads and content and open doors to a new source of revenue.
Different Models OTT Players can Adopt to Deliver Sports Entertainment
Create a New OTT App
If we compare OTT and traditional TV, OTT platforms can offer an unlimited number of streaming apps. There are no carriage fees or broadcasting challenges like a spectrum. In fact, hosting a separate app costs nickel-and-dime to OTT operators. So, you can create your own OTT streaming app and broadcast games through SlingTV, Roku, or Twitch on any device.
Further, you can offer other features such as highlights, access to studio shows either live or on-demand, and much more. With this model, you can earn money the way you want to. OTT players can let users use the app through a blend of free and paid subscriptions; for example, you can charge a subscription fee if users want to view live streaming of matches.
Leverage the Power of Mobile and Social Media
Mobile phone has become the most renowned second-screen as it enable viewers to watch a game on the go! On the other hand, users use mobile phones to access short-form content and not watch full matches unless the social media platform offers free content.
Here, sports media should offer a continuous experience between the user’s phone or other device and the TV. They can offer features like on-demand content, highlights, or integrate chat options on the phone. Sports fans are in contact with the community through the chat option on the OTT app and never have the fear of missing out crucial match moments as they have everything at their fingertips.
Big sports leagues and brands’ major source of income is through the media rights market. While OTT is cutting down its revenue, they can offer OTT streaming as an add-on product to compensate for the loss. User-generated content can also help them develop on-demand libraries on the OTT platform. This is particularly useful for minor leagues, and niche sports where embedding social media and fans together can increase engagement and make them stand out.
Indeed, sports OTT monetization can help OTT players explore new horizons and offer content in a single ecosystem. Magnaquest Sure’s subscription billing management system can help you create your identity in the OTT space and stay in the league, offering great flexibility for your sports content and ensuring a quick boost in your revenues.