In 2020, the OTT Market was worth 101.42 billion USD, and by 2026, it is predicted to reach 223.07 billion USD. OTT platforms have empowered customers in recent years by offering them a huge range of entertainment options. Gone are the days of channel- surfing, and users now can make intelligent decisions on what to watch.
Remember where Netflix, Amazon, and Spotify were when you were growing up, and where they’re now, acquiring millions of subscribers every month. Subscription billing systems, without a doubt, garner the best momentum for OTT platforms.
Engrossed viewers are inclined to watch more, buy subscriptions, videos and stream live events more. Operators need to discover different ways to retain their subscribers for the long term, especially, in this super-competitive SVOD market.
After assisting a variety of OTT platforms to build their subscriber base with our OTT subscription billing software, we’ve gathered some valuable suggestions on how to improve subscriber engagement.
Increasing OTT Subscribers Engagement
1. Better Viewer Experience
Getting to know your users is the first step in the process. How to engage the users? What motivates individuals to return for more? One of the crucial elements is a good user experience. Ensure to offer high-quality videos and audio on all the devices.
In contrast, YouTube services were unavailable for over two hours in October 2018 due to a series of outages that costed Google to offer a free week to its subscribers. Static, pauses and fuzzy audio are not tolerated by viewers anymore.
2. Personalized User Experience
80% of users believe that brands do not cater to their specific demands. The more personalized recommendations viewers receive, the more likely they will connect with the content.
OTT service providers should gather reliable user data to base their suggestions. They must evaluate the data appropriately in order to provide a meaningful experience to the viewers.
3. Staying Updated
Recent research on the influence of immersive technology on media consumption shows that 86% audience is familiar with 360° videos, VR, and AR, and more than 25% of them are trying it also.
You must keep your OTT platform up-to-date with the latest features, create and update your video collection with fresh content to keep the subscribers intact to your services.
4. Original Content for the Viewers
Nowadays, a company’s persona is reflected in its social media platforms and services, which influences the purchasing decisions of the audience.
Netflix is the first to be mentioned when discussing original streaming services. Note that the amount of “Netflix originals” usually outnumbers the off-brand material in its suggestions.
One of the primary essential players in retaining subscribers is taking the viewer’s feedback and generating original content based on their tastes and preferences.
5. Better Subscription Management
A reliable OTT subscription billing management system will assist you in tracking and preserving user subscription data. It will help you to instantly make preparations to better cater to and attract your target audience.
A competent OTT subscription billing software will offer you thorough user data, allowing you to get a lot of insight into the platform’s success and assisting you in developing better pricing and promotion plans based on the data.
Wrapping it up
As the OTT arena grows more competitive, the service providers must find new methods to stand apart. To increase subscriber engagement, high-quality content, continual innovation, and regular promotions are required, along with excellent delivery.
It is crucial that you choose a vendor who will supply you with excellent services and offers throughout the partnership. Strong technology, good relationships, and efficient marketing efforts are the foundations of a successful OTT platform.
Sure is one such subscription billing software that has out-of-the-box feature offerings such as OTT subscription monetization, OTT recurring billing system, Subscription-based billing, and much more. It enables you to expand your media collaborations without having to worry about subscribers because your partner will handle that for you.