3 myths about launching a video streaming service
If you are considering launching a video streaming service, don’t let misconceptions about the industry hold you back – with the right partner, platform, and marketing strategy in place, it can be quicker and easier than you think to launch and generate a healthy return on investment.
Here are three of the most common myths about launching a video streaming service and the realities:
Myth 1 – You need a large library of mainstream content before the launch
In reality, you can launch an online streaming service with as much or as little content as you like, provided it’s high quality and, most importantly, relevant to your target audience. The key is to acquire or create valuable, engaging content that resonates with your audience. Then, while you establish yourself as a trusted source of entertainment, you can expand your library and even experiment with new content types or genres. By prioritizing quality over quantity, you can ensure that your streaming service is off to a strong start.
Existing Magine Pro partners have all launched vastly different catalogues in terms of size, genre, and content type. We don’t set limits to what you can ingest. Our partners are able to independently update their streaming services with VOD content via the Magine Pro Console, whilst we’ll take care of ingesting live events and linear TV channels. To learn more about our reliable content ingestion and delivery architecture, here.
Myth 2 – An online streaming service needs to be available on every device at launch
One of the most common misconceptions about launching an online streaming service is that it needs to be available on every device at launch. While it’s undoubtedly important to have a wide range of devices supported, it’s not essential to have every single one covered from day one. In fact, many successful streaming services launch with only a few supported devices and then expand their reach over time. For new market entrants, it’s more important to focus on providing a great experience for the supported devices rather than trying too much at once.
At Magine Pro, all our partners launch on the web and devices that support iOS and Android platforms as standard, but we support a vast range of platforms and devices overall, including Smart TVs. Learn more here.
Myth 3 – You have to have a subscription model with low monthly prices in order to succeed
Subscription models are indeed a great way to monetize your content. However, it’s important to understand that there’s no one-size-fits-all approach to subscriptions – you’ll need to find the right model for your OTT business. For example, if you’re offering high-value content, such as blockbuster releases, you may want to consider combining SVOD with a TVOD model or setting a higher monthly subscription price point. Research shows that people are willing to pay more for content that they perceive as being higher quality, so don’t be put off raising your price point.
Combining multiple business models is a fantastic way to maximise monetization opportunities. Our branded video services support SVOD, TVOD, and AVOD business models, either separately or combined, enabling our partners to create a service best suited to their content and customers. For more details on the models we support, head here.
At Magine Pro, we offer a flexible OTT platform that can be customised according to your needs. Create a video streaming service with us and monetize your live events, linear and VOD content seamlessly through subscription, advertising, and/or transactional business models.
What’s more, we have a team of experienced experts on hand who can help you launch and grow your OTT business successfully. For more myth-busting insights and inspiration, check out our blog. And if you’re interested in learning more about how we can help you build and launch a successful OTT business, get in touch with us today.
