The whales of streaming services like Amazon, Youtube, and Netflix have proven that standard TV is already obsolete these days. Today our experts share their experiences about what steps to take and what to consider if you want to start a prosperous streaming service.
How does streaming service work?
The streaming service theory is focused primarily on the idea of data transfer from the provider to the customer. The consumers receive already uploaded to worldwide servers content that allows end-users to avoid the downloading process and watch movies and videos in real-time.
Sandvine Incorporated analytics claims that more than 60% of internet traffic gets used for video transmission of TV shows, news, podcasts, films, and sports. However, a successful streaming service requires additional experience in marketing and development.
How to start?
Start your path towards your streaming service by the local market exploration and see if the existing platforms have any gaps. The local provider’s interface UX is not flawless? The available streaming service is slow and offers few materials to watch? Well, the elimination of these issues could be your strong point for a quick launch of the new service.
It is essential to analyze your potential customers who will be ready to pay for the product or service you will be selling. Discover what problems users experience with the existing streaming platforms and pay extra attention to avoid these issues on your service.
Proceed with deciding the niche you want to occupy – education entertainment, e-sports, etc. Marketing experts recommend choosing areas with few premium quality products.
After you selected the direction you want to go in, define the content type that will fit the best to the chosen niche. It can be TV broadcasts, video on demand, etc.
Unique Selling Proposition
Offer your customers unique and attractive options, such as subtitles in more languages or panoramic videos in 4K for relaxed moments. Nowadays, many people prefer watching films and TV series in their native language that means providing videos in more than one language will be a bonus for your service.
To have enough investments to improve your streaming service, you will need to add payment systems for your product monetization. However, depending on the strategy you adopt, there are more ways how you can make money from your service:
Consider a subscription option as one of the ways to monetize your activity. Give your audience the possibility to enjoy a trial period with all the premium content and tips. A temporary free version of your service will push up your sales and let customers become loyal clients.
Once you reached an active and loyal audience, companies and enterprises will be ready to pay you to advertise their products and services on your platform. This monetization method usually brings more profit than the subscription option.
If all of the above points are clear, you are ready to continue forward and approach developers who determine your service functionality. A team of experts will send you all the details you need to settle on technical stacks and functions.
What else do I need to start?
When choosing a hosting service for a streaming website, you have two options: Your server or the cloud. The latter has both strengths and drawbacks, but it can get considered the best choice for streaming platforms these days.
First of all, a content distribution network provides high-quality streaming. Secondly, it optimizes the loading process and allows videos to get transmitted with minimal speed loss.
The streaming protocol allows multichannel broadcasting worldwide. Today there are several options to choose, however a platform that integrates different protocols will lead your broadcast to become more comfortable for the audience.
Launching a new streaming platform is a good startup idea since the demand for new entertainment services grows every day. A successful startup needs an in-depth review, though, and a strong marketing plan capable of transforming a streaming service into a successful and fruitful enterprise.
Your team will perform the platform building process, but configuring cybersecurity systems requires expert involvement. Choose an experienced team of developers to support your business process in the best way.