OTT generated a revenue of $121.61 billion in 2019 globally and is expected to generate a revenue of $1.039 trillion by 2027. To compete with a multitude of OTT platforms in the regional and international market, OTT platform providers should crack the right mix of interesting video content based on the target market, customization, and personalization for its users. A plethora of parameters is taken into consideration to see if the existing strategy is working right to take the OTT platform towards greater success. In this article, we will delve deep into the key parameters of an OTT platform.
Why do OTT analytics matter?
Data is the new oil. Every business that has access to data should utilize it the right way to analyze the behavior of existing users to adopt a strategy to retain existing users and bring in new users. OTT streaming analytics harness the power of AI to help you with the following:
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Understand user behavior
Use OTT streaming analytics to understand user behavior by analyzing various metrics provided in the video streaming analytics. It can be answering questions such as what is the next best action that your users can take? At what point do the users abandon the OTT platform? What is the best offer for your audience? Track user behavior across different devices and sources to process the data.
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Increase the customer lifetime value
Calculate lifetime value (LTV) of your customers based on your OTT business’ gross revenue per user and previous churn rate. Monitor your LTV periodically so as to work on reducing the churn in your business.
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Improve user experience
Even if an OTT platform delivers popular, relevant and high-quality content to its users but does not provide a pleasant user experience, the business will not be able to retain its users. Delivering a high-quality user experience is key to the success to an OTT business. Using video analytics, you can analyze the pattern of customers’ usage of the OTT platform to find their likes and dislikes. Use this data to improve the user experience.
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Run highly targeted ads
Personalize ads based on the audience group to which it is displayed. Analyze the ads that convert the highest and limit the number of ads to a target group so that it does not throw them off the hook.
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Retain and grow subscriber base
Find out the most-watched content on your OTT platform and the least liked based on the amount of time users spend watching the content. Display relevant video content based on the previous viewing experience of your users. You can also use the analytics data to cross-sell and upsell, thereby curating best offers that lead to increased user engagement and user satisfaction to decrease the churn.
OTT Key metrics
Here are the five key metrics that every VOD platform provider should utilize for the growth and success of their VOD platform.
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ROI Report
Generate detailed reports on each revenue stream on your OTT platform. Be it subscriptions, sale of e-goods and physical goods, pay-per-view, bundle offers, etc. Using these reports, you can tweak the marketing and user strategy on each revenue stream to derive better results.
You can also generate detailed reports on metrics such as view count, conversion rates and watch time. These reports will help you gauge the kind of content that is working best on your OTT platform which in turn will enable you to tweak your content strategy.
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Analytics of the website
An OTT platform must have a website of its own wherein potential users are driven to gain an understanding of the OTT platform. Generate user data from the website to frame strategies to increase user engagement and drive new users to the OTT platform.
As an OTT business owner, when you analyze the statistics of your website, you will also get to know the source of web traffic. This will give you insights to tweak your digital marketing strategy. You can also generate detailed reports from Google Analytics to find out information such as best performing content in comparison with other content on the OTT platform, pages/content with high traffic and its source.
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Gain detailed insights on user behaviour
It is essential to gauge user behaviour to understand how your users interact with the content on your OTT platform. Use metrics such as content performance, watch time, views, PPV clicks, repeat watch percentage, etc to analyze user behaviour.
You can be as specific as getting data per user to understand an individual user’s personality and utilize the analyzed data to provide relevant content recommendations to increase user engagement and watch time.
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Content and bandwidth statistics
Bandwidth, quality of optimized content and device capabilities are factors that directly affect user behaviour. To increase the amount of time users spend on an OTT platform, OTT platform providers should provide better infrastructure and higher bandwidth to its users. Using statistics such as bandwidth capability and device data, OTT platform providers can optimize independent pages and content on OTT platforms.
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Partner analysis and reports
If you, as an OTT business, host partner content on your OTT platform, you will have access to partner reports. This will help you gain in-depth understanding of the performance of partner content on your OTT platform using which you can have future conversations on revenue sharing.
Conclusion
If you intend to start an OTT platform or get better results in your OTT business, it is wise to get a branded OTT solution provider. This will not only give you access to the best features, reporting, analytics, and metrics but also the platform to provide customized and personalized content to your users. With this, your OTT business can soar to great heights in a highly competitive market.
