As work, education, and entertainment have gone virtual, sports fanatics have taken to watching sports on OTT platforms. Though live matches garner high viewership when compared to recorded sports matches, the number of viewers remains high.
The OTT streaming market generated a revenue of USD 104.11 billion in 2019 globally and is projected to reach USD 462.9 billion in 2027. As OTT platforms are accessible from any part of the world with just a device and internet connection, sports streaming is becoming the fastest-growing industry in OTT streaming.
Since it is the right time to set the stage in the market, let’s discuss in detail how business owners can launch the OTT sports streaming platform below.
Reasons for the rapid increase in OTT sports streaming users
OTT sports streaming platforms are experiencing a rapid increase in the number of viewers across the globe. Since OTT apps can be accessed using smartphones, people can watch live and pre-recorded matches on the go.
It is not just watching a match, but a complete experience is delivered to sports fans on the OTT platform. Let’s discuss the four reasons in detail below.
Enhanced audience experience
Sports streaming platforms provide an exemplary sports viewership experience to their users. Sports fans do not have to purchase tickets that are heftily priced, travel to the stadium, or put up with the crowd to watch the match.
It is possible for them to view it conveniently from their comfort, regardless of where they are situated globally. Sports OTT platforms also stream behind-the-scenes footage, interviews of athletes, and any pre-recorded extras.
Increased audience engagement
Sports matches that are live-streamed have high audience engagement when compared to pre-recorded videos on OTT platforms. Globally, sports live streaming generated a revenue of USD 18,689.05 million in 2021. As the number of internet users increases globally, the numbers are bound to increase exponentially.
Benefits to viewers
Users can access and watch the sports match at any time from their place of comfort. All they require is a device, an active internet connection, and access to the sports video platform. Also, users can access the OTT streaming app from any device – be it a smartphone, laptop, desktop, tablet, or smart TV.
High scope of growth
Apart from streaming the match, OTT platforms engage their audience with relevant content before and after the game. This enables the viewers to stay connected to the players and teams.
This additional information would otherwise not be available on other platforms. Archival footage, highlights, interviews, etc., would be content unique to your OTT sports platform.
5 Steps to Launch a New OTT sports streaming platform online
There are over 60 top sports streaming platforms in the world. They cater to global and regional audiences and have millions of subscribers. Let’s discuss the steps to build OTT sports platform that will help you stand out from the crowd and cater to your target audience.
1) Pick the right OTT platform provider
With thousands of OTT platform providers in the market across the world, it is important to choose the right provider for your business. Evaluate the provider by assessing the features and facilities provided.
Weigh it against the requirements of your business currently. If the OTT platform provider meets all your business requirements, use the trial period to gain a feel of the service. Finalize after discussing your package and prices with the platform provider.
2) Check the features and technical requirements
As a business owner, your OTT sports streaming platform is completely dependent on the strong technical functionality and service provided by the OTT platform provider. Therefore, it is crucial that you evaluate that the platform provider meets all the technical requirements to handle your platform.
It includes the type of content you intend to stream, the user experience, and the highest number of audiences that might spike onto your platform.
3) Compatible with video CMS
As a business, you would have your own video content management system (CMS) in place. The OTT platform provider that you choose to launch your sports streaming platform must be technically capable to streamline content with your video CMS.
This is crucial to ensure that you can directly upload video content from your CMS to your OTT platform without any hassle.
- Choose the type of sports streaming
Live streaming sports matches and on-demand streaming are the two types of OTT sports streaming. Audiences prefer watching live matches for a real experience. Live sports streaming records the highest audience engagement and viewership in OTT platforms.
On the other hand On-demand sports streaming on OTT platforms allows users to watch the match at their convenience. As a business owner, you can choose to offer both to gain maximum user traction.
- Choose monetization models
Subscription-based, ad-based and pay-per-view are the three main monetization models for OTT sports streaming platforms across the world. You can choose the model based on the type of content you intend to stream, the geography of your target audience, the estimated frequency of the video content, the size of your target audience, etc.
- Choose OTT Sports Streaming Platform
Launching your own over-the-top (OTT) sports streaming platform can be an exciting endeavor. It allows you to deliver sports content directly to viewers over the internet, providing a personalized and interactive experience. Here’s a brief overview of the steps involved in launching your own OTT sports streaming platform:
Define your objectives: Determine the goals and objectives of your streaming platform. Identify the target audience, the sports content you want to offer, and any unique features or services you plan to provide.
Content acquisition: Secure the rights to broadcast the sports content you wish to stream. This involves negotiating with sports leagues, teams, or individual content owners to obtain the necessary licenses and permissions.
4) Technology infrastructure:
Set up the necessary technology infrastructure to support your streaming platform. This includes selecting a reliable video hosting and streaming solution, implementing content delivery networks (CDNs) to ensure smooth playback, and building a scalable backend system.
Platform development: Develop or customize a user-friendly platform that allows viewers to access and enjoy the sports content. This typically involves designing intuitive user interfaces, implementing robust video playback features, and incorporating interactive elements such as live chat or real-time statistics.
Monetization strategy: Determine how you will monetize your OTT sports streaming platform. Explore options such as subscription-based models, pay-per-view, advertising, or a combination of revenue streams. Consider offering tiered subscription plans or additional premium features to cater to different user preferences.
5) Marketing and promotion:
Develop a comprehensive marketing and promotion strategy to generate awareness and attract viewers to your platform. Utilize digital marketing techniques, social media campaigns, partnerships with sports influencers, and targeted advertising to reach your target audience.
User engagement and retention: Focus on user engagement and retention strategies to build a loyal viewer base. Offer personalized recommendations, interactive features, and community engagement opportunities to keep viewers actively using your platform.
Quality assurance and testing: Ensure the stability, performance, and security of your streaming platform through rigorous testing. Conduct regular quality assurance checks, monitor user feedback, and address any technical issues promptly.
Launch and ongoing operations: Once your OTT sports streaming platform is ready, launch it to the public. Monitor user activity, gather analytics, and iterate on your platform based on user feedback. Continuously update and enhance your platform to stay competitive in the ever-evolving OTT sports streaming market.
Launching your own OTT sports streaming platform requires careful planning, content acquisition, technological infrastructure, marketing efforts, and ongoing maintenance. By following these steps and staying attuned to the needs and preferences of your audience, you can create a successful platform that delivers engaging sports content to viewers worldwide.
With the number of internet users and OTT users rapidly increasing across the world, it is the right time to launch your OTT sports streaming platform. To combat the top players in the market, follow the steps mentioned above to launch your platform.
Generate detailed reports from the analytics dashboard frequently and evaluate them thoroughly. Make changes to your business accordingly and provide enhanced user experience consistently to stay on top of the game.