Entertainment has come so far from the past age of broadcasters when it was restricted by many hurdles. Whenever there is an initiative to develop video streaming platforms, every team puts in their cent percent to make the platform a success. Video streaming providers put countless nights to make the platform user-friendly, assessing the feasibility, identifying realistic goals, and putting together a blueprint to make the way to a more reachable platform and bring a more return on investment.
This all feels easy with words but is not a cakewalk. Talking for real, both the existing, the new, and the giant video streaming platforms have to realize the fact that it is not a walk in the park. Without any doubt, a rigorous plan and reliable implementation will strengthen the foundation of the project.
These platforms more often lack a determined strategy, they often make several mistakes that platforms cannot digest and are leading to their shutdown. Several mistakes create the worst scenario. We have shortlisted some mistakes that are typically visible in the video-on-demand platforms. One needs to take care of all these points before creating a platform. The major mistakes include:
Inadequate security in the video streaming platforms poses a serious risk to business development. Although subscription becomes the topmost priority when any streaming platform is launched, omitting the requirements for constant security enhancements can lead to some grave consequences in later stages.
Piracy nowadays is among the serious threats to video streaming businesses. Digital forensics and watermarking are longed-for solutions for many businesses. But using Digital Rights Management (DRM) technologies is the smart way to secure your platform and thereafter the contents over the platforms. In matters like these, it is the best thing to consult experts in the industry. Phando takes security seriously and makes the best efforts to counter any such risk for the streaming platforms.
The scalability of the platform becomes important to ensure an uninterrupted user experience with the growth of the video streaming platform. It needs to continuously grow and build up resources. This might help in keeping the platform ready with the developments in the market and enhancing the user experience with those developments.
Failing to attract new investments
It is always good to get new and different ways to attract several investments from investors throughout the world. Certainly, the last decision rests in your hands whether to consider it or not. But, it is a huge benefit in itself to get investments and recognition from the investor’s side. But not getting attraction from the investor’s side represents how the product is perceived in the market. It is, therefore crucial to keep it back on your head while growing your video streaming business.
Not moving with the trends of the market
Trends come, make changes in the market and go with time. This is also true with the modern streaming industry. For instance, the SVOD model was glorified for a long time leading to its dominance in the market. But with the arrival of Covid-19 and the closure of cinemas for an unprecedented time, the TVOD model captured popularity and started to outperform the other monetization model.
Video streaming platforms are gradually turning into the top priority for new theatrical releases and customers are all set to pay more. This can be more appropriately understood with the recent downfall of Netflix’s stock by 26 percent due to its rigid inclination towards the SVOD model. It is better to go with the demands and requirements of the customers.
Predominantly mistakes cannot be avoided altogether but there are possibilities to control the repercussions. Tech experts can provide more reliable solutions for a prosperous future for online video streaming platform. Our tech team at Phando have got expertise in the field. They can help you in cushioning the blow of the hurdles to the success of your streaming platform.
Connect with us to know more about getting a more prosperous OTT platform.