Blockchain-powered transformation is inevitable, and the pace of experimentation and innovation is breathtaking. Eeveryone today is talking about blockchain and the potential it has to transform the way we communicate and do business. For industries like banking and finance the use of blockchain appears to be straightforward: securing transactions and locking down communications, but what does it mean for digital media and video?
Muvi has released a white paper that details how blockchain technology has the potential to solve Media and OTT industry’s long-standing struggles with issues such as royalty payment to artists, piracy, copyrights management and flawed advertising strategy. It’s understandable given that Blockchain will provide a business value-add of $176 billion by 2025 and $3.1 trillion by 2030 across industries.
Blockchain technology has the potential to solve Media and OTT industry’s long-standing struggles with issues such as royalty payment to artists, piracy, copyrights management and flawed advertising strategy, to name a few.
Also, media and broadcasting industry leaders are optimistic about resolving their content monetization challenges via blockchain-based media solutions.
WHY READ THIS WHITE PAPER?
To make sense of the Blockchain revolution and understand Blockchain’s role in driving innovation and solving challenges in OTT, Media and Broadcasting Industry
You have uploaded your content to your OTT platform and got in the users after a mega launch event.
But now, after the initial increase in traffic to your platform, users are decreasing or spending less time on the portal.Media and entertainment apps face a problem of audience retention with only 23% of the users still using them one month after downloading them.If this is something that you have faced, read on to find out smart ways to keep your user base engaged.User ExperienceWe have heard this phrase recently -âContent is king, but user experience is the emperorâ.While the content could lure your consumer in, itâs the user experience that will keep the viewer tuned in.Start with a customised greeting to welcome the user.Then, make sure you have a recommendation engine that allows the user to see content or shows that are based on his/her viewing history.For those who left a video or show incomplete, provide them with an option to play the video from the same spot they left.Also, keep in mind the issues users could face with regards to internet bandwidth and have an option of a lower resolution video for them.
Several times consumers blame the app and look for change even though the only thing that requires change is their internet connection.Since a user ends up sharing information like date of birth while subscribing, adding a birthday greeting if the user logs in on the birthday could also be helpful.Content LocalisationThe internet has pushed globalisation to the next level.
While you could be creating content in one part of the world, your content consumer could be sitting thousands of miles away, watching your content with the help of sub-titles.Monitor your analytics and figure where your users are logging into your platform from.
Thereâs a high chance that those users recommend your OTT platform to their peers and you end up getting a much larger audience set from a part of the world you least expected.When youâre pushing content in a different market, make sure you follow sensitivities with regards to their culture.Different Subscription OptionsWhile Subscription Video on Demand (SVOD) is the most common method used by OTT players, there are other options as well available to keep an audience on board.You can try getting your SVOD audience to pay more by offering them a PVOD (Premium Video on Demand) offering, which could give them access to content before other consumers.If you see a user having paid one month and then not subscribed to your services again, push your video content through AVOD (Advertising Video on Demand).Read about the different VOD options and how each of them is beneficial here.AnalyticsWe mentioned how analytics can help you get users from different markets earlier.
Monitor your analytics frequently to see what content is working (and whatâs not).