By: The BitMar Team.
The recent rise of streaming services has revolutionized the way in which we consume entertainment. From: Netflix, to Amazon Prime Video, Hulu to Disney+... these platforms have all become household names, and have changed the way in which we watch our movies, and TV shows. While the market is dominated by big players, there is still room for new and innovative streaming services to emerge. In this article, we will go through the steps that you can take, if you are interested in creating a new streaming service.
It is difficult to give an exact figure on the number of streaming services that already exist, because the industry is constantly evolving. New services are always launching, while existing services keep expanding into new markets. However, as of 2021, there are hundreds of streaming services available, worldwide—ranging, from: general entertainment platforms, to specialized services that focus on specific genres or types of content. Needless to say: The competition is fierce. With that in mind...
Here are the five steps to creating your streaming service:
Step 1—Identify Your Target Audience, and Content:
The first step, in creating your streaming service, is: to identify your target audience, and the type of content that you want to offer. This will help you to narrow down the type of content on which you may want to focus—and ensure that you are catering to a specific audience.
Consider the types of movies, and TV shows, that are popular among your target audience. Is it comedies, action movies, or dramas? Are they interested in documentaries, sports, or cartoons? Once you have a clear idea of the content that your audience wants, you can begin to look for licensing deals – with studios, and networks – to obtain the streaming rights to the content that you want to offer.
Step 2—Choose a Platform, and Streaming Technology:
Once you have your licensed content, you will need a streaming platform; in order to digitally-distribute said content, to your audience. You can either choose to build a streaming platform, from scratch; or use an existing one. Building a proprietary platform will give you more control over the user experience, and allow you to customize the service to your specific needs. However, it can be costly, and time-consuming.
Using an existing platform, on the other hand, can be achieved much-faster, and more cost-effective. Platforms, like: Vimeo, Brightcove, and Muvi, offer white-label streaming solutions; which allow you to create a branded streaming service, without having to build the platform from scratch.
You will also need to consider the streaming technologies that your platform will be using. This includes: video codecs, DRM, and CDN. If using a white-label option, we recommend choosing a provider that can deliver high-quality video, robust security features, and that can handle high volumes of traffic.
Step 3—Build Your Content Library:
Your content library is the backbone of your streaming service. Offering a wide variety of content, to appeal to your audience, is essential. While obtaining the rights to popular content can be costly, you can also explore original content creation, to differentiate your service from others.
Consider creating original movies, TV shows, and/or Web series, to showcase on your platform. This can help you to attract a loyal fan base, and to differentiate your platform; from others in the market.
Step 4—Monetize Your Streaming Service:
There are several ways to monetize your streaming service. You can offer a subscription-based model—where users pay a monthly fee, to access the content on your platform. You can also opt for a transactional model—where users pay to rent, and/or purchase, individual movies and/or TV shows.
In addition, you can generate revenue by offering advertising on your platform. This can be done through banner ads, pre-roll ads, and/or sponsored content.
Step 5—Launch, and Promote, Your Streaming Service:
Once you have everything in place, it is time to launch, and promote, your streaming service. Make sure that you have a strong marketing strategy in place, in order to reach your target audience. This can include: Social Media campaigns, influencer marketing, Search Engine Optimization (S.E.O) endeavors, email marketing, among other forms of exposure.
Offer free trials, to encourage users to try your service, and gather feedback; to improve your platform. Monitor your analytics, to understand user behavior; and make necessary changes, to enhance the user experience.
In conclusion, creating your streaming service can be a challenging – but rewarding – experience. By identifying your target audience, choosing the right platform and streaming technology, building a content library, monetizing your service, and promoting it effectively... you can launch a successful streaming service, and become a player in the streaming market.
Bonus Tip:
Currently, next-generation streaming platforms – like: BitMar – may provide you the most affordable form of on-demand streaming entertainment. BitMar provides all-in-one streaming service, for life, for a one-time payment, of: $99.99 USD. It can connect you to millions of on-demand movies, TV shows, channels, videos, and songs (from many different sources on the Web), on the screens that you already own. In fact, BitMar provides access to more movies, and TV shows, than: Cable, Satellite, Netflix, Disney Plus, Max/HBO Max, Amazon Prime Video, Apple TV+, Peacock, and Hulu – combined – and more songs, than: Pandora, Spotify, Amazon Prime Music, and Apple Music—combined. You may learn more, at: BitMar.com.