Revenue generation is the primary motive of any business. As the OTT industry is booming worldwide, it is becoming increasingly important to provide access to premium video content only to premium (paying) customers. Employing a video paywall solution on your OTT video platform ensures that only users who have a paid subscription to your OTT platform can access your OTT video content. Let’s discuss all video paywalls for OTT businesses that will help you take a step in the right direction to become and stay a top OTT player in the competitive market.
Meaning of video paywall & what it is?
Paywall is a prompt that appears on the screen of viewers when they attempt to access video content on your OTT platform. The prompt is to direct the viewer to make monetary payments on the platform and gain premium access to the content. It could be a one-time payment for lifetime access or a subscription model. As an OTT business owner, you can set up the options for payment on your platform.
The purpose of paywall video streaming is to convert the leads that land on your platform into paying customers. It also serves as a reminder to your existing customers to renew their subscription post its expiry.
Types of video paywalls
OTT paywall are divided into two major categories – hard paywalls and soft paywalls. You can choose to implement one or more OTT paywall models on your OTT platform based on your target audience, existing users, the type of video content you cater to, and your business goals.
A hard paywall allows users to access video content on your platform only after they make a payment on your platform. This makes all content premium content. When you build an OTT platform wherein you want access to all video content to be provided only to paying customers, you can utilize a hard paywall.
- Soft paywalls
Soft paywalls provide conditional access to the users. There are three types. Let’s discuss this below.
Under the freemium paywall model, you can segregate the content on your OTT platform. Divide it into free content and paid content. The purpose of employing this model is to build trust amongst your target audience with the quality of your video content and the user experience. Once you have gained their trust, you prompt them to make a monetary investment to gain premium access to the content on your OTT platform.
Under the metered paywall model, you can provide free access to selected video content to users on your platform. After they have consumed free content to the limit you have set, they are prompted to make a payment to gain premium access to the rest of the video content on your OTT platforms.
Dynamic metering paywall
Under the dynamic metering paywall model, you can customize the payment for individual users on your platform. This model utilizes a script on your website/app that will track the usage of individual users on your platform. You can divide video content offerings on your OTT solution into free and premium – just like in metered paywall model. The only difference between metered paywall model and the dynamic metering paywall model is customized payment for the individual users. The payment is customized based on the user’s behavior and his/her video consumption pattern.
Characteristics to look for while choosing video paywall for your OTT platform
As an OTT business owner when you look for a video paywall service there are a few key characteristics that describe the right video paywall. Let’s discuss each of them below that will help you choose the right OTT paywall solution to benefit your business.
Branding is of utmost importance on the internet. A white-label video paywall solution allows you to display your brand and not have any other name on your OTT product.
Protect your customer data and your OTT platform video content with a secure paywall solution.
- Provides multi-currency payment options
Accept payment in all major currencies of the world and all the regional currencies of your target market. Enable auto-currency conversion when users choose the payment option.
- Multi-lingual support
Best paywall solutions cater to all the commonly used languages worldwide. Ensure that you can communicate in all the local and global languages used by your target audience.
- Discounted pricing
Schedule discounted prices for early sign-ups to encourage sales.
- Video teaser
Display video preview for your prospective customers before leading them to make a purchase decision.
- Custom terms of service agreement
Protect your OTT business legally by covering custom terms of service.
3 ways to grow your OTT business using a video paywall
A video paywall gently nudges your warm and hot leads into paying customers. All your marketing efforts will pay off only when you convert your leads into sales and the video paywall gets it done for you. Let’s discuss its importance below.
- Craft a premium brand
When you deliver high-quality video content on your OTT platform and put in all the effort to deliver optimum user experience, you are delivering a premium user experience. A video paywall is a gateway for your customers to enter into your premium brand.
- Build a loyal fan base
Community induces a feeling of belonging in humans. Build an online community for your brand. It builds customer loyalty, and brand loyalty, encourages repeat purchases, and increases word-of-mouth recommendations, engagement, and traffic.
Become a standard medium of entertainment
Serve your customers on the basis of user behavior to offer a personalized experience. When you create a sense of belonging for your customers, build a relationship with them, and add value to their lives by offering premium entertainment and user experience it will increase repeat subscriptions on your OTT platform.
Video paywall is no longer an option for OTT business owners. It is a medium to provide a premium customer experience while meeting business goals. Choose the right model of video paywall for your business and see it grow by leaps and bounds.