Today’s sports fan has evolved, and so has the sports viewing experience. Thanks to live streaming on OTT, everything about broadcasting sports is new and different. Typical sports content is much more innovative than it used to be. Lovers of athletic endeavors can not only seek a unique viewing experience that suits their interests but also enjoys best-in-class game analytics, in-depth player profiling, and an acute awareness of everything related to that particular competition. A growing interest among sports fans has helped move the needle from broadcasting to streaming as a viewing method. OTT has opened the door for creative ways to stream sports content, and fans have responded by barging through on the hunt for the most insightful viewing experience. Sports enthusiasts that watch educative sports content want an immersive adventure.
Several other factors have contributed to this shift:
- An increase in multi-platform devices and connected services
- Optimized video quality
- Greater number of live streaming sources for sports leagues, clubs, and broadcasts
- Increased production of mobile-friendly content due to the 5G networks rollout
- Better opportunities for advertisers and publishers
According to a survey conducted by PwC, 82% of TV subscribers said they would stop paying for the TV service if they didn’t need to watch live sporting events. Sports streaming as a business model has gained ground due to the ever-high viewership rates, cost-effective broadcasting opportunities, and increased revenue with growing media exposure and high fan engagement.
To make OTT sports monetization sustainable, businesses must consistently implement innovative streaming strategies to complement their customer acquisition cycle. Once your business attains an acceptable subscriber base, you must rely on customer data to develop content eye-catching enough to keep them.
Today’s OTT platform provider has fingertip access to a wealth of data and metrics about their viewers. This offers a great opportunity for sports streaming businesses to analyze this data in order to establish a lasting bridge between viewer content choices and the offerings on the OTT platform. Producing content that resonates with user choices builds that link between you and your customers.
Fan engagement can be transformational for your sports business
As live streaming becomes more popular, sports businesses must bring customers more directly into the conversation. Repurposing sports content and resharing with your customers keeps them engaged even after the event is over. This is the new-age fan engagement strategy.
Fan interaction with player statistics and game analytics is the easiest way to grab more eyeballs for live-streaming events. Remember, live-streaming events are your best bet for building lasting customer relationships.
To adapt to the ever-evolving landscape of OTT sports monetization, an optimized platform operation offering agility and flexibility not only drives long-term success but reduces customer churn rates. A simplified user experience is all it takes to improve retention, strengthen customer loyalty, and build a robust and highly scalable global sports business.
The focused approach of Evergent Monetization Platform (EMP) enables you to build a transformational business model for your organization. With Evergent, the following capabilities are at your fingertips:
- Enhanced revenue management with centralized billing operations
- Minimized churn rates with automated customer communication and promotional strategies
- Optimized payment platforms powered by global payment gateways
- Frictionless subscriber journey management right from subscriber onboarding
- Rapid business scalability and improved subscriber retention
Leverage EMP’s tailor-made monetization strategies to build a highly scalable sports streaming business. Book a call with our team of experts to learn more!
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