The remarkable growth of the over-the-top (OTT) industry has compelled many content creators and publishers to launch streaming platforms. While the growth of OTT has opened new opportunities and revenue streams, it’s also cluttered the market with numerous service providers.
To dive deeper, read our complete guide to video content management systems.
In such a competitive market, how do you ensure your OTT platform stands out? An effective solution is to use video analytics tools.
Here’s a look at what video analytics is and why it’s crucial for OTT streaming.
Simply put, video analytics is an umbrella term for in-depth insights into video content’s performance. Modern, purpose-built video analytics software provides a plethora of data about your videos and end users.
Whether you want to know when users will log in to your platform or why audiences in a specific region don’t watch your content, video analytics has all the answers. Similarly, you can find out what devices audiences use to access your platform and consumer content, and which drive the most engagement.
Advanced video analytics solutions even give detailed, real-time insights into your streaming service’s individual users. They can also provide application programming interfaces (APIs) to support integration with data warehouses using tools such as Tableau and Google Data Studio. Judicious use of video analytics tools can be instrumental in boosting engagement and revenue.
Video analytics eliminates the need to rely on guesswork or instincts while launching and growing a streaming platform. Instead, you can make smarter, more accurate decisions based on concrete data.
Here are the most significant benefits of using video analytics:
Video analytics tools give a closer glimpse into end users’ likes, dislikes, preferences, and pain points. You get a clear idea of what devices, operating systems, and browsers they use to access your OTT platform.
Additionally, you can check how individual users interact with different types of content. You can even find specific details, such as whether they prefer to watch a show over several days or in a single session. Similarly, video analytics help you find where they’re located.
Access to such detailed data will empower you to improve the viewing experience. You can segment users by location, language, and device to deliver personalized, curated content. That, in turn, can skyrocket user retention rates and revenue.
You can use video analytics to inform the content creation and production process. Instead of guessing whether your audience will enjoy a new show or movie, you can uncover how they engage with your existing content.
It’ll help you identify storylines, themes, genres, and other elements that strike a chord with your users. That eliminates the guesswork you’d otherwise have to do while launching new content on your platform. It also ensures you generate the maximum return on your investment in content creation.
With video analytics tools, you get deeper insight into performance issues and flaws that cause customers to churn, enabling you to fix minor usability problems before they spiral out of control. It reinforces your platform’s performance and ensures a frictionless user experience.
Access to insights about user behavior, audience engagement, and performance helps you make strategic, data-driven decisions. It empowers you to invest judiciously in areas that’ll yield the highest returns and positively impact your platform’s bottom line.
Video analytics tools are the secret sauce to OTT platforms’ success. Instead of wondering “what is video analytics” or “who uses video analytics,” it’s high time you start searching for the right content management solutions and incorporate them into your video strategy.
If you want to learn more about how to use video analytics to drive business and technical decisions, download our free digital video infrastructure guide.