When starting a streaming platform, one of the things you must consider is the subscription pricing. A subscription pricing has to do with the payment structure for the services you are offering which allows a subscriber access to your services for a period of time. This could be for a week, a month or a year. Determining what this price will be and how it can work on your business is quite important to look at. Let’s face it; people do business for the profit while dishing out value to their clients. It is a win-win situation that has been in place since time immemorial. However, a lot of business people usually get confused about the right pricing model to adopt.
Streaming platforms are lucrative, as so many people are looking out for new music videos and movies with quality without having to pay so much for it. The advantages of streaming include cheaper subscription prices as compared to TV cable subscription, watching movies from streaming platforms is convenient as people can watch in their own time, you pay for what you want to watch, and forego those you aren’t interested in. So, what is there not to love about streaming platforms?
To Start a Streaming Platform
You must identify your niche. Just because video streaming is a popular on-demand commodity does not mean you should do every kind of movie available. This is not only expensive but it doesn’t allow you to create a name for your streaming platform.
Build your content and determine what your content will be. Ensure you get a license for the movies you want to view on your platform.
Focus on your audience. Where are you likely to find your target market? Do they use Facebook or are they on YouTube? Answers to questions like this and more will help you determine the kind of content you should create and what would captivate them.
Create a personal style for your streaming platform. Your style will be your own brand and something your customers will easily identify with. Take Netflix for example, they have a style visible in the color, letterings of the word ‘Netflix’, and sound track you hear each time you are about to watch a movie, this builds excitement and anticipation.
Subscription Pricing When Starting a Streaming Platform
To determine the right subscription pricing, you must consider the expenses that will be accrued by your business, your profits and what your consumers will be willing to pay as subscription for the content you’re offering. Check out your competition. Are there other bigger companies in the same niche as you? What are your consumers saying about them in the reviews? What are they displeased about? Is this something you can leverage on or do better? How often do customers leave negative reviews about your competitor? Is there something good they are doing you think you can emulate? In terms of pricing, are they considered expensive or affordable?
Look into marketing and branding of competitors in the streaming platform business and study what they are doing right and wrong. If they have been able to make a lot of success, you can also replicate such success too.
Create a solid business model, carry out a watertight feasibility study, and go ahead to start your business following your plans. The business might be slow at the beginning but with the right subscription pricing, in addition to the value you’re offering you would record enormous success in no time.