With the improvement of modern technologies, new trends have come to surface. Watching regular television and browsing through channels is slowly becoming a forgotten way to find video entertainment. With access to the internet and modern video streaming platforms such as Netflix, Hulu, or Amazon Prime people get to choose what they watch, how, and when they watch it. This trend opens the doors to new business ideas and makes room for you to thrive.
See how to build a live streaming app : Read How to make an effective app like Netflix or twitch
Starting your own internet-based movie business might seem risky when there are already several powerful platforms. But, there’s always room for innovation and new ideas. That means that, with the right idea and strategy, you can build a unique platform people will love spending time on.
So, here’s what you need to know to start an internet-based movie business such as Netflix.
●Define Your Niche & Content
As we’ve already mentioned, Netflix is hitting all the right buttons, and is the leader when it comes to subscription video on demand (SVOD) services. If you plan on copying what Netflix is already doing, you’re wasting your time.
You need to create a unique business model and offer something different than what’s already out there.
Here are the initial elements you need to define:
Think about all the options and possibilities you have to create a unique service that people will want to visit. You can create a kids platform with cartoons and children’s movies, or a romantic comedy platform. You can specify in a certain type of movie or TV series.
Think about what’s in demand and what will attract people to your movie business.
- content specifications
Now you need to determine all the other technicalities surround the release of the content. Licensing, content creation, and release are just some of the things you need to define in your strategy.
●Find a Target Audience
When you’re starting a business, you always need to have a defined target audience in your mind. Finding and reaching out to your target audience is possible through different content marketing and data analysis strategies.
Here’s what you should do:
- use social media
Create business profiles on the most popular social media platforms such as Instagram, Facebook, and Twitter. Regularly create and publish content about your video streaming platform, and advertise your offers.
- use YouTube
Create a YouTube channel and publish videos surrounding your video streaming platform. Use YouTube ads to get people to visit your website.
- use email marketing
Build an email list and send a newsletter about special offers or new releases to your current and potential clients.
- use blogging
Write blogs with informative and valuable content to get organic traffic and increase your audience.
Content marketing is essential for the success of your business, so make sure you have that area covered.
●Consider Website Functionality
It’s important that you think things through to the smallest detail, and user experience is crucial. Your platform needs to offer all the right features and functions for the users to have a pleasant experience using it.
Here’s what you need to cover:
- simple onboarding
How will the users sign up and log in to your website? Think about the simplest possible way for them to onboard, and for you to get the required information from them.
Your website would have an intuitive interface that will help the users get around quickly and easily. Make sure the Home page has all the necessary information and the attention-grabbing factor that will make them stay.
Allow the users to decide what privacy options they like best and give them the opportunity to customize their privacy settings.
Monetizing your video platform is your primary goal, so a good monetization plan is in order.
The best video streaming platforms, such as Netflix, are based on the subscription principle. That means that there are monthly fees that the users subscribe to pay.
Firstly, decide on the type of subscriptions you’ll offer. For example, there could be a basic subscription plan as well as a premium one, unlocking special features.
Also, there should probably be a free monthly trial available for new users. It’s the best way to:
- attract new subscribers
- expand your email list
- show the people what you offer
- get people hooked to your movie business
Offer a free trial to all your potential clients, and it will help you launch your business faster.
You also have to consider the payment methods you’ll allow:
- credit cards
- mobile payments
Also, think about giving a discount for an annual subscription and other discounts you could offer to your loyal viewers.
●Expenses and a Budget Plan
It’s hard to make accurate predictions when you’re just getting started in the business. But, you have to consider the financing and the budget for your upcoming business venture.
There are several factors you need to think about:
- financing the creation of the platform
- investing money into the right equipment, programs, software, and systems
- the expected income during the first year
- expenses such as marketing, maintenance, technical support, security system
You need to write a detailed financial plan to see just what goals you need to set and how to make sure you achieve them.
●Develop The Main Features
The first version of your web or mobile app needs to cover all the main features that the viewers will be able to use. Leave room for adding more features as your business start earning money, and you’re able to invest more into it.
For starters, make sure that you’ve covered:
- user registration and login
- user profile and personalization options
- a safe payment gateway
- content segmentation and search options
- content recommendation
“You need to think through every step of your viewers’ journey. The main features need to be spot on, and provide a seamless, simple UX,” says Angelica Pearson, a web developer and writer at from Pick The Writer.
When you’re trying to compete with the giants, you need to make sure you don’t just go ahead and copy them. Naturally, there are some elementary steps you’ll all have in common, but your business idea needs to be unique.
If you have that idea, all you have to do is get to work. Use the advice above to start your own internet-based movie business. Good luck!