Starting a media business is both challenging and very lucrative. People are always looking for new content to consume and there is enough space for new players to enter the market. In this article, we will look at how you can start your own media business.
Print or Video?
Getting into print is not a good idea at this time because of the time and monetary investment it will take your business to get off the ground. Additionally, your audience will be limited unless you want to spend a lot of time and money building an international audience. A video media company is the better option because it does not present any of these challenges and is a lot easier to scale.
Choose a target audience
Before you start the media company, you will need to define your target audience for your media business. Your target audience will determine your content as well as how you deliver it. Your audience’s size will also determine the size of your business and whether you need to hire additional people to help with the business.
It is one the critical aspect for growth hacking of your media business. Choosing correct set of TA (Target Audience) can lead to more revenue generation.
Identify the value you offer
Identifying the value that you offer will help you craft the business’s image as well as the message you would like to pass to your audience. Your value proposition will also help differentiate you from your competition and let your viewers know why they should choose you over your competition.
Your USP must be stand out in the peer competition. By this way, even if you spend less on your marketing budget, you can easily churn out a good ratio of your ROI.
Create the content
Once you know who your audience will be and what value you will offer, it is time to create the content which is closely relevant to your media business. Doing a bit of research will give you some ideas on the types of content you will create. It is at this point that you might also need some financing to get the content you need to be made and to hire the right people to create and deliver the content.
Animated explainer videos can help you a lot here.
Choose a video delivery platform
Since you are just starting out, you may not be able to build the infrastructure required to scale and grow your new media business to get off the ground quickly. This is where a delivery platform comes in. Many media companies choose over the top (OTT) platforms that help them deliver video content to their audiences no matter where they may be in the world.
These OTT platforms also deliver high-quality streams and helpful features such as subscriptions, audience analytics, monetisation opportunities and a lot more. Using an OTT platform from a provider like Red Bee Media also gives you additional features like geo-blocking, performance prioritisation for your most important markets, and live content monitoring. With Red Bee Media, you also get a white label application so your audience can access your content on their browsers and on iOS and Android.
Promote your media business
If you want your business to succeed, you have to be aggressive about promoting it. Remember that only the loudest people get noticed and you need to be the loudest of them all. If you have the finances, you can advertise your business online and on other mediums. If you do not have the funds to run a sustained marketing campaign, reach your audience where they are found.
This may be on platforms they frequent, both online and offline.
Think about Monetisation
Once you have an audience, you need to think about monetisation if you would like your business to succeed. You can monetise through ads or by offering memberships and subscriptions. You will also need to do a lot of research to ensure your pricing is neither too high or too low for the type of content you are offering.
You can use native ads. Or there are so many third party services in this arena to
Starting your first media business will be challenging. However, it is possible to start a reputable, independent media company by following the steps outlined above.