Within a few years, the VOD market value doubled mainly due to the shifting of people from watching videos on Cable TV Networks to watching videos online. Revenue in the VOD market is set to reach US $98 Billion by the end of 2022. COVID pandemic also played a major role in the increase in demand for VOD as Theatres remain closed during a pandemic. The popularity of the VOD platform increased as many people towards online to watch videos. Many content creators and businesses can use the VOD platform to sell video content, and in return, it helps scale up the business and generate high revenue. Here is the blog that lists some points on how to generate high revenue from the VOD platform.
What is VOD?
VOD (Video on Demand ) is a technology where pre-recorded video content is streamed on any device connected to the internet like mobile, desktops, and smart TVs. It gives the flexibility to the users to watch the pre-recorded video at any time, on any device, and from anywhere. The option to watch the video at any time has attracted more users to the VOD platform, whereas in traditional cable TV networks, users have to be present before the TV to watch the show scheduled at a particular time.
Types of Content that works well with VOD
Entertainment
Movies and TV shows are the most viewed content on VOD platforms. Most people like to watch movies on VOD platforms as it gives them the option to watch them at any time, and users preferably choose a VOD platform that gives them a good viewing experience.
Fitness and Health
Due to the covid pandemic, many yoga and gym centers were closed. Fitness trainers have started their own fitness platforms where they can keep in touch with existing customers by streaming fitness videos online. Health practitioners can give health advice and tips to users online regarding diets and nutritional intake.
Elearning
Schools and colleges were shut down during this pandemic. Many schools and colleges have started online learning sessions to get in flow with the teaching schedule. Individual educators have started independent learning to teach classes online regarding certain topics.
Sports events
It has become a practice many users online have started watching live sporting activities during travel on mobiles. You can attract more users to the video-on-demand platform by running live sporting events.
Religious activities
Many people have started watching spiritual-related content online, and Religious preachers can perform live stream prayers and other related spiritual programs to attract on-demand viewers.
Businesses and organizations
Businesses can launch video-on-demand platforms to showcase their product and services in the form of videos to their existing user and potential customers. You can share videos on social media platforms to attract more users to the VOD platform.
Basics steps to follow to build a VOD platform
Select a niche
You have to decide what type of video content you want to show to your audience and with that niche, try to build brand awareness by providing engaging video content.
Build a customized VOD website and app
You shoul invest in building a VOD website and app to attract more users to the site. To build one, you can hire a development and design team or else approach a video streaming platform provider to build a VOD platform.
Develop marketing strategies
Promote the VOD platform across various social media sites. Identify the target audience and shape your marketing strategies accordingly. It may be writing a blog and press release. You can share videos and images about the VOD platform.
Steps to generate high revenue from the VOD platform
Create different subscription plans
Try to create different and flexible subscriptions plan that attract users to the platforms. Include offering subscription plans under different monthly, quarterly, and annual periods. Fix the pricing plan under an affordable range to avoid losing customers due to higher pricing plans.
Offer Free trial
Allowing the users to use the video streaming website or app for free for up to 1 or 2 weeks will help generate trust between customers and businesses. Users will come to know more about your website or app and urge them to upgrade to the pricing plan.
Offer and coupons code
Give potential users a coupon code to make them use our VOD platform at a discounted price. Offering discounts to existing users will help retain them for a longer time period. Festival discounts can be offered to attract new customers to the platforms.
In-app payment
This option has to be included where it gives the users to make payments within the app so that the users don’t need to navigate through a third-party payment gateway to make payments.
Recurring payment option
With this option, the amount can be automatically deducted from the user’s account based on the user’s plan.
Managing failed payment
If users don’t have a sufficient amount for renewal, you can send a message to make users know about it. You can manage the subscription and deduct the amount when the amount is available in the user account. This helps in providing a seamless user experience to customers.
Choosing a preferred revenue model
You have to be much wiser in choosing a monetization model, as this plays a major role in generating revenue in exchange for your video content.
AVOD – Advertisement Based Video On Demand
In this model, users can watch video content for free, but they have to watch ads played between videos. Video platform owners make money by placing the advertising company’s ads on the VOD platform. Advertisers pay money based on ad views and impressions. VOD platforms must have a larger audience base to generate more revenue using this model. More Ad views will result in generating more money for VOD platform owners. Examples: Youtube.
SVOD- Subscription Video On Demand
In this model, users pay the subscription fees monthly, quarterly, or annually to access the entire video content library indefinitely. If Users pay the fees regularly they can access the video content anytime from anywhere without any intervention. Examples: Netflix
TVOD – Transactional Video On Demand
In this model, users have to pay to watch particular video content where they can access content for a number of views or a specific time period. This model is particularly suitable for premium and new video content where you can charge users separately to access the video content.
Hybrid
The hybrid model is basically a combination of the models mentioned above. This is the best method to drive more revenue as it caters to attracting all types of viewers to the VOD platform.
Choosing the right monetization model depends on the types of users you are trying to attract. You have to find out which monetization model suits your audience and choose the monetization model according to users’ interests. This will be better for your business to generate higher revenue.
Conclusion
Coming to the final part, you could have a clear-cut idea of how to generate high revenue from the VOD platform. Pandemic has accelerated many businesses to move online, so it’s always a better move to build a VOD website and app. Thus steps mentioned above and it is an easier process. It is better to join hands with VOD platform providers available in the market to build a VOD platform that comes with advanced features and will help generate higher revenue for your business.
