Gone are the days when cable/satellite TV was the only way to watch video content. Nowadays, people are preferring a VOD (Video on Demand) platform for a flexible viewing experience. VOD platforms have increased the number of cord-cutters that are ditching the traditional cable TV services. In the recent pandemic, the cinema halls were closed and users shifted towards VOD entertainment platforms.
By the end of 2021, the global revenue of the video-on-demand business will be more than USD 85,000 million. The compound annual growth rate of the global VOD business is more than 10%. Read on to know how to start a video-on-demand business.
Why Do You Need a VOD Platform for Your Business?
The benefits of a VOD platform for your business are as follows:
Seamless User Access:
There are no constraints on when and where to watch VOD content. Your customers can enjoy an uninterrupted viewing experience anytime from anywhere. Unlike cable TV, your viewers can stream VOD content from any geographic location.
Your viewers will not be limited to a few videos like with traditional cable TV. They can choose from a vast content library and can stream any video content. A VOD platform can help in providing a personalized experience to your customers where they can stream/stop/switch between various videos.
Target Wider Audience:
A cable TV provider can only target customers from the local surrounding. However, with a VOD platform, you can attract users from any location in the world. For example, you should have heard about Netflix that has a vast online community and is spread across 190 countries (approx.).
Customers don’t have to go anywhere for subscribing to your video on demand platform providers. You can integrate an in-app purchasing system so that your customers do not have to navigate to third-party portals. It will help in increasing the total revenue of your business/organization.
With a VOD platform, you can target users with different devices. VOD content is streamed via numerous devices like desktops, gaming consoles, smart TVs, and mobile devices. Since you will be targeting multiple devices, you will gain access to a wider audience.
How to Create a VOD Platform with Top Features?
The must-have features for a VOD platform are listed below:
You want your VOD platform to be customizable for adding updates later on. Less coding requirements should be needed to add a new update to your VOD platform. It can only happen when you choose a 100% customizable solution.
How to start a VOD business with a self-owned brand name? Well, you need to choose a white-label platform provider that grants you ownership of the VOD platform. You can build a white-label VOD platform from scratch and add preferred specifications. Customizability is also increased if you choose a white-label VOD solution.
How to start a VOD business for entertainment by paying only once? Well, if you choose a white-label solution, you only have to pay once for the development cost. It is better than paying every month and not enjoying the complete ownership of your VOD platform.
You need a reliable solution for storing and hosting the on-demand video content. The traditional way is to have storage servers at the business premises for hosting VOD content. However, if you want to slash on-premise hosting costs, you can go for cloud hosting. You can harness the power of technology with cloud hosting which is a scalable hosting solution.
Make sure to develop a VOD streaming platform that lets you integrate third-party tools. VOD platform owners integrate various tools with their platforms like Google Analytics, payment gateway, and third-party ads.
A CMS (Content Management System) will aid in uploading and distributing video content via your content library. Develop a CMS that lets you upload video content easily to your VOD platform in bulk.
Multi-faceted Video Player:
The top VOD platforms have video players that support multiple devices. You should develop a video player that fits with the aspect ratio of various devices. A multi-faceted video player will aid in targeting diverse audiences.
Security & DRM:
DRM & security features of the VOD platform will protect your video content from being duplicated. You need to protect your original video content from piracy and hackers. Security features like password protection, geo-blocking, and AES encryption will protect your video content.
Your need to have a dedicated dashboard for generating analytical insights about the users. You need to know the user preferences and behavior to provide them with personalized recommendations. Analytical insights also shape the marketing strategies for the VOD platform.
Importance of Getting Their Own VOD Platform for Businesses
All the original video content produced by a business can be distributed by their VOD platform. A video-on-demand entertainment platform can help a business in connecting with its audience and understanding their needs.
For an entertainment business, it is easy to share content via a VOD platform than cable TV. With cable TVs, you also need to install a physical cable connection at the endpoints. You can grow your VOD business easily on a global scale.
Various types of VOD monetization models that can help your business are as follows:
- SVOD: A subscription-based VOD platform will let you collect payment on a monthly/quarterly/yearly basis from your customers. Customers will have uninterrupted access to the VOD content during their subscription period.
- AVOD: An advertisement-based VOD platform shows video content without ads only when customers pay for it.
- TVOD: A transaction-based VOD platform asks for payment for only the viewed video content. For example, if there is an AVOD entertainment business then, users will only pay for movies that they watch.
VOD business benefits can help you in maximizing the revenue via your original video content. You should partner with a white-label platform provider to develop a 100% customizable VOD platform. Launch your VOD streaming platform soon!