alsoonly Remember the days when we had to adjust our work around our favorite television shows? We had to make sure that our work was done either before or after the show so we could glue in front of the TV set to watch our show. Then came the VCR days where we rented tapes to watch movies and had to return those tapes on time to avoid overdue rent.
VOD platforms have now reversed the entire scenario. We can watch what we want at any time we want. We don’t have to work around our schedule to fit in with entertainment. Tv shows, series, and movies are all hosted on the VOD platforms that we can get a subscription and watch at our convenience.
Video on demand platforms can be accessed on any device – mobile, laptop, or smart TV. Revenue in the VOD market is USD 86,273 million in 2021. This is predicted to increase to 2,226.1 million users by 2025.
Advantages of having a VOD platform
Businesses can create their VOD platform or host content on a VOD premium to enjoy these benefits:
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Round the clock access to VOD users
Viewers from different geographies access vod platforms at different times. As a business and vod platform provider, you can access users of your platform 24/7. When you create content that resonates with your target audience, it increases the audience base over time giving you access to a broader audience.
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Fully personalized for your customer
Your customers receive personalized recommendations for TV shows, web series, and movies on the VOD based on their previous preferences. Viewers can also choose the genre and language as a preference to get personalized recommendations. This encourages them to spend more time on the video on demand app.
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Target global audience
Video on demand platform providers can target audiences globally and not be restricted by geographic locations. It is also important for providers to comply with the online content regulation for the countries they cater to.
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In-app purchase
Best video on demand platforms run on subscription video on demand model (SVOD). In SVOD model, the users pay month-on-month to access video content on the video on demand platform. You can set up levels of access in the SVOD model where the user has to pay to access the latest releases or special content on the platform.
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Multiplatform support
Video on demand software should be accessible through a website and an app for the best user experience. Users like to switch between devices and apps/websites at their convenience. This keeps them using the VOD at all times.
Must-have features in VOD platform
VOD platform providers and businesses can have features in their platform based on the revenue models they start video on demand business and the user experience that they want to provide. However, there are a few features that any vod platform must have to capture the market.
Here’s the list:
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100% customizable
Creating a customizable solution gives businesses the flexibility to create the best platform for their audience. Personalization is key in today’s day and age.
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White label VOD platform
Every business should be able to label its videos with its logo. The process should be made simple in that it requires no technical know-how to do it. Branding is an essential part of any business and VOD platforms should provide it.
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Complete ownership
Businesses using video on demand solution should receive source code license from the vod platform to upscale their business. This gives the business full ownership.
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3rd party service integration
Service integrations are as important as customization. Payment gateways, google analytics, ad insertion are the commonly used 3rd party add-ons for most businesses. Businesses should be able to integrate any add-on at any time to provide a seamless experience for their customers.
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Video CMS
Best vod platforms provide a complete management system that enables an uninterrupted streaming routine for increasing user engagement. Video captioning, video scheduling, categorization, metadata management, and video analytics are some of the components of the CMS.
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All device player
Users access vod on a smartphone, iPad, laptop, notebook, and desktop. VOD streaming platform should be easily accessible on any device that a viewer wants to use.
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Security
Businesses on the vod platform should be provided high-end security to secure user information and payment method details.
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Analytics
Detailed analytics reports should be provided to the users for them to track their audience behavior. The advanced video analytics feature also collects a wealth of information about people who watch your live streams and video-on-demand.
Why do businesses need their own VOD platform?
Over 80% of internet traffic is brought in by videos. OTT platforms draw in 30% of the video market. When every entertainment house and digital media has its own white-label vod platform, it can cater to its audience and provide a personalized user experience.
When a business has its vod solution, it eliminates intermediaries thereby increasing revenue. In this case, the fee of traditional television operators is eliminated. You can reach out to your audience directly and provide promotional offers to increase the audience base. Using analytics, you can understand the behavior of your audience and can create more video content that they prefer to increase user engagement. This is why streaming online is better than traditional TV.
Types of VOD monetization models
All video on demand providers also can implement any one of the three monetization models – subscription video on demand (SVOD), Transactional video on demand (TVOD), Advertising video on demand (AVOD) model. The three models are explained below-
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SVOD
Best vod platforms follow monthly and yearly subscription to monetize their video content. Users can also around the globe are opting to purchase such subscriptions for entertainment purposes post covid outbreak. Users have access to unlimited content and it is ad-free, this model has garnered a lot of attention.
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TVOD
Video on demand providers also charges users on a pay-per-view model. The content on such platforms is exclusive which brings in users to pay for what they want to watch. It could be live streaming of an event, workshop, training, or DIY class. Professionals and artists mostly use the TVOD model to monetize their content.
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AVOD
YouTube is the best example of AVOD. Sponsored ads are displayed to viewers while they are watching the video content. The number of views and clicks on the sponsored ads helps the broadcasters earn money in this revenue model.
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PVOD
The term “premium video on demand” refers to dealing with the most exclusive, valuable, and in-demand premium video content. Typically, they are associated with recently released films also that are extremely popular among the general public. The pricing factors be highly valued in terms of A-rated content, including strict terms.
Conclusion
Now that you know what is a video on demand, its benefits, and the must-have features, you can utilize any VOD software to create a customized vod solution for your audience. Every business should have its vod platform to cater to its audience.
With work from home becoming the norm and social distancing reducing offline entertainment options, the entertainment industry should capture the online market using their vod platforms. Based on the content you offer, the audience you target and the frequency of content you publish on the platform, you can choose the revenue model and perform better than traditional TV.