Key Things a Business Should Know About Video-On-Demand
Video-on-demand platforms are booming as millions of people find them convenient for watching beloved series and movies. And businesses are taking advantage of that. Any business field can now have its video streaming service to monetize content.
It is not a surprise as video is expected to account for 82.5% of all web traffic. These statistics make video the most popular type of content on the internet landscape. And Statista predicts that revenue in the video segment will reach $155.5 billion by 2027.
VOD platforms provide wide opportunities for maximizing the revenue of a business. You should learn more about these opportunities before setting up your video-on-demand streaming service. Let’s observe them.
Why Do People Like VOD Platforms?
For a business, it is better to understand why people are using video-on-demand platforms. What do they look for in them? VOD streaming is growing because people want more convenience, personalization, accessibility, and flexibility.
Firstly, VOD streaming services are less expensive than cable or satellite. While traditional television costs $50 and more, video-on-demand service provider charges around $10-$20 for a monthly subscription. It means that viewers can purchase several services to access more content of superior quality.
Secondly, viewers appreciate VOD services for a plethora of unique videos. Providers tend to invest a lot into producing outstanding content which meets people’s demands. Each customer can find videos to their liking.
Thirdly, VOD platforms usually have a user-friendly interface that helps people navigate through the service. It means that it is easy to find new videos to watch. Some services have a recommendation engine implemented. It analyzes a user’s viewing history to offer similar videos that the viewer might like.
Furthermore, VOD services are usually available on multiple devices. People watch videos on mobile phones, Smart TVs, laptops, and tablets. It gives them more flexibility and portability.
What are the Benefits of VOD for Your Business?
A new business means taking the risk. Before diving into new spheres, you likely want to get acquainted with the benefits the field may bring you.
#1 New revenue streams
VOD services can help businesses generate revenue via video content. You can use platforms to sell products or services, tell people more about them, and publish cases.
You can sell courses and educational videos on a VOD service if you have expertise in a particular area. Share your knowledge with the world and monetize your video content.
A video-on-demand platform has monetization models that can help you with revenue generation: advertising, subscriptions, a pay-per-view, and a hybrid. You can choose what is suitable for your business.
#2 Build trust with your audience
A VOD service is an effective tool for showing your authority and knowledge in your field. Sharing this type of content can help you gain credibility and build trust with your current viewers. They show your expertise in a field and help people learn something.
Imagine. Some people have many misconceptions about your sphere. But one day, they encounter your VOD service, start watching your videos, and realize that everything is different than they thought. They learn new things, use them in real life, and achieve results. As long as they achieve results, they feel more trust. You’ve just gained a regular customer.
#3 Reach many people
VOD services can help you easily reach people around the world. They have the necessary functionality helpful for overcoming geographical boundaries. You can have audiences in several countries as TVALB or globally as Netflix. Don’t forget about localization and translation if you have multi-national audiences.
Video-on-demand streaming services are appealing to viewers because they provide convenience, flexibility, and varied content. It means that a business can have an additional revenue stream – video content monetization. Along with monetization, companies, and organizations can build trust with viewers turning them into regular customers.