Video-on-demand usage, influence, and growth have seen an upward trajectory, especially in the post-COVID era. Video streaming is flourishing due to the billions of individuals connected to the internet. The figures in the on-demand video market are astounding, and the industry is rising.
Forward-looking media companies are making money off their video-on-demand content, regardless of their niche. The results are promising for VOD content creators; therefore, a lot of companies are heading toward creating VOD content.
Look at some numbers around the video for business
Active users watch 2 videos out of the 5 billion daily videos. This gives you the statistic of 2.5 billion monthly users. Roughly 82% of web traffic is video, according to statistics. As a result, there is record-breaking popularity of on-demand video services.
The video-on-demand (VOD) industry will have a user penetration of 36.8% in 2023. By 2023, the on-demand video market is anticipated to be worth around $159.40 billion, according to Statista. These stats indicate that knowing customer preferences is the secret to success in the streaming industry.
How to Increase the user base for on-demand video?
Customers frequently use a video broadcasting website, platform, or video-on-demand website to access streaming video content. There are a staggering number of alternatives for on-demand video programming that maximizes income.
You now have some excellent possibilities for establishing your video-on-demand site. Let’s go through six essential tactics for boosting live broadcast and on-demand video viewership.
1. Organizing Video Content
For a rewarding user experience, video material must be appropriately organized. Think about the following techniques:
- Classify Videos: To make navigation easier, group videos into appropriate categories (such as genres, themes, and languages). For instance, Netflix divides its film and television offerings into comedy, romance, and action categories.
- Use information: To improve searchability and provide people with a video summary, include descriptive information such as titles, descriptions, tags, and thumbnails. YouTube makes effective use of metadata to classify and suggest videos to users.
Example: An actual success story is Vimeo, a well-liked video-on-demand platform that enables content producers to build and curate albums into groups. Their videos are divided into certain groups, making it simpler for viewers to search and find material.
2. Optimizing Video Quality
Videos of a high caliber are essential for creating an engaging watching experience. Take a look at the following practices:
- Video Compression: Compress videos without sacrificing quality to provide quicker streaming and lag-free playback on all platforms. Platforms like Amazon Prime Video use advanced video compression algorithms to provide high-quality material efficiently.
- Adaptive Bitrate Streaming: Utilize adaptive bitrate streaming to detect and adjust the quality of the video. For example, Netflix uses adaptive streaming to deliver fluid playback independent of the user’s bandwidth. Another example is Hulu that uses adaptive streaming technology among the top video-on-demand platforms. It enables customers to easily transition between various video qualities depending on their internet bandwidth.
3. Choose the right video-on-demand platform
The benefit of your video content depends on choosing the correct video streaming platform. Consider the following elements:
- Platform Specifications: Consider the platform’s characteristics, like the degree of customization and revenue potential. In that, you can also include content management systems and audience size. For instance, YouTube provides a wealth of services for video producers. These include live streaming, analytics, and monetization opportunities.
- User Base and Target Audience: Evaluate the platform’s user base and determine whether it matches your target audience. To increase reach and engagement, seek platforms with a vast user base in your specialty. Utilize the data you currently have and enlist the help of experienced marketers.
Highly tailored experiences and content are unbeatable. It’s advisable to utilize your time throughout this phase and identify your target audience as precisely as possible.
Example: Disney+ has considerable success because of the massive user base it attracted by utilizing its brand and exclusive content. The platform deliberately catered to children and Star Wars, Marvel, Pixar, and family audiences, which led to a successful debut.
4. Use the most appropriate monetization strategies
Sustainability requires that you make money from your video piece. Think about the following monetization techniques:
- Subscription Model: Provide a subscription-based service where consumers may access premium material in exchange for a monthly or annual charge. On-demand online streaming of video is known as OTT. You can access all the material in your plan by paying a subscription fee or a one-time transaction charge. Free OTT material may be found on places like YouTube. Most companies create video-on-demand websites with that kind of streaming in mind.
- Advertising: It cannot be denied that online customers have well-received commercials. As a result, the majority are willing to pay a higher VOD price to stream material without ads.
Promote your videos with targeted advertising by including pre-, mid-, or post-roll advertisements. With the help of YouTube’s Partner Program, content producers may make money from the advertisements shown next to their videos.
Example: For content producers, Twitch, a network devoted primarily to live streaming, provides a variety of video monetization possibilities. These revenue techniques help a lot of Twitch streamers who are successful make a sizable living.
5. Analyze your video performance
You may better understand audience tastes and make your content more engaging by routinely reviewing your video performance. Take note of the following strategies:
- Analytics for video: Track data like views, viewing duration, engagement, and audience demographics using the Video streaming platforms’ analytics. These findings can influence the development of content and marketing plans.
- A/B testing: Test various video formats, thumbnails, titles, and descriptions to see which ones your audience responds to positively. To improve your content strategy, evaluate the effectiveness of each variant.
Example: Many content producers have seen viral success, thanks to TikTok’s algorithm-driven recommendation engine and in-depth analytics. The function helps them analyze their video performance and adjust content depending on audience interaction.
6. Copyright and legal considerations
To prevent potential legal problems, respecting copyright rules and other legal factors is essential. Take into account the following approaches:
- Obtaining licenses and rights: Ensure you have the required permissions and licenses before publishing any video footage. Obtain permission before using any music, photos, or other content with copyright in your films.
- Terms of Service and Copyright policies: Clearly outline your VOD platform’s terms of service and copyright rules so that users are aware of copyright infringement and that your material is protected. A strong copyright enforcement mechanism is in place on YouTube, enabling content providers to safeguard their work.
Example: By acquiring the rights to well-known TV episodes and movies, Netflix has successfully handled copyright and licensing agreements, enabling them to provide a sizable content library to customers.
Supercharge Revenue Generation with VOD
VOD is a valuable resource for businesses to maximize user acquisition and revenue generation goals. However, knowing where or how to start might take time and effort. It takes careful planning, optimization, platform selection, monetization strategies, performance analysis, and adherence to copyright and regulatory requirements to manage video stuff on the VODs effectively.
You can improve your video content’s exposure, interaction, and revenue generation on a VOD platform by putting these best practices into action and taking inspiration from real-world success stories. You may succeed if you plan well and make wise investments.