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Why Your Entertainment Business Needs Video-On-Demand Platform

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Meryem Rai
Why Your Entertainment Business Needs Video-On-Demand Platform

Are you planning to launch your own VOD entertainment business, Here you can know more about why your business needs Video On Demand Platform.

Consumers have come a long way from cable and satellite TV where they watched shows based on the broadcaster’s schedule. The idea of accessing unlimited videos from anywhere has made the video-on-demand (VOD) platform see a huge following. Whether it is accessing content on any device like their PCs, mobile phones, or Smart TVs, this has made life easier for consumers worldwide.

In 2021, the user penetration is projected to be 24.4% and is said to be 29% by 2025. Seeing the potential of VOD platforms, many in the entertainment business are making in-roads into this segment. The revenue of VOD is projected to reach USD 85 billion in 2021.

 

Why is it Important to have VOD for the Entertainment Platform?

As the name suggests, Video on demand platform allows users to playback video content at their own comfort without adhering to the streaming schedule. VOD in the entertainment business has already made headway with Netflix, Hulu, Amazon Prime bringing original and other video content to the masses on-demand. 

In the entertainment industry, video content has a big share, and leveraging the benefits of VOD can increase the revenue potential. With many consumers choosing VOD over traditional TV, it is advisable to keep up with the trend to have a competitive edge.

 

Advantages of a Video-on-Demand Business

  • A customer can access video content without any limitations as per their own schedule. This freedom of choice drives loyalty amongst customers.
  • You can personalize content recommendations and the platform to suit your audience. This, in turn, makes it easier to attract customers from your niche.
  • With VOD, you can have your audience worldwide and still stream quality videos with the help of the right tools and software.
  • You get multiple monetization models including in-app purchase that brings in more revenue to your business.
  • VOD content can be streamed across various devices that make it easy for users to access your videos at any time and from anywhere.

 

How to Start Your Own Video-on-Demand Business?

The easiest way to start is to approach a VOD platform provider that offers all features you need to grow your VOD business. This saves you a lot of time, money, and effort that goes into building your platform from scratch. These video on demand solution providers are experts in the field and often offer 24/7 support even after launching your platform.

 

Features of VOD Platform to Look for:

 

100% Customization: Build your platform to suit the needs of your content and your audience. If your content adheres to a particular niche, it is necessary to customize the app or website to ensure content is easy to discover and the platform is smooth to use.

  • White Labeling:

An easy way to make your brand presence known and build a reputation is to ensure your platform is completely your own. And this is possible by using a provider who provides white label VOD platform so that the has your brand displayed rather than a third-party streaming service.

  • Complete Ownership:

Make your platform your own by checking if the solutions provider has an option to share the source code license. This gives you a lifetime ownership of your platform to grow your business.

  • Reliable Hosting:

You need good hosting servers to ensure your data is stored and can be streamed with ease. Cloud-integrated servers have the additional benefit of faster accessibility.

  • Third-party Integration:

When you’re monetizing your content, you’ll need paywall integration and other plug-ins for a smooth streaming experience. Finding a platform provider who allows such integrations can help you with this.

  • Video CMS:

A good Content Management System (CMS) will allow you to upload, organize and stream your content with ease. Some providers even make bulk uploads super easy.

  • All-device Player:

Ensure your platform allows multi-device streaming. Every customer prefers a different device like smartphones, smart TVs, media players, consoles, and more to stream content.

  • Security

To build trust and ensure continued loyalty, your platform must be secure from piracy and hacks. Leakage of data whether content or customer database can cause revenue and reputation loss.

  • Analytics

To make good business decisions, you need reliable data. Opting for real-time analytics can help you understand how to make your VOD business better.

 

Types of VOD Monetization Models

To grow your VOD Monetization model, you need to understand your audience and create bespoke monetization models suited to your business as well. Some popular revenue models are:

 

  • SVOD

Subscription Video-on-Demand generates revenue by offering monthly, yearly, and other periodic subscription plans. This is one of the most-used monetization models which is popular in VOD platforms like Netflix, Amazon Prime, and others.

 

  • AVOD

Advertising-based VOD platforms are like YouTube where advertisements are part of the content. They are typically free for their audience but generate revenue using ads.

 

  • TVOD

Transactional VOD is focused on pay-per-view monetization. This works well in live concerts, stand-up comedy, and other formats.

 

Conclusion:

VOD in the entertainment business is the future with many moving towards such platforms. To ensure you have the edge over the competitors and increase your revenue channels, start a Video-on-Demand platform for your entertainment business. Pick the right platform provider to get expert suggestions and support throughout. 

 

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