In today’s world, almost everyone is familiar with platforms like Netflix, Hulu, Apple TV+, and Amazon Prime. Whether you want to watch a movie, follow up on a series, or put on something for the kids to watch, you may lean on these services. But what are they? These platforms make up the Video on Demand (VOD) streaming network. This means anytime someone wants to watch a show or a movie, all they need to do is pay for the video and get access to it.
Consequently, VOD platforms have shifted the video streaming landscape by manifold. In 2022, the Video on Demand Market was roughly $82.77 billion, and by 2029, it is predicted to hit about $257.59 billion at a compound annual growth rate of 17.6%. So, if you have been eager to join this sector and make a name for yourself, now is an excellent time. Here are some reasons why you should start a VOD platform:
Understanding the Video on Demand business model
In short, VOD means you can access videos whenever you want, regardless of the time and place. These platforms allow users to not only tap into a library of films, TV shows, vlogs, and online sermons but also allow them to build their lists and save their favorites. In theory, this sounds like a fun way to watch your favorite content without added interruptions, but as a business owner, you have immense leg work to put in to launch your Video on Demand platform.
Therefore, read blogs and online resources that can help you become familiar with the basics of the business and how to set it up. This online guide on how to start my own VOD streaming platform is a great place to start. Briefly, you will first need to select a top-rated VOD service provider. This ensures your website runs seamlessly and your audience can access quality content. Next up, you must identify who you’re running this VOD for. Are you looking to cater to children and young adults, or is it accessible to all? When these two factors are sorted, you can’t ignore user experience. Users will click away if your VOD platform is hard to engage with, irrespective of how much content you have.
You also want a website that is visually appealing, easy to search and has a massive collection of content. Your journey doesn’t end here; next, you need a suitable revenue model, optimize yourself for search engines, and promote your platform. The work is exceptionally exhausting, but once you get the hang of it, you will successfully end up with a stable VOD business.
Reasons to start a VOD business
Starting any business from scratch is risky, but with VOD, you get more space to experiment and grow your brand than any other industry. Curious to know how? Here’s what you need to know:
Allows you to make user-centered decisions
One of the downsides of running any business is predicting what your consumers want. This is why most companies rely on business analytics to speculate what their consumers want in a highly specified manner. However, what sets you apart is instead of studying trends, your database will allow you to collect user information and use it to build up your VOD platform. Streaming services show you precisely what the audience is watching and how popular specific genres are.
If your streaming platform is known for showing biographies and is well-received by your users, that means you can dedicate your streaming avenue to play more biographies compared to other shows. Likewise, you can also analyze what each user watches and how many genres they interact with. As a result, you will have a greater insight into your business, recommend particular shows to your users, and store information related to your streaming service on the cloud.
Become your boss
As you own the streaming service, you control what goes on your website and what new feature you want to introduce into the platform. There is nothing more liberating than the chance to be your boss. You don’t have to wait for approvals and can design your timeline on what features you want on your streaming platform.
For instance, you can change your website’s UI/UX design as often as you like. If you wish, you can create an application that allows users to engage with other consumers of your platform, letting them create groups, watch shows together, or discuss their favorite content. The world is your oyster; you can experiment and innovate as much as you want.
Monetize your content
The perk of starting your VOD streaming service is you can monetize your content. Whether you buy the rights to show certain shows or want to publish your material, having an independent VOD can support your cause. You can generate revenue from your work in numerous ways, including advertising, subscription fees, and pay-per-view.
You can also increase the price of using your content through each passing year or after a certain period, allowing yourself to make more profit down the road. You can also introduce perks like allowing users to create up to three free profiles while paying for the fourth one. Likewise, you may also give them the option to choose how many devices they want to run your streaming service, according to which you can charge them.
Greater audience reach
As VOD streaming platforms are virtual entities, you are not limited by geographical boundaries to reach a wider audience. Anyone with an internet connection can easily find you and sign up with your platform. Unlike traditional television broadcasting, your content can reach a global audience without limiting yourself to a specific region. This not only builds your brand but acts as a marketing tool for your company.
A global audience also gets you an influx of unique user data, allowing you to make even better databases, acquire more vibrant content, and continue monetizing everything you put out. Furthermore, having a massive volume of views also impacts your SEO, pushing you to the top of SERPs. When anyone decides to Google or use any search engine to look for a VOD, they will find you immediately.
Conclusion
Starting your video-on-demand platform can be an exciting endeavor. The world has progressively shifted from watching cable TV to accessing media when they want, so why not take advantage of this notion? Once you get your VOD business up and running, you can do much with the platform, including building a global audience, creating a stable source of revenue, and experimenting with the user interface to your liking. For any emerging business owner, having a VOD is a win-win.