In this digital age, Video on Demand (VOD) is the need of the hour. If you are a content creator, no matter how big or small, you can’t afford to miss out on upping your VOD game. In fact, even businesses outside the traditional Media and Entertainment industry are creating new business models with the VOD platform as a foundation pillar.
In 2022, using a VOD entertainment platform is a must. This might be one of the finest business decisions you ever make. Video-on-demand platforms can help businesses expand their audiences and increase their profits.
Before getting into the nitty-gritty of starting a VOD Entertainment business, let’s take a look at the following statistics:
The statistics below show that VOD will continue to be popular in the future.
- By the end of 2022, global revenue for VOD services is expected to reach $80 million.
- The video-on-demand business is expected to grow by USD 126.22 billion between 2020 and 2025, at a CAGR of 15.10%.
- In 2022, revenue in the Video-on-Demand market is expected to reach US$94.88 billion.
- By 2027, the revenue is estimated to increase at a 10.72% annual rate (CAGR 2022-2027), resulting in a market volume of US$157.90 billion.
- Video Streaming (SVoD) is the biggest sector, with a market volume of US$80.83 billion in 2022.
If you are a business owner, it is time to use one VOD Platform in your marketing efforts to achieve your goals. But, why do you need a vod streaming platform to grow your VOD business? What are the benefits of the VOD Platform/VOD Business Benefits? What are the features of the VOD Platform? How to start a VOD entertainment business? How to create a vod platform? Who needs VOD or live streaming? These are just some of the questions that may pop into your thoughts. But first, let’s begin with some basics.
If you’re wondering how to start a video-on-demand business but are unsure where to start, this blog provides everything you need.
So, without much delay, let’s delve in!
What is Video-on-Demand?
Video on Demand (VOD) is when viewers can watch videos from a video library whenever they want rather than being confined by traditional broadcasting schedules. However, having a VOD platform makes this possible by allowing viewers to browse through a diverse range of videos or playlists and see the ones they want.
There are several examples of VOD platform all around you. Almost all of us have watched TV shows on Netflix or other similar platforms. They let customers browse through a library of movies and TV series and watch them whenever, wherever, and on whatever device they choose.
YouTube is another example of a VOD platform, where users can search through channels and stream content of their choice. Even watching videos on Facebook or Instagram is considered video-on-demand because you can view the video immediately without needing to download anything.
5 Things You Should Know Before Starting a Successful Video-on-Demand Business
If you are thinking about how to start a VOD business, it is critical to discuss key factors that help grow your streaming service. Let’s get started.
Select Popular Genres to Deliver
When developing a video-on-demand platform, you need to choose an appropriate genre for delivering on-demand videos, movies, or other types of content. It gives you the ability to streamline and manage your business model successfully. There are no limits to how many genres you provide to your target audience; you can present as many as you want. Furthermore, creating a USP will set your VOD platform apart from the competition.
Creating a Platform vs. Purchasing a No-Code Platform
Developing a video-on-demand platform from scratch can be expensive and time-consuming. So, investing in a SaaS provider that offers VOD platforms with all the necessary features and security is a great option. Reliable and famous VOD platform providers, such as VPlayed, can help you create your own VOD platform without any coding.
Besides that, you can create a website similar to Netflix, YouTube, or Amazon Video and start selling your video content using the right VOD Monetization models. They give an easily manageable video CMS to manage your video content.
Select the Best Revenue Model
Selecting a revenue model for your video-on-demand business is a critical decision. Therefore, choose a model that meets your business plan and content needs. Ad-based models, subscription-based models, and pay-per-view are some of the few examples.
Examine the Analytics and Insights
After developing a VOD platform, consider checking the analytics report of your audience’s viewing time, activity, and revenue. You can also see data such as the number of users, average engagement time, bounce rate, and other demographic information. Most businesses have already connected their CMS with Google Analytics, which can help you establish a more successful marketing plan and attract more users to your platform in the future.
Promote Your VOD Business
Every business needs promotion to be successful, and the video-on-demand industry is no different. Promoting your VOD platform will increase your overall engagement. Some strategies for promoting your platform include push notifications, social media, and AI recommendations.
The Future of VOD Platform
Consumer tastes and preferences change over time, but one thing that does not change is the increasing demand for value and convenience of use. And this is why Video On Demand will continue to be popular for a long time.
In the coming years, we expect that the video streaming businesses will expand and diversify. Right now, the world is focused on streaming behemoths like Netflix and Disney+, but entrepreneurs like you can change that soon.
In a Nutshell,
The secret to choosing the best VOD platform lies in finding one that not only meets your business goals and how you publish content but also it should help you monetize and increase your business reach. Overall, investing in a video-on-demand platform is one of the most successful ways to reach a larger audience and boost brand visibility, so why wait? Don’t be left behind.