VOD streaming platform is the future of delivering on-demand content to the public. Thanks to cable cutters, the VOD (Video on Demand) streaming business has seen exponential growth. Businesses also use video streaming solutions to promote their products/services. VOD streams can help businesses reach a wider audience than traditional marketing strategies.
The number of devices providing internet connectivity will triple by 2023. Users are now more comfortable with a VOD streaming app like Netflix than with a wired connection. Videos offer a much better conversion rate than any other type of media. The demand for VOD streaming platforms for entertainment and marketing purposes has increased.
Video streaming providers use a VOD platform to improve marketing and customer reach. A VOD streaming platform helps publishers collect feedback on customer behavior. The feedback can then be used to provide customers with a customized streaming service on demand.
The global VOD streaming services market is expected to grow at an impressive 15% Compound Annual Growth Rate (CAGR). By the end of 2021, the online streaming VOD platform business will generate $85,887 million worldwide. Now is the right time to invest in a VOD platform for your business.
Read on to learn more about choosing a video on demand streaming platform for your business.
VOD streaming: definition and use
VOD provides viewers with on-demand video content based on their schedules and conditions. Viewers can enjoy on-demand streaming services according to their schedule. Cable TV and other broadcast channels force viewers to watch pre-determined content without any flexibility. With video on demand services, viewers can watch video content anytime with a stable internet connection.
The recent COVID pandemic has also supported the growth of the online video streaming business. Filmmakers are releasing their films straight to VOD platforms as cinemas have been closed during the pandemic. Businesses could connect with their customers amid the pandemic through VOD streaming platforms. VOD platforms allow businesses to connect with a wider audience in these difficult times.
VOD solution: what does streaming offer?
The advantages of VOD streaming are:
Easy to reach:
You don’t need to go to a physical store to grab video content. Users can access VOD content from their media devices with just one click.
Businesses can easily set up and launch a VOD platform for less money. Other video distribution channels are not as economical as on-demand video streaming services.
On-demand streaming gives you the ability to reach a wider audience using different types of devices. Desktop computers, smartphones, tablets, smart TVs and many other devices are used by viewers to access VOD content. You no longer have to limit yourself to a particular geographic location by opting for a video streaming service.
High quality analysis:
Viewers enjoy VOD services from their devices. This allows companies to collect data on customer behavior and preferences. VOD platform providers also have a dedicated analytics dashboard. You can use customer data to create better marketing strategies for VOD content.
Expand your reach:
With VOD online streaming, you can turn viewers into long-term customers. They can use high-end analytics to deliver personalized video based on customer preferences. You can dramatically increase your conversion rate with a VOD platform.
How does the VOD streaming platform help a business generate substantial revenue?
There are different monetization models for VOD platforms to generate revenue. The main monetization models for a VOD platform are:
SVOD (Subscription Video On Demand)
SVOD streaming allows users to pay monthly/quarterly/yearly subscription and enjoy VOD content during this period. This VOD monetization model is similar to cable TV, but a VOD platform offers rich content and more flexibility.
AVOD (Ad-Based Video On Demand)
AVOD streaming allows users to watch video content for free, but encounters commercial breaks. AVOD streaming services charge users a fee to provide them with ad-free content. If the user does not opt for ad-free content, the platform provider will serve targeted advertising.
TVOD (Transactional Video on Demand)
The TVOD model allows users to purchase or rent individual video content. With the TVOD model for the VOD platform, viewers only pay for what they watch. It’s good for publishers who have limited VOD content to offer.
What to look for when choosing a VOD streaming platform for my business?
Before streaming on-demand services, there are several specifications you need to know. What you should pay attention to before choosing a VOD platform provider are the following:
Adaptive streaming at bit rates
Adaptive Bitrate Streaming analyzes the viewer’s bandwidths and device capabilities to provide the best video experience. Automatically adjusts the video quality based on the viewer’s device and internet connection.
Delivery to multiple devices
Not all of your viewers will use the same device to watch your VOD content. Transcoding allows you to convert one video format to another without losing video quality. Look for a platform provider that allows you to deliver video on demand app content across multiple devices.
Opportunity to climb
Streaming on-demand platforms should allow you to scale according to business needs in the future. Look for a platform provider that offers a robust Content Delivery Network (CDN) with the VOD platform.
Security and monetization
To broadcast live video, you need to protect your content from piracy. Choose a platform provider that helps deliver encrypted content for the VOD streaming platform. A strong DRM (Digital Rights Management) system will not hinder your earnings.
Custom white label solutions
A white label platform provider will help you develop a flexible VOD infrastructure. It can help you customize your online live streaming and pre-recorded VOD content.
With a white label VOD platform, you will own your VOD streaming platform for life. You should also choose the appropriate VOD monetization model based on your business needs. Build your white-label VOD streaming platform now!