The flexibility to monetize digital content is enormous in the contemporary landscape due to the availability of VOD platforms. VOD platforms have gradually become the go-to option for streaming entertainment and educational content.
This exponentially increasing demand has made it easier to monetize online content. People are finding video subscription platforms worthy and are willing to pay for various platforms.
One of the most important monetization options includes the subscription on-demand model. You will be amazed to know that the global Subscription Video on Demand platform (SVOD) revenue doubled from 2016 to 2018.
It is expected to grow over 87 billion USD by 2024. This monetization method is also being used by VOD biggies like Netflix and Amazon Prime. The subscription model makes it easier to charge for a content library and it is also feasible for the customers. This helps to boost the revenue figures for VOD platform businesses.
Advantages of using SVOD platform
The SVOD model offers the best way to monetize your content using OTT platforms. In this model, the users have to pay a recurring subscription fee to obtain access to the content library. Users can choose to pay either monthly, quarterly or annual subscriptions, depending on their need and feasibility.
Since they have access to a wide range of videos, they find the subscription charges feasible and see value in subscribing to a given video subscription service platform. It also helps to maximise the revenue for OTT-business owners.
Some of the biggest benefits of using an SVOD model platform are as follows.
Loyal audience base
One of the biggest advantages of using an SVOD platform is that you are more likely to gain a loyal audience base. Usually, the SVOD services offer niche-specific content and target an already interested audience segment.
Convenient viewing experience
Subscription video streaming platforms offer viewers a convenient viewing experience and they can stream content easily using a wide range of devices. Leading video streaming subscription platforms like Netflix also allows users to download content that they can even watch offline.
Most SVOD platforms offer multi-device support which allows users to stream content online using multiple devices depending on their convenience. They can choose from various internet-powered devices including smartphones, tablets, laptops, etc. to view content.
The best thing about an SVOD business model from a business point of view is the freedom to set the price for subscriptions. Since most streaming video subscription platforms have exclusive original content, they can set their price without fearing the competition.
Advanced analytics tracking
New-age SVOD platforms rely on advanced analytics tracking to learn about their subscribers. This allows them to obtain valuable insights which can be used to set the prices and market new content effectively.
Privacy & security measures
Most SVOD platforms offer original content and they have strict privacy and security measures. These measures not only help to safeguard original content but also provide a secure viewing experience.
Need for a professional SVOD platform in the contemporary
If you want to showcase your content to a wide range of audiences in a secure manner, you must opt for an SVOD platform provider. The growing popularity of live content among the audience has made it mandatory to deliver the same using a reliable SVOD platform.
Reliable platform providers have a wide range of features including 100% customization, social login, progressive web applications, offline viewing, ratings and review, watchlist, recommendations, etc.
This will help to boost the user experience and you are more likely to retain your subscribers.
Why SVOD services are essential for your OTT business?
Did you know that the Compounded Annual Growth Rate (CAGR) for SVOD revenue is expected at 11.03% till 2025? This growth rate will push the market volume to USD 108,660 m. It is one of the best times to bank on the SVOD trend and create a sustainable business.
The global COVID-19 pandemic has given it a major push and even movies are being launched on SVOD platforms. One can successfully and easily create a name in the SVOD space just by opting for a reliable service provider that can help you build a dynamic video on demand platform.
Building a successful SVOD platform
Now that we have a fair idea as to what is SVOD, let’s delve deeper into how you can build a successful SVOD platform in the contemporary world. Some of the most important considerations to keep in mind while building an SVOD platform include the following.
1. Strategies your content
Most SVOD platforms are niche-based platforms that cater to a specific audience segment. You need to research your target audience and create relevant content based on their liking. You should also think about licensing existing content that might be relevant for your platform. Planning your content is a must to make your SVOD platform successful.
2. Content management
The next important consideration is related to managing your content. It includes uploading your content on the portal and classifying it into relevant categories for easier discovery. Content management is the key when it comes to providing a great user experience.
3. Opting for the right business model
Choosing the right monetization and business model is also very crucial when it comes to creating a successful VOD platform. You should always research the purchasing power of your target audience and the competition’s pricing plans.
4. Choose a reliable service provider
Choosing a reliable service provider depending on your budget and requirements is the key to building the best SVOD platform. You should always opt for a VOD platform provider that offers you 100% customization features, multiple monetization options, a dynamic content management system, etc.
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Building your VOD platform in the contemporary world is among the best ways to monetize your content online and reach a wider audience base. Choosing a reliable and experienced service provider that can help you build a feature-packed platform is the key to creating a successful SVOD business.