Video content has become really popular. Nowadays, people prefer to use a video subscription platform so that they can choose what content they pay for and watch it whenever they want. This is why right now is a great time to launch a video subscription platform. The global revenue of the OTT video subscription business is set to reach $22 billion. This sudden surge in the OTT business is due to the trends in OTT platforms and video subscription services. Companies that make use of video streaming technology and subscription services that allow access to an entire library of video content tend to attract more subscribers to the platform. Here is the blog that lists the point on how to build a video subscription platform.
What is an SVOD?
Before building an OTT subscription platform, you have to choose the type of business model. The business model you choose will decide the way in which you can generate revenue. In an SVOD model, viewers have different subscription plans as they have to choose a specific subscription plan and can only watch for a particular period they pay for. Subscription plans can be a monthly or annual plan as it varies from platform to platform. Users can watch the videos any number of times as long as they renew their subscriptions and keep watching. In SVOD model, there will be a continuous flow of income monthly or annually, depending on your plan.
Type of businesses that work well with the video subscription
Entertainment
TV shows and movies are the most popular VOD content on the globe. Viewers want to have multiple options while streaming on-demand movies and tv shows. SVOD is the best revenue model if you are also to publish first-run or original movies or tv shows.
E-learning
Students prefer on-demand educational platforms that allow them to backtrack their classes. Educational institutions were closed recently due to the global pandemic, and eLearning platforms were the only way for education.
Fitness & Wellness
The recent COVID pandemic also disrupted the fitness industry. A video subscription service platform can help you stream online fitness classes without the need for physical infrastructures like a gym or yoga studio.
Sports
Live sports matches can attract many viewers to a video-on-demand platform. You can also show live matches to your viewers, and users can watch highlights of sports shows as on-demand video content.
Spiritual Services
People prefer to watch spiritual content that is related to their religion. You can live-stream prayers or spiritual programs to attract on-demand viewers.
Business & Corporate
You can start a video subscription selling platform that shows business news and corporate events. Various product launches gather many views on social media platforms. You can attract those viewers by providing them with on-demand corporate videos.
Steps to follow to build a video subscription platform
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Identify A Niche And Build Your Brand
Start creating content in the field where you are strong and start building a subscription platform. Creating content for targeted audiences requires a clear knowledge of user behavior and watching patterns. Choose a niche, start creating content in that niche and become an expert.
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Build A Customized Website For Your Brand
Choose a Video streaming website builder that builds a website to showcase your brand to the audience worldwide. The website you choose must be capable of streaming video to users worldwide and also must be scalable to support the high traffic.
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Choose A Monetization Model Suitable For Your Business
The value of your content is decided based on the monetization model you choose. Choose the appropriate revenue model for your video subscription business by understanding your user behavior and the demand for your content. Provide them a free trial to know about your content before getting them to subscribe. Hybrid models can be chosen to combine two revenue to benefit businesses based on the target audience.
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Consider building Mobile Applications
Optimizing your website for mobile users and building mobile apps in your Subscription business strategy will help in increasing the reach of your video subscription platform. Try Creating apps compatible with Android and iOS as well as Smart TV platforms.
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Start Marketing Your Platform And Integrate It With Social Media.
Integrating your video subscription platform with social media is one of the main things to do, as it will help your business fall in the eyes of people on the social media platform. With quality content and strategic placement, get the online users to notice your platform on their favorite social media. Building a subscription video on demand platform is only half the battle won, as marketing is the key to getting it to the masses.
Conclusion
The content you provide on your video subscription platform is the biggest factor in attracting subscribers. The next big factor is the video streaming quality. You can collaborate with OTT platform providers to provide the best of both. Make use of the popular OTT platform providers to provide the ideal content streaming experience. This will help you to build and expand your Subscription business.
