Statista revealed, ‘’Revenue in the Video-on-Demand segment is projected to reach US$98,686m in 2022.’’ Video on demand platform is seeing a spike in the years to come. Today, you’ll find multiple VOD platforms & business owners driving quicker revenue in the market. There is a reason why, as Statista revealed, ‘’In the Video-on-Demand segment, the number of users is expected to amount to 2,298.2m users by 2026.’’
This is the right time if you’re looking to launch your VOD platform. Statista supported this statement ‘’Revenue is expected to show an annual growth rate (CAGR 2022-2026) of 8.28%, resulting in a projected market volume of US$135,673m by 2026.’’
This blog lists the top 10 reasons to build a VOD platform in 2022 confidently.
10 Reasons To Establish A VOD Platform Business Model In 2022
Before you can build a VOD platform, you first need to understand what video on demand benefits you’ll receive.
We have 10 reasons that will support your decision better.
1. Convenient streaming solution
The best reason to start your VOD business is convenience. As a video owner, you can create a user interface that suits your interest. You can have suggestions, recommendations, and more to personalize your user experience. You can also have multiple actions to make your content library easy to access.
2. Increase your revenue growth
There are multiple ways you can use your VOD business to drive more revenue. Say you have a fitness business, you can have your merchandise or other services exhibited on your platform. Thus when your users wish to access any of them, you can list a fee that needs to be paid. This will drive a good revenue apart from the VOD content also you offer as well.
3. Access to multiple devices
Today, entertainment is no longer restricted to just the television. With almost everyone depending on smartphones, your VOD business needs to be accessible on any device. By making it easier to access your video on demand platform on mobiles, also laptops, etc., you’re tapping the interest of the young audience of today.
4. Build better bonds with the user
Since there aren’t any middlemen associated with your best VOD platforms, it becomes easier to engage with your user. You can promote your platform and engage with your users this building a better bond. Also, based on user behavior, you can better personalize their services and viewing habits.
5. No middlemen dependency
As stated earlier, when you create a VOD business model, you can immediately get connected with your use without any middle party interference. This allows you to build rapport with your audience easily and also eliminates any extra payments made to connect with your user on an online video hosting platforms.
6. Enhance better user experience and interface
With your data and user feedback, you can continue to offer exceptional service to your user. Since you’re in constant touch with your user and what they are looking for, you can start enhancing the way your user interface is and how you can work to make the viewing experience better for them. This action will guarantee you more loyal users and also interest in potential new ones via word of mouth.
7. Exhibit your brand better
Once you have your VOD business rolling, you can then start to exhibit your brand better. The best way to come into your user’s eyes is via word of mouth, as seen above and in the world of social media. You can create snippets and also more of your brand and use that to sell your brand better.
8. Drive continuous revenue with SVOD
SVOD stands for the subscription-based model. SVOD platform users will pay a fee for a period of time to access your VOD library content. You will have passive income. With this income, also you can continue to grow your business.
9. Track user habits
Use data to help assist your selling actions better. With the data, understand your user viewing actions and customize their experience better. Understand where your new users get stuck and also engage with them via pop-ups or interesting CTAs.
10. Eliminates ads with premiums
Everyone loves a no-ad experience, especially when streaming entertainment. You can offer a premium subscription model for users who wish to eliminate ads. Knowing that users prefer entertainment without ads, also this monetization model will work in your favor.
The VOD business model, as you can see for yourself, also is becoming the lead factor in the OTT industry. Thus if you’re looking to start a VOD platform business plan, it is better to invest in VOD platform providers first. They can help you set up and enhance your VOD business on all the growth journeys. Instead of having to do the hard work, also these providers will assist you better with the ideal choices. So, tell us when do you plan to get started?