So, the light bulb in your head has flicked on, compelling you to enter the online video realm. And you can’t wait to get started. The online video space is an endless landscape of interesting content, innovative people, and multiple formats. Whether you’ve chosen to go the live video route or the on-demand route, there is a selection of technology frameworks you can choose from to spark the beginning of your journey.
2017 has seen the rise of StreamHash, a company that specializes in creating avant-garde video frameworks for an assortment of streaming needs. With StreamTube for video sharing, StreamView for over-the-top services and StreamNow for live streaming, StreamHash has you covered all through. Once you’re done setting up your video service, your next step should ideally be to monetize your videos. In this guide, we walk you through some of the best practices in the industry and how they can help pave the way to your success.
Step 1. Pick a Monetization Route:
When it comes to picking a route to monetise video your videos, there are three time-tested options that are as effective as they are easy to implement. These can be executed either individually or together, depending on your need.
A. Advertising:
Advertising, done effectively, will rarely let you down. Having proved its effectiveness on a range of formats, including television, radio, and print, the digital realm has now embraced it wholeheartedly. Advertising is popular for several reasons. For one, it lets you root your marketing strategy in an enduring, sustainable monetization model. Advertisers are easily lured by a compelling audience, and as long as you can show them value, you’ll have enough reason to reign them in. Also, advertising lets you provide free content to users, meaning that customer registration will see greater traction than if your content were priced. The result? Better advertising opportunities.
Allow us to tell you how to monetize videos via advertising by digging deeper into the two main advertising models favored by broadcasters.
A.1. Digital Ad Platform:
A digital ad platform is possible through VAST, a term that stands for Video Ad-Serving Template. This service exhibits many of the same features as Google AdWords and is tailored to monetise video content. Its setup process is simple and straightforward.
A. 2. Direct Advertising:
Although a digital ad platform can be convenient, it will likely make you less money. Direct advertising is a ground-up effort, requiring you to build your service from scratch. Scouting for potential clients, closing deals and stitching ads onto your platform can be exhausting but can also yield you a better return as a result of precise targeting. It’s an effective way to monetize video content. You could also introduce the concept of banner ads, inviting advertisers to bid for prime advertising space on your website. Despite the advantages of direct advertising, the process can be expensive. Sourcing advertisers can entail a tremendous effort and a subpar turnout can press your bottom line.
B. Pay Per View:
If you monetize your videos via pay-per-view, or PPV as it is known, you can provide access to users to standalone programmes at a predetermined rate. This format has some merits. If your content is worthy, you can expect significant traffic on your website, accelerating your revenue stream. On the other hand, if you offer premium content, and cater to a small audience, your revenues could still be high. However, PPV doesn’t encourage customer stickiness. By serving your users on a per-piece basis, you may fail to build customer loyalty. PPV can also be costly to market.
C. Subscriptions:
Subscriptions can offer users a ticket to unlimited content on your website. Unlike a PPV model, a subscription service serves as a generous gesture to customers while also working as an effective tool to monetize video content. If you’re thinking Netflix, you’re absolutely right. If you monetize video content through subscriptions, you can encourage loyalty and stickiness while also enhancing user experience through continued usage. Subscription services also offer better analytics, allowing you to discover which types of content receive the best response from users. Like any model, subscriptions come with their share of demerits. A subscription service warrants a bank of amazingly curated content that users would be willing to pay for. Striking a balance between customer acquisition and retention is imperative.
Step 2. Pick a Video Streaming Platform
We’ve already mentioned how an effective video streaming platform can work wonders for your business. By picking a superior turnkey framework, you’re saved the trouble of piecing your streaming service together yourself. You don’t have to go through the rigmarole of hiring manpower, training your resources and investing energy and time into it in the process. Here’s where to look for the technology piece of your enterprise puzzle:
For Live Streaming:
Live streaming is becoming increasingly relevant today, with enterprises geared towards engaging with and reaching out to customers in real-time. StreamNow is an ideal technology fit for a business rooted in live streaming. Built to be a close-knit community, the platform allows you to craft your streaming service akin to a social media page, offering users the option to follow each other. The framework also allows users to share moments by way of a status bar. The key to monetise video content on StreamNow lies in its banner ads and dynamic subscription plan.
For Over-The-Top Content Streaming
If you see yourself building a content library based on a subscription model, turn to StreamView. An intricately modeled framework that offers fluidity across devices, StreamView makes content consumption easier and more enjoyable than conventional streaming formats. It is also armed with an arsenal of personalisation features, a handy control console and a range of user-friendly functions. There are various inbuilt features through which you can monetize your videos on StreamView.
For Shared Video Streaming:
StreamTube can help you create your own version of YouTube. Let’s say you’re looking to set up an exclusive cooking site that invites users to share recipes and tips. In this case, StreamTube would be perfect. The technology features channel management and a host of payment mediums. You can monetise video content with banner ads and a dynamic subscription plan mechanism.
Step 3. Market Your Product:
Building an incredible video service will not reap results unless you get your product into the market effectively. Here are some ways that you can get the word out there:
- Email promotions
- Regular social media updates
- Frequent blog posts
- Contributions on other blogs
- Conventional advertising including television, print, and radio
- Search engine advertising
- Influencer sponsorships
There is no holy grail to monetise video content for any business. Consider your audience, your content and your reach. Monetize your videos a little at a time to see what works for you. In time, you’ll discover your path in the world of video sharing.