In this digital world, the importance of integrating videos into your marketing techniques is only projected to rise. Innovative marketers are increasingly using videos and integrating these new ways to engage users to remain relevant and competitive in the industry. In the past decade, there has been a rapid shift from text and visual content to more engaging video content. Businesses who are slow to adapt to their transformation might find themselves dealing with underperforming sites and marketing campaigns. A visitor tends to spend 88% more time on a site with videos than they do with any other type of content.
Businesses can use videos for landing pages, YouTube, emails, training purposes, landing pages, and a lot more. Videos also help brands to introduce themselves to potential customers and build lasting relationships with existing customers and earn new customers.
Live Streaming and VOD
Video streaming is quickly gaining momentum these days with more online audiences embracing streaming like never before especially during the time of COVID-19 pandemic. According to Statista, the Coronavirus outbreak has led to increased digital media consumption in many countries across the globe ac
Have a look at the following statistics.
While most businesses understand the power of videos for promoting their brand and growing their business, they find it challenging to choose the right type of video content for various scenarios. For example, video on demand and live streaming are the two main types of video content which comes with its own advantages and disadvantages.
In recent years there has been a rise in popularity and usage of live streaming apps like Facebook Live, Periscope, Instagram Live, etc. Likewise, video streaming services like Netflix, HBO Now, Disney Plus are gaining momentum as well among viewers who prefer viewing on demand videos. Live streaming probably is an easy way to introduce your brand to the online world. It is a great short-term option that will help you get online and start making money. But considering the longevity of your business, you must consider video on demand (VOD).
According to the type of your business and the demographics of your customers and their preference, any of these content types can be chosen. But, how to choose between VOD vs live streaming. Let’s find out. Once you finish reading this blog, you will have a clear idea about the two and so that you can make a decision fast.
What are on-demand videos?
Video on demand is a way of accessing content from online libraries according to the convenience of users, anywhere, anytime, and on any devices. When traditional broadcast services force users to view content on their schedule, video on demand platforms allow users to access videos at their time.
VOD offers a wide selection of online videos including entertainment, sports, educational programs, movies, TV shows, and feature films. VOD services allow customers to stream content through computers, laptops, smartphones, tablets, smart TV, etc. delivered over the internet.
VOD streaming is not just confined to watching movies and shows on Netflix. You can create on demand videos in any niche like entertainment, sports, religion, education, etc. according to the interest of your audience.
Let’s look into the benefits of video on demand content.
Convenience of access
It is for no reason that video streaming services like Disney+, Netflix, Hulu, and HBO now are gaining popularity among the audience. These video streaming services allow people to view content whenever they like, unlike traditional TV networks. Traditional broadcast services allow people to watch programs on their schedule, whereas the VOD platform allows viewers to watch programs in their own time according to their convenience and choice.
Fewer mistakes
Video on demand content is pre-produced and edited making adequate room for improvements. As making on demand videos take more time in producing and improvising the content, it leads to fewer mistakes as well. VOD allows content creators to improve the videos to a greater degree for delivering a better viewing experience to the audience.
Content varieties to select from
VOD content can be edited to be personalized according to the unique needs of your business before distributing the content. There is always a big space for customizations so that you can bring much-desired variety to your content. You can craft your videos in a way it can go viral than live broadcasts. VOD content is easier to implement if you want to provide the best video quality to your viewers provided that you have a lot of time to create and edit videos.
Ability to leverage editing tools
As on demand videos are pre-made, you can use different editing tools to create and make your videos appealing. You can use creative tools to implement your creative ideas and bring them into life with your videos, which cannot be used in live streaming.
Live Streaming
Live streaming or broadcasting your videos live is a modern streaming technology that lets you create, watch, and share live videos as it is shot. Considering the fact that the live streaming industry is projected to hit $70.05 billion by 2021, live videos are growing popular every year with a huge user base that enjoys and supports live streaming.
Unlike VOD content that is pre-produced and edited, live streaming is live, authentic, and unedited. You just need a smartphone and a stable internet connection, and a live streaming platform or an application to broadcast live from. Let’s explore some of the benefits of live broadcasts.
Simple to produce
When compared with VOD content, live videos are much easier to produce and fits into your budget as well. While you might just need a free social media platform to stream from, you might need a more professional setup including a live streaming software to broadcast your live videos with the best quality.
Takes less time to produce
Considering the time to produce a different type of content like blogs, and VOD content, live videos take quite less time to produce. While the time varies when it comes to traditional video production, it might take a couple of hours to create and edit even the simplest vlog. However, if you create live broadcasts that are 5 minutes long, it just takes 5 minutes.
Real time experience
Online audiences want to become a part of brand stories as they happen. This is why live streaming services for businesses are becoming a sensation today. Nothing is better than seeing your favorite brand showcase something right at the moment. Unlike years before, you can easily become part of your customer’s life instantly with live streaming.
Direct engagement
Live streaming helps to establish a direct and personal connection with brands and the audience. Through live chat and other engagement tools integrated into live streaming platforms, there is a huge possibility of direct engagement with customers is much more direct and personal than VOD.
It’s cheap
If you think about the cost of creating live videos, it is incredibly cheap. In fact, if you are planning to do on a small scale using free social media platforms it’s completely free. Even if you want to do it in a sophisticated professional setup, the cost is quite low making it an affordable option.
When to use video on demand and live streaming
Now that you know about live streaming and streaming video on demand, it’s time to find which is the best option that will help you take your business online to grow your business and generate revenue. VOD makes an effective online asset for your business to deliver more value to your audience for a longer time frame than a live streaming. Whereas, live streaming is an easy way to reach and connect with your audience due to its raw and instantly engaging nature.
Let’s find out when is the best time to use VOD and when you must use live streaming and the advantages of using it together.
When to use VOD
Launching a VOD service works great when you want to provide your target viewers with the convenience of choosing when to watch your content. People use VOD services pretty much every day for various purposes. One of the biggest advantages of streaming video on demand content is that you can produce videos in large batches and create a video library with the content your audience would love. If you want to use VOD to power your marketing activities, you can consider creating VOD service in any niche of your choice.
Corporate training is a good example of when VOD might be a better choice to adopt. You can also use VOD when you are running a business like an online fitness class, or running an online teaching business, or looking for streaming church services, or simply you want your audience to access your pre-made videos.
For example, Fiit is a fitness VOD platform which brings you high quality fitness experiences, regardless of where you are.
With easy integration and security, you can create a video on demand platform that offers the best quality video streams for all types of enterprise solutions.
When to use live streaming
Now that you know the difference between VOD streaming and live streaming and when to use VOD, let’s see when you must use live streaming for your business advantage. Live streaming suits scenarios when you have to establish a personal and authentic connection with your viewers in real-time. Before the COVID-19 pandemic, people would rarely watch a live video again as the second time is not as exciting as the first time. However, the Coronavirus pandemic has changed how people consume live streams.
Online viewers enjoy watching live streams live and again to kill time. Moreover, as most businesses have shut down their services, most of them are shifting their business operations and activities online. As the setup is easy and cheap, more businesses are adapting live broadcasting.
Live streaming or VOD: Deciding factors
Video on demand services set the basics for video streaming for any business, whereas live streaming solutions help to enhance the viewing experience and engagement considerably. Most successful streaming businesses leverage both live streaming and VOD to power their business operations. Use both to create extra layers of value for your business.
An ideal online video streaming business makes use of both types of content. This is how you can utilize both live streaming and video on demand.
- Use live streaming to create a premium viewing experience.
- Build a foundation of the video library with VOD content.
When your live broadcast ends, you can save the content to repurpose it later and use it for on demand streaming. However, make sure you choose the right type of live streams that have long-term value like interviews with important personalities, Q&A videos, product information, etc. that can be repurposed for future viewing.
Using a combination of both will help you to create a reliable core offering to grow your business, and emotionally connect with your customers for better customer experience and engagement.
Conclusion
Live streaming is the best way to take your business online and reach out to a global target audience for better connectivity and engagement. Whereas, streaming video on demand holds equal significance if you want to ensure better performance of your marketing efforts and build a long term asset which you can count on.
While both live streaming and VOD comes with its own advantages, the best option is to use a combination of both live and on demand streaming for your streaming business that excites your customers, generates more money, and will help you grow your business through the challenges that come on your way. Both live streaming and VOD can be great ways to support your video streaming strategy, it just depends on who your audience is and what you are using your videos for. Regardless of the type of streaming type you choose, the content you create must always be exciting and niche relevant.
Deciding between VOD vs live streaming requires a detailed analytics of your businesses and its unique requirements. Get in touch with us to know what suits your business the best and how to proceed with business idea execution. We have the expertise of helping businesses to realize their requirements and offering the right video streaming solution that suits them the best.