First things first, setting up a video on demand platform isn’t a tremendous feat reserved for the high and mighty. It’s a real possibility for anyone intending to pursue an audience in the online video space. The best part? Thanks to turnkey frameworks, your tools are already ready for you. The internet is brimming with ideas and innovations and the e-marketplace is an abundant store for turnkey technologies. One that stands out is StreamView, a bellwether framework that can have you set up your on-demand video platform within days. The advantage with picking a turnkey video on demand platform is that your user interface, customisation features and experience building tools are yours to the tailor. And you get to pick and choose content that goes into each template.
There are several things to consider on the road up to launching a video on demand business model. Start by addressing a few questions:
- Is your content repository adequate to sustain a video on demand service?
- Does your content belong exclusively to you?
- Have you established notable partnerships for new and cutting-edge content?
Once you have taken stock of your content repertoire, it’s time to piece together a platform for your users. At this stage, it’s important to note that purchasing a turnkey technology could prove wiser in the long run. The advantage? Well, the turnkey framework is products of years and years of development, design, and refinement. They work on a license model, meaning that you acquire a copy of the framework that is free to be customised on your terms. A turnkey framework is a more economical, aesthetic and functional option than a self-crafted technology.
Here are some steps to build a successful video on demand platform:
Step 1. Pick a Good VOD Platform
Your video on demand platform provider will supply the wings for your business and so, it is crucial that you pick a service that supports you around the clock. An effective way to sift through options is to keep customer service as a primary criterion. Certain video on demand platforms offers superlative customer service controls when compared to others. StreamView, for instance, ensures 24×7 technology support, seamless feedback handling, and professional troubleshooting services. Make a list of criteria that are important to you and draw up a checklist against each of your shortlisted videos on demand platform providers.
Step 2. Explore Potential for Diversification
With the internet burgeoning with communication tools, it is a good idea to set out a future path for your business with respect to the communication. Think of adding communication tools like live streaming and video sharing to your roster. The beauty of turkey technologies is that they are mostly compatible with associated frameworks. If we go back to the example of StreamView, you’ll see that the framework is one of a trifecta of technologies. Of the other two, one is for live streaming and the other, for video sharing. This means, that if you ever plan to introduce one of these forms of video to your platform, all you have to do is slide in an additional technology layer and you’re good to go!
Step 3. Set Up a Monetization Model
Once you’ve woven your content strategy together, the next step would be to set up a quantifiable marketing model. There are several tools that you could include; the key is to assign metrics for every idea that you want to push. This is the best way to measure the success of any campaign.
Tool 1. Advertising
Advertising is the most preferred monetization tool employed by companies that ride exclusively on content. And for good reason. Advertising can garner significant revenue for a content-based business as long as its audience is sizeable. A point to consider here is that ad-based revenue can be sustained only by volumes because a single advertisement contributes very little revenue. A video is an expensive form of content and you may spend exorbitant amounts of money sourcing, creating and producing content for your video on demand platform. Determine how many users you’ll need to reach in order to break even for each piece of content. If your number is far higher than your current user penetration, consider an alternate means of monetization until your user base reaches the required threshold. If you’re not sure where to start, a good yardstick would be one million page views per month.
Tool 2. Cross-Platform Production
The power of video has caught on for not just those attuned to online video, but even stakeholders of alternate content platforms. More and more content entrepreneurs and marketers are beginning to add video to their existing content mix. Many of them, however, don’t have the expertise to create quality videos. That’s where you come in. By catering to corporate clients seeking video content, you could cross-promote your brand while also charging at a per-video rate.
Tool 3. Subscription Model
Coveted content can sell well on a subscription model. However, introspect to gauge whether your content really warrants a subscription. Would people fork out money for your service? There are plenty of video on demand services in the market. What value can you add? To establish a sustainable subscription model, you must introduce novel content, seek exclusive rights for premium content and create in-house shows. Anything that you can offer that your neighbor can’t is a good differentiator.
Tool 4. Pay Per View
If you’d rather sell your content on a piecemeal basis, pay per view is your answer. This is the format you’d find on iTunes, where every item is priced individually. If you haven’t got a vast archive of content, this is a good model to adopt, because you can still engage with users without going all the way.
When it comes to picking the technology backbone for your video on demand platform, you should make several considerations. For starters, find out whether your shortlisted VOD platforms come with inbuilt content delivery networks. A content delivery network is a web of global servers that can deliver your feeds seamlessly to various corners of the globe. So, if you’ve got a considerable international audience, this is a worthwhile point to note. Some technologies also come with a slew of superior support features like intelligence and analytics tools that could come in awfully handy.
When you are on the path to starting a video on demand service, there are a variety of factors to consider: conventional marketing, technology, influencer-led promotions, referral programmes. The list is endless, really. By picking a specialized prebuilt technology like StreamView, you can channel your energy into building the foundation for your video on demand platform. It’s remarkable how quickly and easily you can breathe life into your brand. All you need is an idea.