VOD refers to Video on Demand, which is a service that provides videos, TV or movies-on-demand. VOD platforms allow viewers to watch anything at any time. Fast-tracked by the pandemic, several reports state that 9 out of 10 people are now already on VOD platforms. Statista predicted there will be 2,218.2m users on VOD platforms by 2025. Another report by HubSpot said there is a 96% increase in online video consumption. Whereas, CISCO claims that by 2022, online videos will make up more than 82% of all consumer internet traffic — 15 times higher than it was in 2017.
But probably you are already well aware of the growth of the VOD sector and thus, willing to launch your very own VOD platform. To help you make this possible through this blog, we are going to talk about 7 simple steps on how to build a VOD platform and provide you with all the guidance you need to grow your VOD business.
How You Can Launch Your VOD Streaming Platform in 7 Simple Steps:
Netflix, Disney+, Hulu are some of the most popular VOD businesses that offer video content for entertainment purposes. There are also many B2B companies in the VOD segment such as Slack, Squarespace, Hootsuite, etc. And educational VOD platforms such as Biju and Skillshare among others. Video on demand businesses primarily focuses on offering content libraries for varied purposes such as entertainment, training, demos, lectures, remote learning and so much more.
You may have finalized on what to showcase on your very own VOD platform, but are not sure where to begin from or how to launch the VOD platform? How to start a VOD business? And what are the steps to create a VOD platform? Worry not! Simply follow the below steps.
Step 1: Opt VOD platform provider
Opt for a provider who offers a white label VOD platform. This will help you create a VOD platform with your own branding and look distinguished as well as professional. Choosing the best video on demand platforms provider will ultimately make it easy for you to promote your brand name, market and monetize the content available.
Step 2: Add & Adapt Unique Features
Adding unique features on your VOD platform will not just enable you to stand out, but also create preference among the audience. However, before launching your own VOD platform make sure that you also have signed up for features such as white label, adaptive bitrate, bulk upload, cloud transcoding, DRM, etc to make it easy to host and monetize content.
Step 3: Showcase Apt Content
Depending on your genre, showcase exclusive and original content. Showcasing the right and reserved content will help grow your VOD business and build credibility. Also, exclusivity will boost the platform and bring in new users as well as keep your old viewers engaged.
Step 4: Use Video CMS
A video CMS (content management system) is a software that allows users to easily upload, organize, schedule and distribute video content. Using video CMS is one of the best investments when you are launching your VOD platform. CMS reduces technical work and allows you to concentrate on improving and upgrading your VOD business model.
Step 5: Embed Your Video Player
Video embedding is the process of adding a live stream or a video player to the Video On Demand platform. Embedding the video will ensure more traffic and increase the popularity of the video-on-demand platform. This is important as uploading videos on a web server can make the videos lag or buffer.
Step 6: Follow Clear Monetization Model
This is yet another crucial step in monetizing the VOD platform. There are three ways in which VOD platforms can be monetized – those are 1. Subscription Video on Demand (SVOD), 2. Transactional Video on Demand (TVOD), and 3. Ad-supported Video on Demand (AVOD). It is always best to follow a clear, concise, and defined monetization model that eventually helps the VOD business grow.
Step 7: Get Going!
Lastly, to get going all you need to do is bring the above-mentioned points into action. Remember that launching a video on demand business requires you to create a well-articulated VOD platform business plan with an exceptional value proposition for the content. Also, ensure you rightly target the audience and offer flexible payment options for subscribers/viewers.
Still not sure how to start a video on demand business? Need a guide to build a VOD platform without any technical knowledge? Or are you searching for a white label VOD platform to customize it yourself? Speak to an expert from CONTUS VPlayed now! We offer you the best video on demand platform with over 150+ streaming features and more than 6 ways to monetize the VOD business. To offer truly immersive video experiences across any device to your viewers, request a demo today!