This digital age has witnessed the emergence of hundreds of thousands of content creators thanks to the power of the internet and the latest streaming technologies. Today, content creation is not just restricted to big production houses but has reached every individual with an idea and a determination to be an online content creator. From fitness videos to gaming reviews, content is being created everywhere and the video monetization potential of the content has also increased tremendously in 2024. As we navigate through 2024, the avenues for video monetization are vast and varied, offering content creators the chance to turn their creativity into a sustainable source of income.
Monetizing your content can start with a basic subscription model and grow as the brand develops. In this blog post, we will discuss the various ways content creators can monetize their videos and maximize their earnings.
Understanding Video Monetization
Video monetization is an important aspect of the video creation journey. Today, the internet offers multiple ways to monetize online content. Starting with creating engaging content for your audiences, defining how your video will generate revenue becomes very crucial especially because there are many ways in which a video can monetize on the internet and you have to select what works best for your videos.
Probably the gateway to the world of video monetization, AVOD, or advertising video-on-demand refers to putting ads on the content before, during, and after the video ends. This can open a vast variety of advertising opportunities to your videos and content creators can get paid based on the ad impressions and conversions.
YouTube is the best example of a platform that has deployed the AVOD model to monetize its video creators. Advertisers pay YouTube to display ads on its platform owing to its immense popularity and viewership and YouTube simply puts them on videos, has algorithms designed to distribute them, and then based on the metrics, pays a part of the revenue generated to the creators.
Generating revenue from Ads can be a great option to begin your streaming journey.
Subscribing to the content of your choice is the next content revolution. Offering a fixed monthly revenue approach from each customer for giving exclusive content access, SVOD, or subscription video on demand fosters a sense of exclusivity among your consumers thus creating a loyal subscriber base. Popular platforms like Netflix offer creators to monetize their content based on SVOD.
The important point to note here is that while AVOD was free to access content for the end user, SVOD asked them to pay a certain monthly subscription to the creator. If you are sure that people are willing to pay for exclusive content, deploy SVOD to your videos. Muvi One can be your partner in creating a seamless SVOD platform. Know how!
TVOD operates on a pay-per-view basis, allowing creators to charge viewers for premium content. This model is ideal for one-time events, special releases, or high-value content. Creators have the flexibility to set prices for specific videos, providing a direct revenue stream for premium content.
If you are a live sports streamer or commentator, TVOD monetization can be the best way to earn from your videos. Muvi Live can help you set up your live streaming platform.
Coupons & Discounts
Effective marketing is the key to selling any product online and this fact remains true even when we are selling videos. Introducing promotional coupons and discounts is a very effective way to engage your audience and drive more purchases on your platform. Generating special discounts to offering limited access coupons to give a glimpse of your content can be a game changer.
Netflix used to do the same. Earlier during the formative days of Netflix, it used to offer the first month free to its subscribers. This enabled people to try the platform just by filling up their credit card details and eventually subscribing when they started to like the content. Keep offering coupons and discounts from time to time to your audience.
Sponsorships & Brand Deals
Earning should not be restricted just to extract revenue from the end user. Often a lot of brands who want to connect with the audience pay a certain fixed amount to feature on the creator’s video (sponsorships) or give a share of sales (affiliate brand deals) thus increasing the revenue opportunities for the video creator and opening newer channels of video monetization.
Food bloggers or tech reviewers often use sponsorships and brand deals to earn additional revenue from their videos.
Crowdfunding & Donations
Platforms like Patreon and Kickstarter have revolutionized the way creators receive financial support directly from their audience. By offering perks, exclusive content, or early access, creators can encourage their viewers to contribute through crowdfunding or one-time donations, creating a sustainable income source.
If you are sure that you have a loyal user base who will be willing to put in money to help you grow, feel free to check these websites out.
Popular online video creators often sell their products online such as t-shirts, mugs, and other branded products related to their content. These sales not only generate revenue but also create a loyal customer base that is willing to pay for products that have your brand name on them.
How to Build A Successful Video Monetization Platform in 2024
So up until now, we read about a few ways an online video can be monetized. There is no single strategy that can fit all as content is different and so is the user base. So how should a beginner start to build a successful video monetization strategy to boast the video platform that they are building? Well, the answer is not that simple. It takes years to build great websites and platforms and based on what people have done in the past, here are 5 important steps that you must keep in mind to create a successful video platform regardless of your content category and audience base.
Right Content Strategy
When we talk about the right content strategy, what we mean is defining a process of your content creation based on audience selection. There is no universal video that will be liked by every person on the planet. Internet is all about choice and video consumption is like eating from a buffet. Every person will like some different dishes. So as a video chef, it’s your job to first define your audience and then create content for them.
So the first step of your content strategy is to define whom you will be catering to. It could be a gaming audience, it could be students trying to solve complex trigonometry problems, or simply people looking for good movie reviews. The categories are unlimited and more often than not, it is good to excel at one particular category before becoming a jack of all trades. Expand but start by selecting the right audience.
Right Platform Selection
There are platforms for free in the market such as YouTube and there are platforms that you can create using platforms such as Muvi One. Whether it is YouTube, Twitch, or a platform created by you, selecting the right one enhances your online visibility and your video monetization potential. Choose your video streaming platform for your videos wisely.
Diversification is the key to stable revenue generation but it should also be based on the audience you are creating for. Implement a combination of various monetization strategies that can complement your content and resonate with your end audience. This also gets back to understanding your audience. So SVOD or AVOD or a combination of the two and many others will depend on how the audience perceives it.
Bonus Tip: A lot of content creators start with AVOD and then after building a loyal audience base shift to SVOD and TVOD.
Data is the key to unlocking your video monetization potential. He who backs his decisions with data is less likely to make strategy mistakes. Based upon the platform that you are using, regularly track viewer data and engagement metrics as defined. Understanding your audience’s behavior, preferences, and demographics allows you to refine your content strategy and optimize your approach for maximum monetization potential.
Affiliate marketing can be a valuable strategy for monetizing an online video platform by providing an additional revenue stream. Here’s how affiliate marketing can help in the context of video monetization. Include affiliate links in the descriptions of your videos. When viewers click on these links and make a purchase, you earn a commission. Seamlessly integrate affiliate products into your video content. This can be done by showcasing the product or service within the video itself.
Great User Experience
A video must be appealing to the eyes and pleasing to the ears. Invest in a good video production setup that must include good microphones, a high-quality camera, lighting, and more. Post that, if you are planning to build your online video platform, make sure that the user experience of the platform both on websites and applications is good so that more and more people join. To sum up, create and deploy your content in a way you would like to see it if you were the end consumer.
Get Muvi One for Enhanced Video Monetization & Maximum Earnings
Planning to expand your video journey to the next level with your own OTT platform? Muvi One stands out as a top-notch OTT platform and software provider, offering a comprehensive range of streaming products to help users establish their own OTT platform akin to Netflix. The platform supports applications across 16+ platforms and features user-friendly pricing.
Its distinctive no-code setup eliminates the need for extensive IT expertise. With Muvi One’s straightforward process, you can build fully functional applications in minutes and share them with your audience.
Whether you’re into eLearning, live streaming, religious broadcasts, sports streaming, or entertainment, Muvi One can be tailored to meet diverse business needs. Pros include a no-code visual designer and CMS for quick website and application creation, full white-labeling to maintain your brand identity without revenue sharing or logos from Muvi, and versatile monetization options like AVOD, SVOD, and TVOD. The HTML5-based player supports 4k streaming and can be seamlessly embedded into any website.
Muvi One also offers 3rd party integration, including Zapier integration for connecting to 2000+ apps and social media integration across platforms. With 24/7 customer support, extensive documentation, and helpful videos, you can navigate Muvi One’s features effortlessly.
Still not sure, get a free 14-day trial today.
There are multiple channels via which you can earn from videos. Read this blog to find out about them in detail.
Yes, you can add a paywall to your content and bring it under TVOD. OTT platform providers like Muvi One help you set up your own TVOD platform including payment gateways.
Yes, Muvi One is a fully no-code platform with a very reasonable price that includes marketing and monetization tools to setup a world-class OTT streaming platform.