Behind any successful subscription video on demand service stands a well-designed and planned strategy. SVOD Strategy is one of the most vital elements of any SVOD business regardless of niche or sector.
SVOD is one of the three renowned OTT revenue models. The SVOD model allows you to monetize your content by charging a fixed fee monthly or yearly to offer end-users access to your video content. End-users prefer this model because they only need to pay a fixed monthly or yearly fee to offer consumers access to your video content. The SVOD segment is projected to grow $71,237 million this year.
While this monetization strategy helps you bring in new consumers, it may be unfavorable for you because most consumers prefer a monthly fee rather than an annual plan. This signifies they can unsubscribe your services the very next month.
However, there are 4 Ways to grow your SVOD strategy and boost the revenue from SVOD. Let us dig down to know more…
4 Ways to Grow SVOD Strategy
Audience Experience is the prime tactic
Audience experience might denote different meanings to different businesses, but for media businesses it is the lifeblood of their success. Growth in the number of audiences is directly proportional to the growth of the business. Audience experience has several aspects, for some, it is the performance of the player when the viewer clicks the video must immediately load and start. While for others, it is the pristine quality, with the stream adapting automatically to the accessible bandwidth and streaming conditions.
Enhanced audience experience also includes innovations in personalization, AI-driven recommendations, and even ad relevance. Taking care of these factors can help improve your subscriber base and prevent them from canceling the subscription.
Diversifying your revenue streams into a multi-monetization model is an ideal method to make sure you reach all aspects of your audience. Starting from Ad-monetization through the passive experience of FAST, to OTT apps with content generated to your audience’s taste, to transactional offerings and pay-per-view, the way to catch audience and hook them with your brand will help you serve their needs and provide the content they want regardless of how they observe it, and the experience they want when they are consuming the content. Using this strategy can help you grow your SVOD strategy easily.
Media distributors add live streaming to their portfolios to make the burden on technology more complex and less predictable. It is one thing to plan a live event with a static number of pay-per-view viewers; it is fairly another to have a news cycle rocked by an immediately breaking story that complete nations want to hear first. Ensuring scalability – enough to power a 2-million spectator live sporting event – will need more than brute force and faith in technology. And it is important to have a team in place to resolve any critical problems in real-time. With Muvi Live, you can host a live event of any size audience without any hosting or buffering issues.
Include Viral Contents in Libraries
Lastly, it is the content that attracts people to your OTT platform, and to boost your SVOD revenue, you must identify and include the content that has the potential to go viral. Viral content will help you quickly scale up your consumer base as people would subscribe to your OTT platform for that very content.
Make sure that you are delivering a library of appealing content or else it will be hard to acquire many subscribers. Good quality content at the finger tip is what consumers expect from any streaming platform.
With the on-demand space becoming increasingly competitive, your SVOD platform needs to be premium, easy-to-use, have multiple monetization models, provide a good audience experience to gain and retain those all subscribers to make more revenue. The above-mentioned 4 strategies can help you boost your SVOD business strategy and will help you stand out from the rest.
With Muvi One, monetize your audio or else video platform based on SVOD or Subscription-based model and provide flexible plans to your consumers. You can customize and design your own plans, and charge monthly, quarterly, or annually. All plans come default with recurring payments, so you do not need to worry about anything. Take a free trial to know how Muvi can help you diversify your monetization models and increase consumer base.