According to streaming industry experts, OTT’s enormous VoD collection is one of the main reasons for its popularity. On-demand videos’ fascinating content and easy accessibility have made the VoD business all-time popular among the OTT global user base.
- What is the necessity of a VoD platform for OTT business?
- 5 key features to look for in a VoD business platform
What exactly is VOD?
- Video on demand (VoD) streaming allows viewers to play any pre-recorded video file on their internet-enabled device. Users can simply play the video by clicking on the play/CTA button.
- OTT video-on-demand business has out-casted the drawbacks of traditional television VoD systems by allowing users to download the OTT app on their smart devices and start watching their favorite shows, movies, and series without any third-party application installation. Users can also use the download and watch later services, which allow them to watch VoD content without an internet connection.
Some of the buzzworthy OTT platforms leading the OTT market in 2022 are:
- Netflix-Runs on Subscription Video on Demand (SVOD) model
- Disney+-Operates on freemium VoD business model
- HBO Max-Generate revenue through SVOD and content licensing
- Hulu- Combines Advertising-based Video on Demand (AVOD) and SVOD monetization model.
What is the necessity of a VOD platform for an OTT business?
The global Video on Demand business is anticipated to grow by $127 billion between the years 2021 and 2025, representing a 15% annual growth rate. Broadcasters are already monetizing their VoD content to receive the benefits of OTT’s worldwide fan base. The best thing is that you do not have to be a part of a specific niche to launch your video-on-demand service. On-demand video streaming is accessible to everyone, whether a fitness trainer, an online educator, a make-up artist, or a SaaS company.
In the enterprise setting, online video services are used for performing operations like-
2-Webinars, conferences, and promotional events
3-Marketing and sales
While aiming towards achieving targeted clients, monetizing projects, and sharing product information, VoD is used in several aspects.
If you are operating an OTT business or planning to start one soon, it is essential to understand the potential of video streaming and utilize it to drive business revenue in the year 2022.
There are numerous VoD platforms available for OTT businesses, each with a different set of features-
Five key features to look for in a VOD business platform-
1- Open to Customization and Personalization-
It allows businesses to customize their brand logo, which is used in the OTT videos. The pro-customization video player is one of the most in-demand features of video players. It gives a professional impression compared with consumer-grade video hosting that supports ad-based marketing and branding with their business logo.
2- Video Transcoding-
OTT videos are watched on different devices with different screen resolutions and internet speeds. Hence, it has become crucial to standardize video formats. Cloud video transcoding helps broadcasters to create multiple renditions, which, when combined with an adaptive video player, results in an adaptive bitrate. Different bitrates are supported for different internet speeds, which offers a smooth viewing experience.
3- Centralized CMS-
A centralized video content management system helps OTT businesses effortlessly host and manage OTT video, audio, and live streaming content. All video content is categorized and kept in different folders, which makes them easy to search and retrieve when bulk user requests are made for multiple video streams. Video CMS works best when multiple users handle different tasks, such as managing, uploading, and streaming video content for your OTT platform.
4-API & SDK-
The Video API (application programming interface) enables OTT broadcasters to customize their video player and content streaming. The SDK (Software Development Kit) simplifies mobile application development for OTT platforms. Hence, it is best to have both the API and SDK for your OTT custom development.
5- Upgraded video security-
Video security plays a prime role in OTT-business performance. The Hypertext Transfer Protocol helps online platforms keep up with safe content uploading and delivery. It protects the video content from the time it is uploaded to the server to the time it is delivered to the user’s device. By providing unbreachable video security, you are giving your viewers exclusive and safe access to OTT content that they are paying for.
Aside from that, it assists broadcasters in maintaining a professional brand image among their audience base, which can be the driving force behind your OTT success.
- Choosing a VoD business platform that suits your business model and can support you in achieving your target revenue goals plays a vital role in OTT success. I’m sure by now you’ve figured out what features to look for in a VoD platform by now, so the next step is to select the right one.
- To learn more about Muvi’s offerings for VoD platform development, we urge you to take a 14-day free trial of Muvi and then decide your next action. Start your free trial now!