The urge for opting the highest customer engagement is the reason why online video streaming platforms are in constant competition with each other. To balance the streaming demand and supply, global VOD platforms are elevating their video library with different genres, recommendation systems, playlists, live streaming services, etc.
If you are into the VOD business and are looking for the formula to multi-grow your business, you have come to the right place. This blog will give you detailed information about what factors can propel your business growth.
According to Statista, the average revenue per user in the VOD market is expected to reach around US$50.79 in 2022. The Video on Demand streaming services have shown a sharp hike during the pandemic era. The wide variety of video content, accessibility, and cost-friendly nature of on-demand content has made it netizens’ go-to resources for entertainment.
The demand, popularity, and revenue generated from the VOD market have been attracting a large business base to start their VOD services and build brand credibility. To help businesses understand how to trigger VOD business growth, below are 5 factors that can propel VOD platform growth-
1. Personalized UI –
If on-demand content is the driving force behind your business, UX gives the support for it. User interface is the first thing a user comes in contact with on your streaming platform. If your UI is personalized towards smooth navigation, users’ watching habits, and geo-locations, the chances of gaining user engagement doubles.
In the reverse case, if your UI is hard to navigate, it results in high bounce rates.
2. Multi-DRM support –
With the growth of online streaming services, there has been a significant spike in streaming piracy. Stealing user rights and illegally distributing the content over various platforms has become a common thing for pirators.
To prevent your content from being pirated, the best security feature, which has been implemented by most of the streaming platforms of 2022, is Multi-DRM.
The digital rights management feature uses different advanced technologies to block unauthorized access to streaming content. It supports encryption processes, access control, etc to provide end-to-end streaming security.
3. Right monetization plan –
The most important thing for streaming content providers is to generate revenue from their services. With the right monetization model, businesses can generate a steady income flow.
There are several monetization models used by VOD platforms-
1- AVOD-(Advertising-based Video on Demand)
By using AVOD, businesses can add ads to their videos and generate revenue.
2- SVOD-(Subscription-based Video on Demand)
The subscription model helps businesses sell their streaming services through various subscription plans.
3- TVOD- (Transactional-based Video on Demand)
The TVOD monetization model allows VOD businesses to impose a price per transaction. The most common type of TVOD used by businesses is PPV. By using the PPV model, VOD businesses charge a certain amount of money for each view of the streaming content.
4. Video hosting platform –
Why do VOD platforms need video hosting platforms?
Professional video hosting platforms make it easier for VOD businesses to upload, manage and distribute their multimedia content over the internet through a single CMS.
To help propel VOD platform growth, video hosting platforms like Muvi Flex offer a wide range of multimedia content management features which include-
1- Integration with the existing CMS-
Allowing the VOD businesses to integrate their existing CMS with their platform. It saves migration time and effort.
2- End-to-end video security-
From preventing unauthorized access through encryption to block editing, and modification of content with watermarking, video hosting platforms assist VOD businesses in boosting the overall growth of their streaming business.
With hosting platforms, businesses also get real-time analytics with which it becomes possible to track the performance of the videos in real-time. By analyzing the reports, businesses can easily evaluate website traffic source, devices used, watch duration, rewatch time, etc.
5. Video quality –
- Be it online gaming, video streaming, or live streaming, buffering can disrupt the user experience.
- Low latency video streaming, helps VOD businesses to deliver lag-free high-quality video streaming. It improves the customer experience and boosts video views.
- Several factors can cause low latency streaming like video play buffer, CDN, encoding and packaging, etc.
VOD platforms are continuing to be the audiences’ favorite spots for entertainment. Be it movie streaming, music streaming, news updates, or live streaming, audiences are finding VOD platforms easy to operate and simple to go through.
To enrich VOD platforms with the best-enterprise grade streaming solutions, VOD platform service providers like Muvi One is offering the best in industry customized streaming services and 24*7 global customer support.
From providing cloud migration services to going live with the VOD platform, Muvi One is the go-to platform for all VOD businesses.
To know more about Muvi One’s service offerings, we request you to take a 14-day free trial of Muvi One CMS and get an in-hand experience of how it works.