Video making has grown so popular nowadays that if you choose to become a content creator tomorrow, the world wouldn’t give you a side smirk and say “Yeah, right.”
This speaks for something simple yet sensibly deep about the effect of video-streaming culture on us.
Likewise its technological end of business stands as a prospective one well in this day. Since technology has risen to the occasion of a critical necessity for video streaming platforms especially.
The platform is also expected to be equipped with tools for either automatising or digitalizing all the basic functionalities of running its business. To note a few, marketing, security, librarization and monetization.
Furthermore, monetization cannot be unidirectional when it comes to such a creative and subjective industry. Therefore choices to choose multiple forms of monetization must be presented to the stakeholders.
This article will take you in and out of “one” of the most common ways leading to monetization in video platforms. Subscription Video-On-Demand stylized as SVOD is the most sought after model for essentially selling videos.
What Is SVOD?
A simplistic transaction between a platform and the subscriber wherein a periodical sum is made to the platform in exchange for perusing the entire collection of video contents available on the platform can be summarized as the monetization strategy of the SVOD model.
Perhaps, it is by the virtue of this model’s simplicity, it exemplifies as a highly picked-up model in the perspective of broadcasters and other dealers of content. There is a substantial set of benefits to SVOD monetization on comparison with the alternate models of.
While the other models in competition with SVOD have their own merits and prove really effective in certain cases of application, this particular discussion pertains to citing the importance of an SVOD model of revenue only. This way we can see in detail what all it has to offer under its type of services.
A Quick Differentiation Of SVOD Against Other Models
|AVOD (Advertising-Based Video-On-Demand)||TVOD (Transactional Video-On-Demand)||PVOD (Premium Video-On-Demand)|
|AVOD is the type of media service where users are expected to watch skippable or unskippable ads before viewing the main content.|
“The second-most chosen model”
|TVOD allows users to buy any particular piece of content exclusively on a pay-per-view basis. Users can buy videos on rental basis or with life-time access.|
“A last-case pick for audience”
|Premium video on demand is OTT distribution model where subscribers pay a fee to view high-budget content with early access.|
“Relatively an infrequent option”
But if you are asking the reason for emphasis on SVOD then,
|The SVOD ( Subscription-Based Video-On-Demand|
|SVOD is a popular monetization model in online video streaming where users are granted access to library on a monthly, or yearly basis|
“The most sought model in general”
Projections for Different Monetization Trends
The above heatmap from statista, projects about SVOD revenue which is anticipated to have annual growth rate of CAGR 11.48% reaching $139.20 Billion by 2027. Besides that, the revenue in the pay-per-view or TVOD segment is expected to showcase growth rate annually of 7.72% thus reaching $12.89 Billion in the same year. Moreover, while considering AVOD it is set to upsurge in the next few years and skyrocket by 31 Billion US dollars by 2027.
As you can see, it is where the mass is. Now coming onto SVOD in detail.
Implementing A Successful SVOD Strategy
It is essential to implement an SVOD strategy to get the best out of your subscription-based monetization. Having a strategy provides you with a roadmap to success so that you can make the most out of your effort.
Let’s get to know the essentials of SVOD strategy-
1. Define Your Target Audience
Start with having an idea about your target audience. Know the demographics of the people for whom you will create the content. Figure out their geographical location, age group, interest, profession, economic status, and other information you need to create the content type and tone.
2. Develop Compelling And Engaging Content
Once you know your potential viewers, it’s time to focus on creating content. For any creator to attract an audience, it should always be about quality content rather than quantity.
You need to keep your content unique from other providers while keeping it high-quality and easily understandable. To keep your audience engaged, you can also upload behind-the-scenes sometimes. Keep it interesting by providing bonus content, early access, etc.
3. Optimize Video Titles And Descriptions
The next thing is to make your videos discoverable by people online. This happens when you properly optimize your titles and videos by giving a clear title and using essential keywords.
You might need to use tools like Google Keyword Planner to find the ranking keywords. Use these keywords in your titles and video descriptions to inform Google about your online presence.
4. Enhance User Experience With Intuitive Interface
Another way to keep your audience interested in your content and channel is to opt for a platform with an attractive user interface. Other than providing content and keeping everything perfect from your end, the look and feel of the platform also influences the engagement of your viewers.
Invest in a platform that provides a clean interface, proper categories to store content, and personalized experience.
5. Leverage Social Media And Influencer Marketing
To ensure the maximum earnings from your SVOD monetization model, you need to utilize the power of social media and influencer marketing. Build an online presence on major social media channels, build a community, and make regular updates. Creators can also contact influencers in the same niche and let them promote the channel.
6. Continuously Monitor And Optimize
The last step should be to analyze your progress and alter the strategy accordingly. Many streaming platforms provide analytics to display the performance of your channel. You can also use tools like Google Analytics to uncover your effort’s results. Regular monitoring gives you an idea of what works best for you and what does not.
When Shall We Go For SVOD?
Now it is also important to note all areas of possibilities for application of this model. However, they are not fixated and are only meant as the best possible guidance. That is why it is best to either run a solid analysis on the type of your video business or give all the models a trial until you find “the one.”
But on the off chance, your business makes a match with most or all of the specifications below then your business might be one of SVOD services,
- If you have amassed quite a substantial collection of content.
- If your business focuses on any particular niche.
- If you have a willingness to acquire authentic pieces of content regularly.
- If it is your intention to retain your audience whilst working towards attracting new ones.
- If you can throw in a free trial in trying to convert prospects.
- If you are open and flexible in your way of business.
Checking off the above criteria could put you on track with SVOD streaming services.
Let’s get to know the different types of content for which you can utilize the SVOD revenue model.
1. Live Entertainment
Creators who can provide Live Streaming Events, such as for concerts, stand-up mic, poetry evenings, and music festivals, can opt for the SVOD revenue method.
2. Exercise And Wellness
Another powerful content that can increase your earnings is related to health and wellness. Since most people have tight schedules, they don’t really find time to go to a physical gym.
Such people opt for online streaming platforms and stream their fitness sessions. So if you are a personal trainer or have your own gym, you can start online sessions and monetize them with SVOD.
3. Sports Sessions
Sports is one of the content types people go crazy for, and the same can be monetized using SVOD. If you can avail of sports match sessions for different sports, you can add great value to your overall channel’s potential.
4. Online Education And E-Learning
E-learning is now more popular than ever; surely, we have recovered from the pandemic. However, people consider online learning more than attending physical classes.
So if you are a tutor who wants to educate people and earn money from your creations, you can use the SVOD revenue method and earn from your content.
The Advantageous Look at SVOD
Since we have had many things to look at on “the model of discussion” such as the play out of its business, in general, or select criteria associated only with an SVOD platform, it is time to go through the actual merits, benefits or advantages if you will of sticking with this model,
- It poses as a reliable source of revenue since it will cyclically fetch you a monthly or periodical fee from the subscribers on the platform.
- It is also the model to build a loyal subscriber base with. Imagine what other way shall work for keeping your audience base than where you are in a contractual agreement for a period that extends beyond the singular visits of contents.
- It gives you pricing freedom, ever heard? Players of SVOD market make their own rules when it comes to putting a price to their services since they are known to invest much in acquisition of original and niche content to respect the interests of their platform’s population.
- It is also, believe it, “the people’s model”. Apparently, people take to this model more since it allows them access to more and better contents than the others would. So bank on that if you want to hook in a big crowd to your platform.
3 Effective Strategies To Grow Your Business
After all that we have had to cover on a subscription-based, it is apt to now touch upon the best approaches in growing up an SVOD channel,
1. Offer Annual Plans:
since your business identifies with a strong base of audience and a relatively long period of contact with your customers, making best efforts in the direction of annual plans shall incentive your subscribers to upgrade their status with your platform as well as give a welcome invite to prospects based on the favorability of your loyal subscriber base.
2. Acquire Viral Content:
This will not just help towards attracting new subscribers whilst cutting down the churn rate. It does also add value to the overall outlook of your platform. Then on, your services will be one of those demarcated by the composition of good stuff for its audience.
3. Provide Variations on Subscription Packages:
So because you charge your customers to a wholesome fee for getting access to your contents, you are pushed to elevate pricing plans via offering variations on the subscription packages. Give a tasteful twist to these packages, and you might just attract what you need.
Earn 5X More Revenue With Your Own SVOD Platform!
If you are wondering whether all the hype is worth it. It is indeed. You need to take a step in this direction based on what went down before and also in consideration of the huge revenue potential enabled by Subscription Video-on-Demand platforms.
Yes they are set up for such capabilities if they are entirely in your ownership without the hindrance of regulatory interventions as on platforms like YouTube wherein you could also find less favorable monetization conditions like that of revenue-sharing policies.
So make the leap and go for your own SVOD streaming channel under a provider as GUDSHO where you will find the whole freedom to video streaming channel exclusive to your brand that will also let you set the pricing standards for your business.
There are no middleman costs incurred herein and no need to break the income with the platform provider. This way you will be saving all these costs that you would otherwise expend as on other platforms. The monetary pathway from the channel-holder to the point of monetization is that of a linear one.
We had a thorough discussion on the advantageous positioning of the SVOD model to reap you more revenue than you might imagine. For which you will have to first be in possession of a substantial collection of contents that are original as well. You should also be tied to a populous base of subscribers to keep it going.
In the event that you find yourself to have checked off these prerequisites for setting up a monetarily successful video business, you must yet figure for yourself if SVOD would still make the right sense for your venture (an important note). Since all of the above information are in general recognition of the merits of SVOD without personalizing any particular entity.