You may have heard of the term “VOD streaming” before. To say that video on demand (VOD) streaming is popular in today’s world is, in fact, an understatement. In 2021, the global VOD market hit a whopping $69.55 billion. And it’s expected to grow at a CAGR of 17.6% between 2022 and 2029.
So, if you’re considering learning a bit more about VOD, you’ve come to the right blog post. The thing is that most people don’t see VOD streaming as an element that is meant for small businesses. In fact, most people think video on demand is only for streaming giants like Netflix, YouTube, and Hulu.
But this isn’t true. Small businesses have started using VOD to help sell their content. This content can be anything from selling online courses to selling fully-fledged learning programs or tutorials. The best part is that anyone can do it. Launching your own VOD platform can really provide an opportunity for you to make money by selling your passion. It’s an excellent concept!
But before you start looking at video on demand for business – let’s take a quick look at the basics.
What is Video on Demand?
Video on demand, or VOD, is a streaming service that allows users to upload, organize, and store video content on a platform that allows you to distribute this content to viewers using an online video library. Once viewers pay a fee, they gain access to this video library which can be played at any time.
The most commonly known example of VOD streaming is for entertainment via Netflix or Disney+. But businesses use video on demand for training, events, and marketing.
We will get into how to create a VOD website a bit later in this post.
The Video on Demand Industry Today – How Does it Look?
According to Statista, the video on demand segment’s revenue is expected to reach $111.30 billion this year. As you can see by the graph below, video on demand has soared when compared to pay-per-view and video downloads.
Source: Statista
This is because people choose VOD streaming as an alternative to traditional television today. In fact, most people don’t have cable TV in their homes. Instead, they invest in monthly subscriptions to entertainment and learning VOD platforms.
Why? One word – flexibility.
The VOD model allows viewers to watch content on their own time, according to their schedule. It also offers a more excellent streaming experience than live streaming because the video quality is higher, as broadcasters can optimize video content before publication, thereby improving the viewers’ overall experience. In certain circumstances, viewers also have access to a variety of tiered subscription plans, so they can choose one to suit their needs and wants.
This desire for such a high level of flexibility has finally been fulfilled in the entertainment world. But today, VOD platforms (also known as OTT platforms) allow people to create even more video on demand content – for learning and development.
Today, you can sign up for a subscription to access a daily or weekly online yoga class. You can do the same for gardening, music, floral arranging, photography, etc. This helps consumers access the content they want via modernized content delivery methods. More importantly, these content delivery methods are now affordable, adaptable, and attainable. All you need is an internet connection and a mobile, tablet, or desktop device – and you’re good to go.
What People Want from Video on Demand Today
Before entering the video on demand market, it’s imperative to understand exactly what consumers want from each VOD platform and experience. Consumer demand for video on demand content increased in the recent COVID-19 pandemic (according to a study by PWC). More than two-thirds, or 68% of U.S. households, kept their cable TV subscriptions but also spent time streaming video on demand content.
Since then, consumers have become comfortable with paying for multiple subscriptions per month to stream content. Below is a graph showing which factors attract consumers to VOD streaming services:
Source: PWC
As you can see, most people love the ease of use as well as the assurance that they’ll be able to find something to watch rather easily. But there is also something for VOD streamers to be aware of; people sometimes find the array of choices overwhelming. So, if you are considering going into the VOD streaming business, you should consider establishing your content niche and sticking to it. This offers people a tailored solution with minimal effort. But we’ll get to that a bit later.
The Use of VOD Streaming in Business in 2023
Since the recent pandemic, everyone has had to learn how to communicate, engage, and learn virtually. This was when video on demand became valuable. Today, businesses and their employees have become so accustomed to using VOD that it makes sense for these organizations to continue using them for several purposes.
So, how can businesses use VOD streaming and make money from it in 2023? Well, the answer is simple: A company can choose a topic and start teaching or selling content related to that topic in the form of video on demand.
Here are a few examples:
- Using video on demand to onboard new employees.
- Using VOD platforms to upskill and reskill employees.
- Using video on demand to showcase the use of a new software or process within the business.
- Using VOD streaming to help showcase products or services to potential clients.
The greatest advantage to using video on demand in business is that VOD streaming has no limits; anyone from anywhere in the world can stream this content at any time of the day. This is why VOD has become such a powerful tool for organizations.
How to Create and Market a VOD Streaming Website in 8 Steps
Now that you know exactly what video on demand is and why businesses use it today, let’s analyze how best to create your own video on demand website using a best-in-class VOD platform for support.
Step 1: Find Your Niche
The first step you want to take is to find your content niche. We spoke a bit about this when establishing what people actually want from their VOD streaming service providers. But let’s dig a little deeper into this.
As a business, you want to be able to appeal to a certain audience via the creation and distribution of specific content. This content should be a topic you’re familiar with but, most importantly, passionate about. For example, if you have always loved yoga and practiced yoga daily, you may want to consider creating video content of yoga lessons and selling that. But if you choose a topic like yoga, specialize in a yoga niche and stick with it. This way, you will find more relevant and excited clients online looking to be taught within that niche.
Step 2: Pinpoint Your Audience
The next step is to select your niche and match a target audience. You can start creating content only once step one and two are done in this guide. Why? Because your audience and your content need to be in tune with each other before you can say you have a solid video on demand website to sell.
You can start identifying your audience by taking the time to profile your ideal client. This is also known as persona identification. Your persona should be a target audience profile that would typically come onto your VOD website and feel like they can relate to your content and be excited by it. Excited enough to invest in paying for your videos.
As time goes by, it’s a good idea to continue profiling your audience so that your content and target market are always closely related to one another.
Step 3: Strategize Before Production
Once you have your niche and target audience defined, you may think you can start producing content. And, technically, you can. But the best practice would be formulating a strategy before content production.
A business and content strategy will help you define your goals upfront and help you make strategic decisions every step of the way (with those goals in mind). All you have to do is take some time to plan your overall content map, along with video topics, outlines, and scripts.
Once you have this content map, you can easily use it as a guideline for the next phase: the production phase.
Step 4: Create Your VOD Content
Now that you have the plan to use as your guideline, it’s time to start producing your VOD content. You can do this using a DSLR camera or your smartphone. No matter what equipment you choose, be sure to test the quality before recording a series of videos. You want your videos to be high-quality, with good natural lighting and premium sound.
It’s a good idea to record a few videos at a time using a phased approach. You can do this by scripting many videos, recording them, and editing them. This allows your videos to be created in more of a mass production method, helping you manage your time and effort better.
It’s also important to note that each of these videos must be optimized for video on demand – quite different from a live stream. Your VOD platform can help you play back the video in great quality, but when recording, you should always keep video quality in mind.
Step 5: Build Your Video on Demand Website
The next step is logging into your VOD platform and creating your own video on demand website. This website will help you sell your videos to clients for a once-off or recurring fee (depending on which video monetization model you plan on using).
Your VOD streaming platform should help you to upload, manage, organize, and distribute your on demand videos to members. You should always be able to log in from any device and manage on demand videos with ease. VOD platforms also help you manage members and revenue models all in one space.
But to create your VOD website, the quickest and easiest way is to use an existing template from your VOD platform provider. You can customize your website template by adding your logo, changing the color scheme to match your branding, and adding your own text, images, and videos.
Once you have your website outline done, it’s time to move on to uploading your content.
Step 6: Upload Your VOD Content
Time to upload your video on demand content. You will want to bulk upload some videos and upload others individually. Your VOD streaming platform should cater to both. Most VOD platforms also allow you to drag and drop files directly into the platform. You can also choose to upload files from folders.
Once your videos are uploaded, the next step is to categorize and order them. VOD platforms also help you set each video to public or private. You can also make certain videos available to only clients on a specific subscription plan with you. This makes content management simple from your end.
Once your videos are uploaded with the correct permissions, you can rely on your VOD platform to embed a video player on your website and playback the videos in high resolution.
Step 7: Execute Your Video Monetization Strategy
When your videos are uploaded and ready to go, it’s time to choose a video monetization model for each video or video series. Most creators enjoy the SVOD (subscription-based video on demand) model because it allows you to gain recurring revenue from members. This is similar to Netflix and the like, where a customer pays you a monthly fee to access your video library at any time.
Each video can be set with a video monetization model in mind, and your VOD platform can manage plans and payments for you. It’s also handy to visit the reporting section on your dashboard to view your plan and content performance.
Step 8: Go to Market
The last step is to take your VOD website to market! You can easily do this by sharing it with friends and family over email and social media. Another key element of VOD platforms is that they help you market your business to people using email and text marketing.
Once you have a list of opted-in prospective customers, you can use email marketing templates to send to your database as you see fit. It’s a great way of managing all your clients, content, and marketing efforts in one spot.
Mastera – A Premium VOD Platform for VOD Content Creators
When it comes to getting into the video on demand business space, there is no easier way than with a leading VOD platform. These platforms are designed to help streamline your entire business processes and operations – so that you can focus on doing what you love.
Free VOD streaming platforms aren’t always the best choice here – you want a VOD platform that will allow you to brand your video on demand website according to your colors. You also want software that can be accessed anywhere at any time. Moreover, your platform should manage all your mundane tasks for you – why manually do things when they can be automatically done for you? Saves you time, effort, and money in the long run!
If you’re interested in learning more about how to build your very own VOD website, chat with our team at Mastera. We can help you get your VOD business off the ground with the right foot forward. Schedule a demo with us for more information!
Video on Demand FAQs
1. Is my video on demand channel secured?
Yes! Your privacy and confidentiality are crucial. Most premium VOD platforms can secure videos using state-of-the-art video encryption. No one outside your VOD platform can access your files or information.
2. What is subscription video on demand?
SVOD is a video monetization method that gives viewers access to a video library for a monthly or annual fee. Examples include Netflix and Disney+.
Co-Founder, Gleantap & Mastera