VOD platforms are the present and future of video content. If you want to build a business around video content, video-on-demand platforms are your best bet. However, selecting the best OTT business model alone does not guarantee success. Designing your business with the best strategies is also equally important.
In this blog, we will discuss VOD’s revenue-generating strategies in detail, which will help you build a trustworthy relationship with your customers.
Before we get into the specifics, let’s see the VOD stats here:
- By 2027, the live streaming industry will be worth 184.27 billion USD. (Tech Jury)
- Almost 80% of marketing experts believe that Video Content is becoming more popular in the business world. (4CInsights)
- Currently, 86% of businesses use video for marketing purposes.
- The global video-on-demand (VOD) service market will be worth US$183.93 billion by 2031.
With this, let’s move on to learn the effective strategies for improving the OTT Streaming Platform
Top Revenue-Increasing Strategies for VOD Businesses
Here are some tried-and-tested marketing strategies to boost your revenue!
Without further ado, let’s get started!
# Know Your Target Audience
Before you start a VOD business, you should thoroughly research your target audience. It’s always a good idea to figure out who will be using your app and what kind of content they’ll be interested in before designing an app that caters to their needs and preferences. Building a perfect app with a VOD solution that does not cater to the needs of your target market will not help you meet your viewership goals. Thorough market research is therefore required to increase app downloads and app retention.
# Encourage New Users to Sign Up for Push Notifications
Did you know that on an average, 71% of Android and iOS users opt-in to receive push notifications? It provides a fantastic opportunity to engage and communicate with your users without being intrusive. However, by prompting first-time users to enable push notifications, you can run targeted, contextual, and personalized campaigns that highlight relevant video content, movies, and shows of interest, while encouraging subscription purchases and social sharing.
# Provide New Users with an Easy Onboarding Experience
With more time spent at home, media streaming businesses are seeing increased traffic and a surge in new memberships. While your existing users already know how to search for videos to watch, you must engage and guide your new users through the onboarding process. You can, however, create an onboarding journey for your new users that encourages them to watch their first video through multiple digital touchpoints.
# Use Push Notifications to Bring Back App Users
Push notifications are a vital part of any user engagement strategy and can boost engagement rates by more than 80%. Engaging as many customers and getting them to return to your website or app should be your primary goal as marketing for media streaming services. Provide a smooth user experience by personalizing and contextualizing your push notifications to make the biggest effect. Depending on how the user behaves in the app, customized push notifications may get scheduled or triggered campaigns.
# Custom Banners to Promote New and Featured Content
Your website’s banner is critical to your company’s success. When deciding between services, a user’s primary differentiator is exclusive and unique content. Obtaining the rights to stream protected content may be difficult, but announcing its availability is also something to consider strategically. Use slider banners to highlight your premium, featured, and highly engaging video content, so your users don’t have to waste time deciding what to watch.
# Use the Power of Stories to Speed up Content Discovery
Did you know that eight out of every ten new videos that are added go unnoticed? The VOD Business Model’s access to hundreds of movies and shows can make decision-making difficult. The average adult spends 7.4 minutes choosing a streaming service. When it comes to users over the age of 50, the game changes. They frequently abandon discovery after about 5 minutes and dive into something coincidental. With this feature, you can promote new and upcoming movies while helping your users make an informed decision. You can also group media genres together to help users find the right content for their mood.
# Increase Viewership Time with In-App Messaging Campaign
Increasing viewership time is a persistent challenge for streaming marketers like you. You can encourage users to spend more time in the app by recommending new video content that matches their viewing history. These related content messages pique my interest. Consider this a novel form of media content cross-selling. Using in-app messages also encourages users to interact with new content while not interfering with the user experience.
# Social Outreach
Social media can help you promote your VOD revenue model. Social media platforms such as Instagram, Facebook, and Twitter enable you to engage with your users directly and expand the reach of your brand. Because it allows for direct engagement with your target audience, it is an excellent tool for brand outreach. It’s a great way to keep your audience informed about new product launches, events, and so on. You can also find influencers who are willing to review your app. You must first develop your content strategy to stay ahead in the video-on-demand (VOD) industry. Your content strategy will have a large impact on your Video On Demand Revenue Model, which is how your company will make money.
The Bottom Line
Once you start a VOD platform/create a VOD platform, choosing the best VOD Revenue Model for your VOD business can be challenging. However, you can consult with a readily available panel of professionals about your specific business requirements, no matter how diverse they may be. They can help you determine which VOD revenue model is best for your company.
Blogger and OTT Expert & interested in digging deep into OTT streaming media business tools and Love to discuss and share views on the latest technologies tips, and tricks.
