To say that the video on demand market is booming, at this point, is actually a little bit of an understatement. According to one recent study, the industry has already generated a massive $15.5 billion in revenue in 2018 – a jump of about 15.6%, year-over-year. The total number of users actively engaging with VOD material has also climbed to 173.3 million, an increase of about 11.8%, year-over-year.
But what a lot of people have yet to realize is that VOD is not just for streaming giants like YouTube and Netflix any longer. Businesses in nearly every industry that you can think of are regularly turning to this technology to not only dramatically increase their overall brand reach and awareness, but give a much-needed boost to their sales at the exact same time. Launching a VOD platform of your own is a perfect opportunity to do both of these things, both in terms of your larger marketing strategy and as a secondary marketing stream.
As is true when taking advantage of most new trends, however, this is a process that requires you to keep a few key things in mind.
The Power of OTT: Breaking It Down
No discussion of launching your own VOD platform would be complete without first mentioning OTT, or “over-the-top,” delivery. It’s a term used to describe the delivery of filmed content over the Internet, without requiring people to subscribe to a more traditional cable or even satellite service like those available from Verizon, Comcast and others.
This is the simple concept at the heart of Uscreen and other platforms, which make it possible for anyone – from the smallest businesses to the largest brands and everyone in between – to publish and sell videos online. These types of services not only securely host all the content you create, but they also give you the freedom and flexibility when it comes to distribution that you simply wouldn’t have through other channels.
These types of OTT platforms open up a world of possibilities for your potential marketing efforts, including:
- Creating your own Netflix-style video on demand platform to host any type of content relevant to both your brand and your audience.
- Offering videos (think: instructional videos, classes, etc.) on a subscription basis, as a one-time purchase or even in a rental capacity.
- They also enable the creation and launch of branded, personalized streaming apps for all popular mobile device and TV platforms.
So if you want to create instructional videos teaching your customers how to get the most out of your products, not only can you do so, you can also choose to monetize it in any way that you want – including making it free, if that fits in with your long-term strategy.
Many of these types of services, come with no user limits or tiers of any kind – so you don’t have to worry about fees that steadily increase as your user base continues to grow.
But more than anything, launching your own VOD platform is an opportunity to connect with your existing audience and your potential one in a much more organic, intimate way than ever before. There’s a reason why according to one study, brands tend to see an increase in sales by about 30% when adding OTT apps like these to their existing products and services. Because the apps are available across all platforms at the same time, they’re not only the perfect chance to increase viewer engagement over a “one size fits all” solution like YouTube, but they’re also a way to give your services a much more professional look as well.
OTT Apps can grow your business revenue by 30%
Not only that, but you also have a chance to lock in recurring, predictable revenues from your existing audience members through subscriptions that are compatible with literally any OTT device that is available today. All you have to do is create the content and give people an opportunity to interact with it – if you make it easy enough to do through one of these services, rest assured that they will.
The Future of VOD Is Already Here
According to one recent study, 51% of worldwide marketing professionals already name video as the type of content that yields the best return on investment. Likewise, marketers who rely heavily on video tend to grow their own revenue at a rate of about 49% faster than non-video users.
Creating your own VOD platform isn’t just a way to capitalize on this trend. It’s a chance to truly cut out the middle men, taking complete control over both the creation and the distribution of your content, increasing sales and empowering a bold new secondary marketing stream along the way.
By as soon as next year, 80% of all worldwide consumer Internet traffic will be video based. Creating your own VOD streaming platform today is the best shot you have to make sure you’re prepared tomorrow.