The Internet has become a part of life for 4.66 billion people across the globe. Communication, professional work, entertainment, and education are among the most common uses of the Internet. Globally, people have turned to subscription video on demand (SVOD) as their main source of entertainment post-Covid-19 pandemic outbreak. There were 97.6 million SVOD users in 2017, 170.1 million in 2019, and the numbers increased to 217.6 million in 2020. If you want to create and launch your SVOD platform, or, grow your existing SVOD platform, you can implement the strategies discussed in this article to increase your revenue.
Sectors that can benefit from SVOD Platform
SVOD generated a revenue of $17.22 billion globally in 2016 and jumped to $67 billion in 2020. It is projected to reach $36,517 million in 2022. Here are the sectors that can benefit the most through SVOD.
Due to the Covid-19 pandemic closing cinemas in 2019, producers moved to OTT channels like Netflix and Amazon Prime to release their films and television series. Though restrictions on physical gatherings have eased in several locations across the globe, filmmakers continue to launch their work on the also OTT platform to cater to the audience and this trend does not seem to die. Globally, there were 2,549.1 million OTT users in 2019, 3,082.8 million in 2021 and it is projected to touch 3,930.3 million in 2026.
When lockdowns were declared because to the Covid-19 outbreak, schools and universities switched to online lessons and exams. Tutors, independent instructors, and trainers turned to virtual training mode on the SVOD platform. If you are wondering what is SVOD platform, here’s the answer – SVOD platform is similar to having a website on the internet, the difference being, this is to host video content alone. Live and pre-recorded videos can be hosted on the platform. One can purchase an SVOD platform from an also SVOD platform provider and customize it to align with their business goals and brand. Users can subscribe to watch the videos on an SVOD platform by paying a flat fee. It could be a monthly, quarterly, or annual fee as offered by the SVOD platform.
Health and fitness have been on top of people’s priority list for quite a few years now. Since the boom of the internet, fitness trainers have begun their studios online to cater to students across the globe. Trainers can train any number of students they want without the restriction of physical space and gain increased profits for their services without having to invest in infrastructure or incur traveling expenses. Students can also access the best trainers from any part of the world virtually and attain their fitness goals. The virtual fitness market is projected to generate a revenue of $59.23 billion by 2027.
The SVOD business model can also be used to broadcast live sports matches to audiences all over the world. The SVOD platform may offer live and pre-recorded panel discussions and gatherings.
Prayer gatherings, preaching, singing, and other types of devotional involvement can all be done live on the VOD platform, or recorded footage can be uploaded.
Using the SVOD paradigm, employees and professionals can be instructed by industry experts from all over the world.
Strategies to increase revenue on the SVOD platform
Regardless of the sector, a business is in, one can implement the strategies discussed below to also increase revenue from their SVOD platform.
- Offer customized plans
A one-size-fits-all approach is long gone. Any business that still sticks to it faces a downfall. Apart from the standard monthly, quarterly, and annual plan, you can offer also different plans also based on your product/service, audience, content, and business goals that are in alignment with your audience.
- Free trial
Users can choose any from the plethora of options available in the market. Users prefer to try a VOD platform to see the kind of content available and how it aligns with their goals. Offering a free trial also is the best way to lure in new customers and gain their confidence.
- In-app purchase
Offering products and services relevant to your actual product/service is one of the income streams of any business online. When you direct your users to an external source for the purchase, it raises eyebrows considering the trust factor online. In addition, the user may be influenced and switch to a competitor’s marketplace. The right way to handle this is by providing in-app purchases also so the customers do not have to leave your platform.
- Promotions and coupon codes
New sign-up, first-time user, festive offer, and periodic promotions to waive off subscription fee remains the most effective way to get more subscribers. Market your promotional offers across your marketing channels also to get the audience to use them.
Automated payment system
Save the effort of your users by providing an automated payment system. With this, your subscriber can save their payment details on your highly secure VOD platform. Once they also choose the option of recurring payments also during their payment cycle, you can auto-debit their payment method in intervals also depending upon the SVOD plan they chose & learn what is SVOD.
- Auto upgrade/auto downgrade plans
Give your users the option of auto-upgrade plans by creating step plans. A step plan is one in which the user also selects the first plan and is then automatically upgraded to the also next plan in the step plan after a certain amount of time has passed. Similarly, individuals who want to save money on their bills can set up automated downgrade plans.
- Payment failure notification
It is important to communicate payment failure notice to your users. Communicate it to their also registered e-mail address, mobile number, and app notification. This applies to automated/recurring payments and manual payments.
Thousands of experts are also launching their SVOD platforms every day. To stand out from the crowd it is not only important to offer high-quality content but also to cater to the requirements of their user process. Incorporate these seven strategies and see your subscription video streaming platform soaring to great heights.