With the rise in popularity of video content, more creators, brands, and businesses are trying to cut out their own slice of the revenue pie.
(Seriously. Cisco predicts that 82% of all internet traffic in 2022 will be video consumption!)
As streaming services such as Netflix, Hulu, and YouTube have become a free-for-all of on-demand content, it can be hard for some users to break through the noise and be noticed. Even when creators start to build a following online with their videos, they can be inundated with spam comments, hosting fees, and dissatisfaction with the overall presentation of their work.
So, can you really make money with video on demand?
The answer comes down to your strategy. Rather than depend on a series of ad-supported videos, creators have started to use a subscription model with Video On Demand (SVOD) websites.
Read on to learn how you can start generating your own subscription-based revenue with a professional VOD website.
A video on demand website is a specific type of online streaming service that allows users to access its content through one-time purchase or recurring subscription.
You have likely engaged with a VOD website if you've ever watched content that is hosted and streamed directly through a brand or business website. In some cases, VOD streaming is even free for site visitors.
This style is quickly becoming popular, including these types of SVOD sites you’ll find online today:
With a VOD website, creators can build a revenue stream that allows them to focus on creating quality content. Rather than relying on ads to fund their videos, they can offer viewers a subscription service that provides access to special features and exclusive content.
The problem is that many creators believe it's nearly impossible to get started with a successful video on demand service. "No one wants to pay for something they can easily get for free!" - or so they think.
For those who are strategic and bold enough to give VOD a try, there are countless opportunities to be seized. Let's take a look at the different ways you can use video on demand to start making money with your content today.
The video on demand (VOD) business model is an entertainment industry financial model based upon consumer purchases of premium digital products. Such transactions are usually either streamed or downloaded and require active ongoing participation to access the content.
We've already looked at examples of VOD sites. However, there are a few options that creators can choose when building a VOD business model:
While you won’t make any money from a free trial directly, offering trial access to your VOD content is a great way to build interest and gain new paying subscribers. With free trials, users can gain limited-time access to content through a set period - with a clear call to action at the end.
The most common form of VOD, Subscription Video On Demand or SVOD, allows viewers to become members for a monthly fee. With this model, creators are able to focus on creating quality content to entice new subscribers while also offering exclusives that bring them back.
With a rental model, users can pay for limited-time access to content on your VOD site. This is a great option if you offer content that may only be needed for one-off instances, such as conferences, home repair projects, etc. Similar to pay-per-view formats, this style allows creators to monetize individual content effectively.
Bundles allow creators to package content together and charge a one-time fee. Some creators utilize bundling to offer the viewers the content they want at different price points.
With this version of VOD, visitors purchase a lifetime membership for a flat fee. Lifetime memberships offer short-term upside in building revenue upfront, but paying customers will expect bang for their buck - which means more content and increased benefits over time.
Regardless of which model you choose, or even a combination of all of them, it's time to start thinking about how you can generate revenue by using VOD.
VOD websites are built on OTT systems. OTT (over-the-top) is a term used to describe content that is distributed directly to consumers without requiring specific hardware or software, pushing it outside the boundaries of traditional media.
Selling subscriptions to your VOD content isn't the only option at your disposal. There are several other ways you can start generating income with your VOD website:
Depending on your niche or industry, different options may be at your disposal. For example, video game playthroughs might be more likely to bring in revenue through VIP access or exclusive merchandising partnerships.
It is a myth that VOD websites are an overwhelming endeavor. By partnering with a VOD website designer, you can quickly bring the power of Video On Demand to your website and start to generate more income with your content.
Yes! There are more ways than ever before to monetize your digital media product today. The best way to make money is by offering more than one of these products on your VOD site.
Businesses that successfully integrate several revenue streams into their business model will be able to build long-term, sustainable revenue and growth. The first step is to partner with a VOD website designer that understands how to take your content and create a beneficial VOD platform around it.
At Hatchtag, we are an industry-leading creator of VOD websites that help brands extend their reach and enhance their revenue. Our proven process helps you create a high-powered VOD website that enhances your existing business model, boosts your income, and brings you closer to the fans that love what you do.
If you're looking for a way to generate income with a VOD website, contact us today for a video call consultation. We can't wait to show you how you can quickly drive sales with your own video on demand content.