Between the forecast period of 2016 to 2018, the worth of the SVOD (Subscription Video on Demand) market worldwide doubled. The global revenue of the
Between the forecast period of 2016 to 2018, the worth of the SVOD (Subscription Video on Demand) market worldwide doubled. The global revenue of the SVOD market will be more than USD 85 billion by the end of 2024. The recent COVID pandemic has also increased the demand for SVOD platforms. Traditional movie services like theatres were not operational during the COVID pandemic, the popularity of video subscription platforms has increased.
For business owners, it is easier to sell video subscriptions as compared to other revenue models. Do you know how to sell subscription services online and generate revenue? Also, read on to know the ways to increase revenue via SVOD services.
What Is SVOD (Subscription-based) Platform?
An SVOD platform drives the revenue from subscriptions and not from advertisements. VOD advertising can also be done via SVOD but it will not disturb the streaming experience of the user. When a user opts for a video subscription, they get monthly, quarterly, or yearly access to the content.
An SVOD model will help you in collecting revenue directly from the advertisers and users. It also maximizes the revenue generation capability of the on-demand platform to the fullest. The benefits of SVOD platforms are as follows:
- Provides multiple subscription plans
- Helps in generating revenue consistently
- Retains customers with engaging subscription-based content.
- Enables publishers to launch first-run content.
Content Niches That Work Well with the SVOD Monetization Model
The types of content that fit perfectly with the SVOD revenue model are as follows:
TV shows and movies are the most popular VOD content on the globe. Viewers want to have multiple options while streaming on-demand movies and tv shows. SVOD is the best revenue model if you are to also publish first-run or original movies or tv shows.
Students are preferring on-demand educational platforms that allow them to backtrack their classes. Educational institutions were closed recently due to the global pandemic and eLearning platforms were the only ones for rescue.
- Fitness & Wellness
The recent COVID pandemic also disrupted the physical fitness centers. A video subscription service platform can help you in streaming online fitness classes without the need for physical infrastructure.
Live sports matches can attract many viewers to a video on demand platform. You can also promise live matches to your viewers and collect subscriptions.
People prefer to watch spiritual content that is related to their religion. You can live-stream prayers or spiritual programs to attract on-demand viewers.
- Business & Corporate
You can launch a subscription selling platform that shows business news and corporate events. Various corporate product launches gather many views on social media platforms. You can attract those viewers by providing them with on-demand corporate videos.
A Seven-step Plan to Launch Your Subscription Content Platform and Generate 5x Revenue
Applying the right business strategies can help you generate huge revenue from your SVOD platform. The seven steps for launching your SVOD platform and generating revenue are as follows:
- Create Subscription Plans
You have to create flexible subscription plans that can attract viewers. You can offer video streaming subscriptions for various periods like monthly, yearly, and quarterly. Make sure that you offer affordable subscription plans that do not drive the customer away.
- Offer Free Trials
Offering free trials for your audio/video streaming platform will attract more viewers. It will also build trust between you and the customers as you are giving them a glimpse of your services for free.
- In-app Purchasing
People should be able to make in-app payments for the content subscription service. It will also give viewers access to the free plan before making payments. Via in-app purchasing, Viewers don’t have to navigate to a third-party payment gateway.
- Promotional Offers
Promotional offers and discounts are important for selling a subscription service. You can also run loyalty programs to retain the existing subscribers. Festive offers or early bird discounts can also be offered to attract new customers.
You can allow recurring payments to users for the video subscription services. Via recurring payments, the subscription amount after each period will be automatically deducted from the source.
- Automated Plan Upgrade/Downgrade
You can allow users to choose for upgrading/downgrading the subscription plan according to their usage. Automated plan upgrade/downgrade for subscription-based service models will not require manual intervention.
- Manage Failed Payments
If a user’s payment source does not have the required amount. Then you can send a notification to the user to know about it. You can manage streaming subscriptions and can also charge automatically when the amount is available in the payment source. Automated payments will provide a seamless streaming experience to the viewer.
The Basics for Starting an SVOD Platform
The things you need to do for launching your SVOD business model are as follows:
- Choose a Niche & Build Brand Reputation
What type of content will you provide through your SVOD streaming platform? There are various types of content like fitness, songs, entertainment, education, and others. Choose a suitable niche and build your brand reputation by providing engaging content.
- Develop a Customized Website
You can provide a streaming video subscription service via native applications. However, you should also invest in launching a customized web-based platform for your viewers.
- Form Marketing Strategies
You will have to identify the target audience and shape your marketing strategies according to their preferences. Marketing campaigns will retain existing users and will also enhance brand popularity. You will have to market the USP (Unique Selling Point) of your subscription video streaming service to gain more customers.
- Choose a Preferred Revenue Model
Choose a platform provider that offers diverse monetization models like TVOD, SVOD, and AVOD. SVOD is a suitable revenue model for maximizing your ROI (Return on Investment).
Are you searching the internet for ‘what is SVOD platform development price’? It is better to contact a white-label SVOD platform provider and also launch a customized streaming platform. Launch your SVOD platform now!