At the start of 2021, video subscription streaming will turn out to be a $5 billion industry. As TV viewers do away with cable, a lot of businesses are favoring Subscription Video on Demand SVOD to generate revenue. So how do you define SVOD? SVOD is Subscription Video-on-demand or video streaming service that consumers or viewers subscribe to get access to. For example, Netflix users have to pay a monthly subscription fee to view their content as it is SVOD. Know more about SVOD meaning. It is not the same as AVOD which creates revenue from various ads, and TVOD services which produce revenue from pay-per-view or solo transactions. Now you know about the SVOD definition. A few services such as Hulu make use of a hybrid model which incorporates different kinds of revenue models. Know about the best SVOD platforms online too. SVOD subscription service is used by millions today. VOD and SVOD are used by millions of subscribers today.
Information on the worldwide subscription of SVOD or video on demand proved that the revenue increased three times between the years 2016 and 2020, expanding from $17 billion to $67 billion. Future growth is expected to accelerate and by the year 2026 revenue generated on this platform is expected to go beyond $126 billion. In 2022, revenue in the SVOD sector is expected to touch the US $82.43 billion. By 2026, the number of users in the SVOD revenue model sector is expected to grow to 1486.8 m users. Consumer penetration will touch 15.6% in 2022 and is anticipated to touch 18.9% by the year 2026.
How Do You Start an SVOD Model Platform?
Create a Customized Platform – Your virtual SVOD monetization model platform requires user profiles, simple sign-up and login abilities, paywalls, and a thorough experience that substantiates the price. A lot of basic TV channel creators and app builders will not offer you suitable tools to generate revenue from subscribers.
Ascertain a Niche and Brand-Building – SVOD channels and video subscription service platforms style=”font-weight: 400;”> do not require a large audience like ad-based channels, you will still have to create revenue more than the platform cost and overall content maintenance. Building your brand and viewership may not be so easy, but should be all about picking a core followers group that you can serve better than an already existing OTT platform and the best revenue model.
Marketing – You should promote your OTT SVOD platform and content subscription service well. Get in touch with an expert marketing team that will help your flourishing business to grow. The right kind of marketing will definitely get the viewership sector you want.
Create a Monetization Model – You should think of your online SVOD business as a dual-sided marketplace, with content as the main product and the viewers or subscribers as your clients. Releasing more content will definitely get you more subscribers but will be more expensive. If prices are raised revenue will increase directly and subscribers can leave the subscription platform as well. You should create an online monetization model which works for you. Video streaming subscriptions are very popular today. Are you thinking of how to sell subscription services online? Know about selling a subscription service today.
Content Categories Which Work Well with SVOD
As you may have noticed, businesses have a lot of ways to generate revenue owing to growth in technology. The SVOD model has revolutionized the way content is seen and consumed. You now no longer have to wait for weeks and months to view the next episode of your best TV show. You also do not have to wait for reruns of sports events. In the present day, you can find internet clips as soon as the content is accessed. If you have high-quality content that the users will find relevant and valuable, you Can make use of the SVOD model to promote it to the world. This will arrange an extra revenue stream for your online business. Video subscription services are high in demand today.
Filmmakers – Movies and TV shows are very popular on SVOD platforms. As people are more connected to their devices, SVOD streaming entertainment videos has become popular these days. People want to view different kinds of live entertainment. Filmmakers can take advantage of this to generate high revenue.
Education – A lot of educational shows, readings, and learning programs can be streamed on this platform. As viewers are stuck to the screens, more educational shows and content can be shown, recorded, and offered to the viewers with SVOD.
Fitness – A lot of streaming service users are now working out in the comfort of their homes than going to a gym or fitness studio. Easy accessibility, convenience, and flexibility are the major reasons more users are subscribing to online fitness streaming solutions.
Sports – Sporting events that are live are another method to get people’s attention. Everybody favors the high excitement these events receive. Making use of SVOD is beneficial when you manage a small team that does not get exposure on ESPN or other leading sports TV networks.
Religion – Religious shows and live seminars are also streamed on the SVOD platform. You don’t have to go out on a tour to get your audience’s attention anymore. Set up your show easily, record it, and present it to your viewers with SVOD.
Corporate – A lot of live business seminars, meetings, and presentations are streamed on the SVOD platform. This is beneficial for business owners, speakers, students, etc.
7 Strategies to Launch Your Subscription Video Platform to Increase Revenue
- Create Special Customized Plans
You can now create customized subscription plans and versatile packages for the streaming platform. As per the business model you can offer monthly, yearly or quarterly plans to viewers. Under subscriptions, you can offer the whole video and audio library or a section of it.
- Automated Payments which are Recurring
On SVOD, you can now automatically renew your subscription when the cycle ends. If the subscriber’s card is blocked or has crossed the limit on the renewal date, the platform charges the card in a timeframe of one week.
- Multi-Payment and Multi-Currency Gateway Support
This online platform supports multi-currency and joins with multiple payment gateways giving the subscribers an opportunity to pay in local currency. An international platform is what you will have when the visitor is charged based on their location in USD or Euro with different pricing for each currency.
- No Revenue Sharing
You can get everything on this versatile platform which is also an audio/video streaming platform with zero revenue sharing or without sharing revenue. Your subscription on-demand revenue is directly connected to your bank account and the platform does not interfere with it at all.
- Promote Subscription Bundles
With the SVOD platform, you can make and sell video subscriptions on-demand bundles. If you have a category of content and would like to present it under subscriptions in place of a whole library, you can make subscription bundles and sell them easily.
- Reminders in Auto-Payment Mode
Making the payment procedure faultless, SVOD supports automatic payment reminders to viewers/subscribers. For the user accounts, you can arrange a reminder time frame and the video subscription platform will automatically release the reminder when the setup conditions are fulfilled.
- Private Subscription Plans
Besides your routine subscription plans, you can now create privatized plans with variable pricing. Now follow the same process of making a subscription plan and set the visibility to private mode. The viewer will be charged recurrently on the basis of pricing until they opt for cancellation.
If your business is linked to education, sports, fitness, or entertainment, SVOD is what you should definitely take into consideration. It will assist you with monetizing your online content, expanding the follower base and having a consistent revenue stream. But if subscription video on demand is unsuitable for the business, you need not worry! There is TVOD and AVOD which you can access as well. VOD and SVOD are ruling the streaming industry today.