82% of adults in the United States believe that Video on Demand (VOD) content is more entertaining than cable television. With feather-like flexibility and a wide array of content, this doesn’t come as a surprise.
Video On Demand (VOD) platform is an internet-enabled multimedia distribution system that allows users to view content without the constraint of having a traditional cable subscription. Unlike cable television where content is delivered through a static medium and programs are aired at fixed intervals, VOD offers users the option of viewing content, literally ‘on demand.’
This differentiated offering has resulted in a stagnation of cable television, propelling the popularity of VOD platforms. Even entrepreneurs have realized this emerging trend and are working their ways to develop a VOD platform for their businesses.
Why You Should Develop a VOD Platform?
Video on Demand services like YouTube, Vimeo, as well as Netflix, Amazon Prime, Hotstar, and Hulu have transformed how users consume multimedia content. Earlier they had to wait hours and days for their favorite shows to be aired on TV channels. Thanks to VOD services, they can now play it at their own convenience.
This customer-centric feature has resulted in the rapid expansion of the VOD industry. In the coming years, the global VOD service market is expected to reach $87.1 billion from $38.9 billion in 2024. Within 5 years the market will more than double. Given the huge size of the industry, there is no reason why you should not aim for developing a VOD platform.
What are the important features that a VOD platform must have?
Your platform should have the functionality to update the GUI to incorporate innovative trends. One of the reasons why cable television has been dwindling is that it seriously lags in innovation. VOD as a SaaS offering ensures the centrally hosted software can be updated to incorporate newer features. New solutions can be developed and dispersed to users just by releasing an update.
2) Enhanced Content Discovery Feature
To keep customers hooked to your VOD service you must create an engaging content discovery feature. It will help customers to navigate through tons of content. For example, offering the functionality to filter content by region, language and genre can expedite the process of finding relatable content. It will eventually result in longer watch hours. Adding a voice discovery feature has also become important because it makes the process of performing content search more convenient.
3) Established Revenue Generating Models
Your platform must have a well-planned revenue model that offers the flexibility to generate cash inflow from multiple channels. VOD services ideally generate revenue from subscription, transactional, and advertisement-based models. Having one or a combination of all these integrated into your platform will make sure you can generate high ROI on investments.
4) High-Quality Video Streaming
Your VOD platform must have the capability to stream content in high quality. With the flexibility of running VOD platforms on widescreen projectors and display panels, customers want to view the content in 4K quality. It will help to get an immersive and theatre-like experience, right at their home. To ensure this you must have high-capacity Content Distribution Networks (CDNs) in place.
5) Uninterrupted Streaming Services
The capacity of your Content Distribution Network should be large enough to meet the demands of the growing customer base. Any interruption in services can result in downtime which can impact your brand. Consistently evaluating server performance and making necessary upgradations will make sure customers get an uninterrupted viewing experience.
6) Venture into Newer Regions
The advantage of internet-based streaming is that you can push your VOD services to a global audience. For this, it is important to bring content on your platform in regional languages. Do not shy away from even tapping into households that have access to low-bandwidth. Tweak your regional CDNs to make your service available to them. They could generate demand for regional ad-based revenue.
7) Create Exclusive Content
Encourage content creators to create exclusive content for your platform. All leading VOD platforms like Amazon Prime, Apple TV, and Hotstar are doing this to make their platforms popular. You can work on different models to encourage content creators to stream their works on your platform. The exclusive content can help to increase your transactional and subscription revenue.
Building a VOD platform can take a lot of effort and investments. The focal point should be to integrate technology and offer improved customer usability. Though this might seem difficult, hiring the services of an experienced software development company can help you to achieve that. Monitoring viewership trends and expanding content offerings can help to make your investment a success.
Liza Bradbery is an experienced writer who has handled a variety of topics, including tech and business articles for a software development company Oxagile.
She has vast knowledge on most aspects related to businesses considering her 10+ years in article writing.