How Video-on-Demand Platforms Help Your Business and How to Create One
Video-on-demand is the new Cable TV – but better. Many businesses are monetizing their libraries of on-demand video content, from educational courses to fitness training videos and internal resources for new employees.
As a whole, the video-on-demand market is blooming. In 2022, the market is expected to bring nearly $95 billion worldwide. And the space will only continue to grow in the following years. If it continues to grow at the same pace, the market will be worth around $158 billion in 5 years.
If you’re thinking about entering this space, then now is the time. But admittedly, video-on-demand platforms can be complicated.
So we’re here to simplify it for you and give you a comprehensive guide to show you how to do it right.
Pull up a Google Doc and be prepared to take note because we’ll show you the entire step-by-step process of building a video-on-demand platform of your in this article.
Ready? Let’s get started.
What is a Video on Demand?
Before choosing a platform, ensure it offers the key features you need to a creating a successful organizational VOD solution.
Video-on-demand is a streaming service where you can organize and store your video content and send viewers to access this video library whenever they want. You can use it to share information, attract new clients, and monetize creative projects.
If you want to create a video-on-demand website, you’ll need unique tools and features that you can find in professional online video platforms (OVP).
Of course, these needs ultimately depend on your video website goals and usage.
For businesses, the most common uses of online video are:
- Internal updates or announcements
- Training
- Conferences and events
- Marketing and sales
- Entertainment (like Hulu or Netflix)
Video-on-demand, or VOD for short, is a valuable media distribution method for businesses and other professional organizations.
The State of the Video-on-Demand Industry
Much has been written about the effects of video-on-demand in the entertainment industry. According to Conviva’s State of Streaming Report, in the first quarter of 2022, people’s usage of streaming services like Netflix, Hulu, and Disney+ increased by 10% compared to the previous year.
Streaming is officially starting to surpass television in popularity as Nielsen research shows, in 2022, watching video streaming accounted for one-third of all TV time.
And just like TV, streaming isn’t just limited to entertainment. Education, fitness, and how-to content are all popular genres people are willing to spend money on. These niche markets are worth hundreds of millions and growing yearly.
The report explains that viewers are now watching more hours of content per day than they did a year ago, with live and on-demand content both increasing.
That means that the video-on-demand industry is growing, and people are increasingly interested in watching videos on their time. They’re willing to pay for this privilege, too.
What Users Want from Video-on-Demand
With the increased demand for video streaming services, it’s important to understand what users look for when using video-on-demand platforms. User demand for on-demand video content is continuously growing as users want more personalization, accessibility, and portability in the content they consume.
Unsurprisingly, the price plays a major role when you select a video-on-demand streaming service. According to a 2022 Nielsen report, nearly 85% of all users rank cost as “extremely” or “very important” when picking a streaming service.
As the report details, other important factors include:
- 81% ease of use – how quickly can I find and watch the content I want?
- 79% content variety – does the service have a wide range of content I’m interested in?
- 77% streaming quality – is the video free of buffering or other technical issues?
- 74% menu selection – is the interface easy to navigate and understand?
As you can see, while the price is important, there are other things users want. To create a successful video-on-demand platform, you’ll need to focus on offering a great user experience.
That means having a platform with an intuitive interface, high-quality video-on-demand streaming, and a wide range of content is critical to success. So whether you’re a part of the entertainment industry or own a business and want to create an internal video-on-demand website, it’s important to understand what users are looking for.
Use of VOD on Business in 2022
Entertainment companies aren’t the only ones involved in the video-on-demand industry. Video is becoming an important tool for corporate teams as well.
When virtual solutions became critical for so many people in 2020, companies were forced to consider new ways to use VOD to become more efficient. These might have represented temporary solutions once upon a time, but the world has adapted in the last few years. As a result, many companies find that some virtual solutions work better.
Let’s take a business conference for example.
Sure, there are tons of reasons that a virtual business conference will always have a different impact than people meeting in the same room to exchange ideas. But live streaming the conference or building a video-on-demand website opens up the possibility for a limitless number of attendees worldwide.
Suddenly, an exponentially greater number of people have the resources and physical ability to attend business conferences. That means even more ideas being exchanged, more networking opportunities, and more money for event organizers.
But it’s not just business conferences that will be affected by the rise of VOD. Efficient CEOs will be looking for ways to use VOD to help disseminate information throughout the workforce, which could replace training sessions, internal communications, and more.
Benefits of Video-on-Demand for Your Business
Investing money in a new project is always risky. You already know many businesses go down because of money mismanagement and overspending. So, why would you want to put your money into something as unproven as a video-on-demand website?
Businesses can get quite a few benefits from having their own video-on-demand platform. Here are a few of the most important ones.
1. Building Trust and Credibility
You want to come off as an authority and thought leader in your industry, right? Well, a VOD platform can help you do just that. Give you credibility, help you establish authority, and build trust with potential and current customers.
Think about it, if you’re selling a product or service, you want people to believe that you’re an expert in your field. And what better way to do that than having high-quality video content on your site? Videos allow you to show your knowledge and build trust with potential customers.
Of course, you can expand beyond just product videos. Video-on-demand platforms also allow you to host webinars, create how-to videos, or even share your company’s story.
2. Informing and Educating Your Target Audience
The demand for informative and educational content has been growing for some time now. According to Think With Google, roughly 6 out of 10 consumers now use digital video to acquire new skills and knowledge.
So, suppose you have a business that sells products or services requiring some explanation or education. In that case, you need to use video to inform and educate your target audience. That is where a VOD platform comes in handy.
Sure, you could host your videos on YouTube or another video-sharing site. But, by having your videos on your platform, you can keep viewers on your site longer and increase their chances of taking action (such as buying a product).
3. Showing Off Your Personality
Creating a VOD platform is also great for showing your company’s personality. After all, a company’s story is one of the most powerful marketing tools available. Moreover, in the 2020s, consumers don’t want to do business with faceless corporations.
Instead, they want to connect with real people.
Brand trust is the most important factor in purchasing decisions for 33% of consumers, according to a 2019 Global Consumer Insights Survey conducted by PwC. A VOD platform allows you to show your company’s personality and build trust with potential customers.
For instance, suppose you run a small business that makes handmade jewelry. In that case, you could use your video-on-demand solution to show customers the care and attention to detail that goes into each piece of jewelry.
4. Exploring New Revenue Streams
Video-on-demand platforms can help businesses explore new revenue streams. For instance, if you have a brick-and-mortar business, you can use your platform to sell products or services online.
The best VOD platforms will allow you to create and sell courses or other educational content. If you have expertise in a particular area, you can share your knowledge with the world and get paid for it.
A video-on-demand platform can help you generate leads for your business. Use the platform to capture contact information from viewers who are interested in what you have to offer.
Conclusion
Video streaming is a powerful tool for modern businesses. But, at the same time, knowing how and where to start can be intimidating. After all, video-on-demand platforms aren’t easy to operate without experience.
That’s why we’ve covered all the details that you should know about selecting a video-on-demand platform and building a VOD website for your business.
Mslive has been named the best SMB video platform for two years running. In addition to the features discussed in this article, Mslive includes various powerful tools for monetization, analytics, and more.
We also offer professional services to help you get your business VOD platform up and running. In addition, you can check out our live streaming pricing plans to learn more.
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