SVOD: Everything to Know About Subscription Video On Demand
You can sell mini-films, tutorials, lessons, webinars, and other videos for on-demand consumption. There are a few ways to monetize video-on-demand services, and SVOD is among the most popular monetized video streaming service models. SVOD platforms use subscription fee-based pricing models to monetize video content.
Today, we will talk about SVOD, the best SVOD models, and other popular monetization strategies that can help you generate a new revenue stream. We’ll also discuss what a subscription service is, who should use it, and how to set up the best SVOD model for your needs.
Video Monetization: The Different Methods
As video streaming becomes increasingly popular, the options for monetizing video content become broader. Many people automatically think about using YouTube and its ad-based VOD structure when they consider monetizing their content, but this is not the only option.
Each video monetization model has its individual purpose. That means they’ll be consumed differently and, in turn, monetized differently. Learning about the different business models available can help you generate more revenue through the right monetization strategy and even design your own hybrid revenue model that best suits your needs.
There are three ways to monetize your video: SVOD, TVOD, and AVOD.
With SVOD, viewers pay for limited or unlimited-time subscription services that typically range from monthly to annually. In return for this fixed subscription fee, SVOD providers give timely access to a set video package.
Subscription video on demand is a type of VOD service. While many online services have a tiered pricing model, The SVOD market has recently increased in popularity. This upsurge is because of the variety of flexible monetization options it provides broadcasters for their video content.
The SVOD business model makes it easier to retain customers by letting them choose the right monetization model. Broadcasters manage hosting costs by granting new users permanent access to their content library for a monthly fee. Take Apple TV and Amazon’s Prime Video, for example; you get unlimited access to their entire catalog, across multiple devices in exchange for a small fee.
Since viewers can cancel anytime, they feel more confident purchasing multiple subscriptions from various SVOD providers. Depending on the amount of content you have to provide, the subscription agreement can be as little as one day or even greater than a year. Many SVOD and VOD services also offer free trials to magnetize new users. Apple TV, Netflix, and Sky Box Office are just a few examples of how successful the SVOD monetization model can be.
Many SVOD models sign a subscription agreement with viewers that lets viewers watch content on multiple devices. That’s how SVOD platforms help broadcasters reach a wider audience while maintaining high video quality and impact.
What is SVOD?
Subscription video on demand (SVOD) is exactly what it sounds like. Viewers pay a subscription fee to access your video content on demand.
More than one in three broadcasters currently use subscription models to monetize their content.
You’re likely familiar with platforms like Netflix, HBO Max, Hulu, and Disney+. You pay a monthly or annual fee and get access to any shows or movies they offer.
SVOD services are quite hot at the moment and are only getting hotter. Business Insider reports that even though many people are already using SVOD services, many are willing to expand their budgets to invest in additional SVOD services.
Using SVOD with an Online Video Platform
SVOD is not a particular software or tool. It is a VOD platform that you create. It is where your subscribers access your content. You use an online video platform—also called a video hosting platform—to set up your SVOD.
When choosing an online video platform, there are two very important things to consider. You want to make sure that your OVP is equipped with proper monetization capabilities and streaming technology.
In order to monetize your VOD with subscriptions, you’ll need secure paywalls. In order to make your videos most easily accessible for your paying customers, you’ll also need a streaming solution that uses OTT technology.
Let’s take a look at how these two things come into play.
OTT Technology for SVOD Streaming
Not all OTT (over-the-top) platforms are created equal. Choose one with SVOD features.
However, over-the-top (OTT) technology made SVOD so popular and easily accessible. OTT allows broadcasters to bypass cable, satellite, and other traditional pay tv packages and streaming methods. It is made possible by the internet.
Online Video Platforms with SVOD Capabilities
There are so many amazing online video platforms (OVPs) on the market, but only a select few have powerful monetization features.
Here’s what we’ve got.
1. IBM Cloud Video
SVOD is the only monetization option available on IBM Cloud Video.
While they lack AVOD and TVOD capabilities, they do have subscriber management tools that come in handy.
One great benefit of Muvi is that it has a built-in loyalty reward system. This gives subscribers the incentive to invite other users to join your platform.
Subscription-based video on demand is a great way to monetize your premium content and grow as a broadcaster and content creator. If your business falls into the independent education, entertainment, sports, or fitness realms, SVOD is an excellent option for monetizing your video content.
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