Online sources state, ‘’Online viewership is up by 72% and consumer spending for streaming services is expected to reach nearly $17B in 2020.’’ The rise of video monetization platforms led to multiple video content owners and business owners in the OTT industry to earn big.
Entertainment that was previously only available on a basic TV platform has now been improved for the OTT space.
To increase the recurring income higher, video content owners like you need to choose the right way to monetize videos.Â
A great preference can upscale your current revenue and push you to the top amongst the top high-earning brands across the globe.Â
One of the VPs in the technology field even stated, “As more and more of these services come online, consumer spending continues to grow. Our consumer research at CTA for 2020 is that we’re approaching $17 billion U.S. dollars in consumer spending for streaming services.’’
Let’s understand the impact of video monetization platform with this blog.Â
Meaning of Video Monetization?
Video monetization is the process of generating income via VOD content.Â
The best example to refer to here is Netflix.Â
Netflix generates revenue via subscription-based. Similarly, multiple other OTT platforms have different ways to monetize the videos they exhibit.Â
Today especially with the given pandemic we live in, generating revenue is not easy.
Thus when you have a convenient platform that can help you drive enough revenue, you need to understand how to play it well.Â
There are three ways video monetization platform can work for you:
1. Purchasing content
The first one is where viewers pay to purchase VOD content.
This could be in the form of movies especially.
You can sell exclusive movies or television shows because moviegoers will be compelled to buy them regardless of the price.
2. Placing ads
Earning revenue by advertisements is a common marketing tactic.
However with entertainment finding a better spot among viewers, buying ad spots will increase the revenue numbers.Â
Because the viewership is high, ads have a better chance of being seen and making an impression in multiple minds.
3. Access content library
The content library access comes with a price.
This price can be conducted in multiple forms, with the common one being subscription-based.
Viewers have to pay a small fee or price to access VOD content and in turn, they can rewatch or watch exclusive movies anytime and anywhere.Â
Top 3 Ways to Conduct Online Video Monetization Platform
There are multiple ways to monetize your VOD content.
This is why you need to choose the right one that can help drive revenue for you.
To help you better in this decision, these three tips top the list.
1. Build an online VOD platform
To generate better revenue, create your own VOD platform.Â
This process doesn’t have to be tedious and while you live in 2021, multiple reliable VOD platforms services can help you efficiently build and enhance your VOD platform to drive revenue.Â
2. Choose from multiple OTT monetization options
When it comes to earning revenue from OTT platforms, the revenue models are multiple in number.
From subscription-based to pay-per-view and more, you need to choose which fits your OTT business.
Apart from this focusing on the type of viewers that engage on your platform, choose the right monetization model accordingly.Â
3. Adopt subscription-based revenue model
Subscription-based revenue models have always been popular.
It refers to viewers paying a fee to access your video content library for a set period of time.
You can convert these engagements longer by introducing exclusive content for such viewers.Â
Which Monetization Model Will Work In 2022?
As stated earlier, there are multiple monetization models available for VOD content.
From SVOD, TVOD to AVOD, the list can go on.Â
But understanding that we live in 2021 and with reference to the type of viewers today, these were the top picks when it came to deciding which is the popular revenue model.
1. Subscription-based VOD
Subscription-based models as stated above are where viewers will pay a small fee every month or every week to access the content library.
These revenue models are becoming more popular as they provide more value for the money paid.
Apart from this, it becomes easy for viewers to explore your OTT SVOD platform better and make the decision to subscribe for more days.Â
2. Transactional based VOD
Transactional-based VOD is also called pay-per-view.
In this, viewers can easily access any type of content on a one-time basis. It works in this manner, for instance, say that a viewer wants to access one set of content for the upcoming holiday, they can easily also pay a small fee and do the same.
3. Ad based VOD
Ad-based VOD refers to earning revenue via ads.Â
Ads can also be placed pre-roll, mid-roll, or post-roll in this model.
Ads placed between content have a higher chance of being seen and remembered by viewers.