In this fast-paced digital era, where entertainment knows no bounds, on-demand video platforms have become a beacon of joy, serving up an amazing array of content right at our fingertips. Whether it’s diving into the latest blockbuster, exploring educational documentaries, or indulging in heartwarming series marathons, these platforms have revolutionized the way we consume media. The hype is only starting to grow even further with so many new names entering the market.
In this article, we uncover the best practices for growing an on-demand video streaming platform, where technology and human touch intertwine to create a world of endless possibilities and cinematic wonders. So if you’re in the process of building your own platform, or if you are stepping into the possibility of building one, this one’s for you.
UNDERSTANDING ON-DEMAND VIDEO PLATFORMS
Before jumping into the intricacies of on-demand video platforms, it is necessary to understand what they are and how they work. So what exactly is it? Simply put, it is an online service that allows users to access a vast library of video content at their convenience. Unlike traditional TV broadcasting, where viewers have to adhere to fixed schedules, on-demand platforms offer the freedom to watch videos whenever and wherever they choose.
Take the case of Netflix, for example. Users are able to choose from a wide array of content, ranging from classic films to the latest releases, and enjoy them on various devices such as smartphones, tablets, computers, and smart TVs. It operates on a subscription-based model, allowing users to stream unlimited content for a monthly fee. The key advantage of on-demand video streaming platforms like Netflix and Amazon Prime Video lies in their personalized approach, as they use algorithms to recommend content based on users’ viewing history, ensuring that each individual receives tailored suggestions and a unique viewing experience.
The myriad of benefits that these on-demand video platforms offer have gone on to revolutionize the way we consume media. The biggest flex is unarguably the convenience it offers, allowing users to access a vast library of content anytime, anywhere, and on any device. Secondly, these platforms offer personalized recommendations and content curation, enhancing user engagement and satisfaction. Furthermore, they have opened new avenues for content creators and artists to reach global audiences, democratizing the entertainment industry.
In the case of entrepreneurs, building an on-demand video platform can be a lucrative opportunity. Firstly, it allows them to tap into the booming digital media industry and capitalize on the growing demand for personalized content consumption. The subscription-based model provides a stable revenue stream, offering a predictable income over time, while the platform’s global accessibility enables entrepreneurs to reach audiences worldwide. Moreover, the analytics and user data collected from the platform facilitate data-driven decision-making, enabling continuous improvement and refinement of content offerings to meet customer preferences. In short, if your focus is on the right niche, making use of the best market opportunity, it can be a goldmine.
BEST PRACTICES FOR GROWING ON-DEMAND VIDEO PLATFORMS
Now that we’ve covered the significance of on-demand video streaming platforms, let’s take a look at some of the best practices that can play a vital role in growing your VOD business. As the demand for video streaming services continues to rise, it becomes crucial to understand what the users demand when choosing a VOD platform. Although price plays a crucial role, there are also other factors that should be taken into consideration. Here are a few best practices to get you on the path to success:
1. Content Variety and Quality
Offer an exciting array of top-notch content to cater to diverse interests and keep users coming back for more. For example, if your VOD platform is specifically focused on the health industry, provide a mix of content that resonates with different users. This could range from engaging workout routines to informative tutorials and entertaining challenges. Additionally, staying abreast of trending topics and user preferences will guide your content acquisition strategy, ensuring that your platform consistently offers engaging and sought-after content. Always remember the popular adage – content is king!
2. User-Friendly Interface
Design a platform that feels like a breeze to navigate. Keep it simple and intuitive, ensuring users can easily search for and discover videos they love. Implementing a user-friendly interface with easy navigation, efficient search filters, and personalized recommendation algorithms will enhance engagement and reduce user frustration. By ensuring that videos load quickly and play seamlessly across various devices, you’ll create a positive impression and will encourage users to explore more content and spend quality time on your platform.
3. Personalization and Recommendations
Make your users feel special by offering personalized content recommendations. This is implemented by suggesting relevant videos based on their interests that will delight users, increase engagement, and keep them hooked on your platform. By harnessing the potential of data analytics to gain insights into their preferences and viewing habits, you can curate tailored content suggestions that align with their individual interests. As users find the suggested videos more aligned with the things they love and their viewing habits, they are ikely to spend more time exploring your content library, increasing overall engagement, and ultimately leading to improved customer retention.
4. Solid Technical Infrastructure
The most important key component to grow your on-demand video platform is to make sure that you have built a solid infrastructure that makes this growth possible. Begin by ensuring that your platform’s infrastructure is scalable and can handle increased user traffic and demand for streaming content without compromising performance. Additionally, utilize cloud-based solutions to dynamically allocate resources as needed. To provide smooth and high-quality video playback across different devices and network conditions, optimize video encoding, streaming protocols, and adaptive bitrate technology.
For enhancing the delivery and distribution of video content to end-users, utilize a CDN to distribute video content across multiple servers geographically, reducing latency and ensuring faster and more reliable content delivery to users worldwide. Security measures are also key components of a reliable on-demand video streaming solution so employ digital rights management (DRM) and encryption to safeguard premium content.
In a world glued to smartphones, don’t forget to optimize your platform for mobile devices.
Invest in a mobile-responsive design and optimize the user interface for seamless navigation and interaction on mobile devices, as mobile usage accounts for a significant portion of video streaming. Note that you must also make it a point to minimize buffering time by optimizing video loading, encoding settings, and network delivery, as excessive buffering can lead to user frustration and drop-offs.
5. Flexible Subscription Plans
To bring in new customers to use your platform, you need to give them a taste of it first. One of the best ways to do this is by offering free trials and letting them experience the benefits of your premium content firsthand. Although this may not always be the best strategy for everyone, it sure is a great way to get your customers flowing. In addition to free trials, providing flexible subscription plans with varying pricing options caters to users with different budgets and commitment levels. Offering multiple tiers of subscription plans, such as monthly, quarterly, or annual, allows users to choose the one that best suits their needs and preferences.
This customization promotes a sense of control and personalization, encouraging users to invest in your platform with confidence. By combining free trials and flexible subscription plans, you provide potential users with a low-risk opportunity to experience your platform’s benefits while catering to their individual preferences and financial situations. This approach not only drives customer acquisition but also improves the chances of converting free trial users into loyal, paying customers who recognize the value of your premium content.
6. Marketing and Promotions
Even the most exceptional video content needs effective marketing to gain traction and attract a wider audience. Embrace various digital marketing channels, such as social media, email campaigns, and influencer partnerships, to reach potential viewers. Utilize data-driven marketing techniques to target specific demographics that align with your content offerings. Plus, implementing free trial periods or promotional discounts can entice new users to try your platform and convert them into loyal subscribers.
Additionally, you also have the power of social media in your hands. Leverage the power of social media to promote your on-demand video platform by encouraging users to share their favorite videos and fitness achievements, fostering a vibrant and supportive community. Secondly, you may also engage in influencer marketing campaigns if it aligns with the kind of video platform that you are building.
7. Feedback and Customer Support
It doesn’t matter what business you are building, customer centricity is at the core of success. Start listening to your users and value their feedback. Implement a robust customer support system to promptly address their queries and concerns. Secondly, build a vibrant and engaged community around your platform to nurture loyalty and advocacy. Actively engaging with your audience creates a sense of belonging and trust, encouraging users to become brand ambassadors and share their positive experiences with others.
Stay on top of platform performance and user engagement metrics. Regularly analyze data to identify trends, user behavior, and areas for improvement. Use this valuable information to make data-driven decisions and continuously enhance the user experience.
BUILDING AN ON-DEMAND VIDEO PLATFORM
So far we’ve discussed the best practices to grow your on-demand video streaming solution, ranging from content management to personalization to customer engagement. But how do you actually get started in building a VOD platform? Well, that’s what we’ll be talking about in this section. If you’re just starting out, it can be quite a challenge but we’ve simplified the process for you.
The first step is to define your niche and validate the idea. This can be done by extensive market research and understanding product market fit. Then focus on planning your content strategy, whether it’ll be a specific genre, topic, or target audience. Once you have that figured out, the next ideal step is to choose the right monetization model that works out for you. The goal is to choose the one that best fits your content and audience preferences. Now comes the building part, where depending on your technical expertise, you can choose to build your VOD platform from scratch or use a pre-built solution that offers customization options. Note that you’ll need a reliable video delivery solution, a responsive application, and a robust CMS to manage your video library. Additionally, you’ll also need to implement a secure payment gateway to handle subscription payments.
All of what is mentioned above can be an exhaustive process, especially if you’re an entrepreneur who has to focus on other areas of your business as well. To simplify the process, you can opt to go for a pre-built software solution that does all of the above for you. Check out iSripts VisualCaster, a video streaming solution that enables you to create on-demand OTT platforms similar to Netflix, facilitating the delivery of video streaming services to your customers. This simple software empowers you to efficiently manage, upload, distribute, and stream a wide range of video content without going through the hassle of beginning something from scratch.
What does it entail? It comes loaded with a range of features designed to do the job as well as simplify your job. Want to check it out? Try out our Free Demo here.