Supposing you are considering creating your own VOD (video-on-demand) service, and you are in the process of OTT business model development. How do you want to realize that? You will certainly need a VOD solution to manage your platform.
There are several options you have at your disposal: hire a development team that includes a developer, a project manager, a designer, and a marketer, or get a white-label OTT app or platform.
Suppose you do calculations and realize that hiring a team is resource-intensive. The development process is long, and you will have to pay salaries to the staff. It is quite a lot of time and money.
A white-label solution can be cost-effective and doesn’t require time for development because it is pre-developed. It needs customization and configurations according to your business goals. The question is how to choose a suitable solution for your business. Let’s discuss this.
How to Choose a Solution for Your VOD Business?
It is better to clarify your goals and then research the market before purchasing a solution you find first. However, there are particular features that can help you launch your service and grow it.
#1 Customization
One of the main advantages of a white-label solution is that it is pre-developed, but you can customize it with your brand design elements. Customization is a vital part of any business.
Using your brand design can help you stand out from the competition and make the first impression on your customers.
#2 Monetization
Defining your pricing model means defining how you generate revenue and how viewers access your video library. There are several models for VOD content: advertising, subscriptions, a pay-per-view, and a hybrid.
You can choose one or several monetization approaches. Make sure that the solution supports those you want.
In case you are not sure which model is suitable for you, obtain a solution that maintains all of them. Then, you will be able to switch immediately.
#3 Analytics
Analytics is crucial for any business. It is a viable tool for growth and enhancements. It is better to find a solution with built-in analytics functionality. It will provide you with real-time analytics data showing what is happening on the service at the very moment.
Analytics insights give you information about the performance of your service, user behavior, and preferences. Having this data, you can adjust your content strategy and understand your audience better.
#4 Features for users
If users don’t like the experience they find on your service, they are likely not to use it anymore. Sometimes, they even switch to your competitors.
Features for user engagement can help you increase the customer retention rate of your service. These features vary on different platforms, but one of the most profitable examples is a recommendation engine. Users get video recommendations based on viewing history without spending time looking for something to watch.
Another example of personalization for viewers is several payment options. A person can choose the most convenient payment way for them.
Final Thoughts
VOD content is in demand among viewers, which means that businesses can generate revenue here. To start monetizing videos, you need the right VOD solution to manage content, subscribers, and other aspects of your business.
The quickest way to launch a platform is to obtain a pre-developed solution with all the necessary features, which will only need customization and configuration. It also requires fewer expenses.
Before getting the first solution you find, observe what else the market can offer you, as there are various products suitable for different business goals.
