What is VOD? Video On Demand and what it means for your Business
Getting started with OTT streaming requires you to be familiar with some of the terms that encapsulates the domain. To be familiar does not mean expert level. You simply need to be aware and learning comes naturally as you continue streaming. A VOD is one of those terms amongst others. VOD stands for Video On Demand or more often referred to On Demand Videos. This article will break down the term word by word and explain how you could use VOD as an opportunity to create content and sell your videos online – boosting your overall business gains and brand identity. Check out this article for more information regarding Video On Demand, Channels, and Events on WpStream.
What is a VOD?
VOD or Video on Demand refers to a video service that provides videos, TV, Movies, or TV Series ‘On Demand’ and available to access at any time, any where at a viewers own liking. Viewers can choose what they wish to watch and where they watch it. Netflix, Hulu, Disney Plus, and HBO Go are examples of streaming platforms that provide VOD content exclusively.
We are no longer limited to ‘linear’ TV schedules that have a list/playlist of movies or TV series that run continuously and the viewer is left with no choice but to watch what is currently available. With technology evolving, the movie or TV show you want is just a click away. You can start and stop the video, go back if you missed a part, or skip forward.
Advantages of having a VOD Business
Since 2020, the Video On Demand sector has been on a consisted rise and is expected to continue and reach $90 billion by 2024. Although we have some staple streaming platforms that have been dominating the past few years, take note that the VOD sector has just begun.
VOD paved the way for the ‘binge watching’ era that we have today. Viewers are watching hours and hours of videos on a daily basis. We all live busy lives and often cannot sit down to catch our favorite movie on linear TV programming. But when we do happen to get to the weekend, it’s streaming all day every day. Streaming VOD has even infiltrated internet memes with romancing in the modern day. ‘Netflix and Chill’, anyone?
What this means for you, as a business, is consistent revenue and monetization. As long as there is content, there are viewers. No matter what niche you wish to dominate, you will find video content. There are a variety of monetization models for VODs. These include:
- Pay-Per-View: Viewers pay once and have access to the video for as long as it exists on your WordPress Website
- Subscription (SVOD): Viewers pay on a weekly/monthly/yearly basis for continuous access to your content
How can I create my own VOD?
With the help of WpStream, you can set up a VOD in a few simple steps. First of all, the traditional way is to upload your video onto your WordPress website with the WpStream plugin. Next, create a Free or Paid VOD from that video.
The second way (and what sets WpStream apart from other streaming platforms) is the ability to live stream an event on your website. You can record it and create a VOD from your live stream.
The future of Video on Demand
Consider where computers and phones were about 20 years ago and where they’re at now. Imagine if tech savvy people would have thought that those two industries were dominated by just 2 or 3 tech giants and consequently, the market was satisfied. We wouldn’t have all these cool new gadgets that are continuously coming out daily with features we never even dared to think about. Imagine if all we could ever have in terms of phone gaming was ‘Snake’ on Nokia.
As people are continuously cutting the cable, they are switching to VOD streaming and expecting continuous improvements in the way that they stream their favorite TV shows and movies. Just to show where video streaming is heading, those of you that are familiar with the TV show ‘Black Mirror’, might already know what I am talking about. ‘Bandersnatch‘ is an interactive-video game style episode where the viewer chooses their own adventure. That’s right. The producers of Black Mirror wanted viewers to pick their story using their remote control to navigate. Each choice that the viewer made led the episode in a different direction. Now that’s a techno-paranoia plot twist.
As a business, think of Video On Demand as ‘Sky is the limit’. It is currently one of the most popular sectors in the entertainment industry and it is best that you fuel its growth with your creative ideas and innovative thinking- just as how Black Mirror is living in 2050 while we’re still in 2021.
Start your free trial with WpStream today and experience the ability to broadcast live events, set up Pay-Per-View videos, and diversify the way you do your business.
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