Updated on 15th July, 2022
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. Besides businesses, VOD is also useful for live streaming for churches, Education, and Fitness.
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.
TOP 3 Video On Demand (VOD) business models
A devoted audience can be converted into a lucrative VOD business by any provider of video content. Here are the top 3 ways to monetise your films to get you started:
Free-To-View Video-On-Demand is as simple as it sounds. You offer videos and movies for free to your viewers. We find that streamers will often use this model if they are just starting out or if they want to offer sneak peaks into the rest of their streaming videos.
Streamers will often switch between Free-To-View Video-On-Demand and TVOD and SVOD. They what we refer to having a Hybrid Video Streaming website.
TVOD (Transactional Video-On-Demand)
TVOD is also known as Pay-Per-View Video-On-Demand. Customers purchase one-time access to particular content.
For instance, purchasing complete seasons or individual episodes of your preferred television programs on iTunes or Amazon Prime.
TVOD-based companies can generate more revenue up front by charging a somewhat higher fee each transaction. This is due to the fact that they are frequently centered on single transactions, and clients looking for these movies will pay more for the particular video they desire.
However, with this model, TVOD enterprises must ensure that the volume of sales remains high enough to provide a consistent profit, which can be challenging.
With WpStream, you use WooCommerce to charge viewers for Pay-Per-View videos and movies.
SVOD (Subscription Video-On-Demand)
For a regular monthly or yearly charge, viewers can have complete access to a video library using the SVOD, or Subscription Video-On-Demand, model.
These paid subscriptions offer users all of their preferred content on a single platform without any pop-ups or advertisements.
Most VOD consumers choose to pay money for subscription plans. According to the CMO Survey, viewers watch SVOD services at home 65% of the time.
As a result, SVOD is a dependable source of income for entrepreneurs. Some subscription services that you undoubtedly know about include…
- Amazon Prime
These SVOD powerhouses are excellent examples. But any size video business can succeed with subscription-based revenue models!
With WpStream video streaming, you use WooCommerce Subscriptions to sell to your viewers and charge daily, weekly, monthy, or yearly.
VOD vs. live streaming
The most authentic type of video is “going live,” which is also a terrific method to engage your audience.
Anyone in the video production industry should be aware of live streaming because it is currently extremely popular, starting with the fact that it is not purely VOD even if it is video.
Let’s discuss how live streaming fits into the realm of on-demand video and how to use both types of content to expand your brand.
Live streaming: What Is It?
Real-time video streaming is known as live streaming, which requires viewers to tune in and watch in real-time as well. Since it is not pre-recorded or edited, the broadcast depicts what is happening in real time. It becomes more engaging and emotional as a result!
Live streaming is a way for content producers to connect with their audience through
- Behind the scenes
- Tutorials (make up, hair, artwork)
- Fitness classes
- Live seminars and courses
In essence, live broadcasting can increase the effect of anything you currently discuss. Additionally, incorporating a live chat is usually a plus because it enables you to develop relationships with your visitors through direct interaction.
Some companies are formed entirely around live programming because viewers have such a strong emotional attachment to it.
Having a video streaming website with a Video On Demand model, it would be smart to include live streaming as well. Most streaming platforms will offer the option to record your live stream and then turn them into Video On Demand. This allows viewers who missed the live stream to catch up at any time (and you can even charge as well!).
WpStream gives you the option to record your live stream before you go live and then create a Free-To-View, Pay-Per-View, or Subscription Video-On-Demand from that recording.
Difference Between Live Streaming and VOD
The way viewers engage with them is what sets live streaming and VOD content apart.
Since all VOD content is pre-recorded and pre-uploaded, the viewer has complete control over how they watch it and can pause, rewind, or fast-forward at any time.
Since live streaming is aired in real-time, viewers must show up promptly. (However, users could access an on-demand “live stream replay” at a later time.)
Although live streaming content can be a part of a larger VOD service, since the consumer cannot control playback, it is not truly video-on-demand. (You can’t fast-forward real life!)
How Live Streaming and VOD Can Grow Your Business Together
VOD and live streaming both have significant uses:
VOD allows users to see their preferred content in the manner of their choice.
Live streaming keeps viewers interested and increases your relatability.
Live streaming and video content let users get the most out of your service by giving them varied ways to connect with it. Together, they make up the entire business package.
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 business.
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