The era of video on demand is here and the OTT landscape is getting hyper-competitive. Audiences across the world have plenty of options when it comes to picking a video streaming service to enjoy TV shows and movies. The revenue in the VOD segment is projected to reach $34,77 million in 2020. In the last quarter of 2019, Netflix had over 61.04 million US subscribers and 11.8 million subscribers in the UK. These figures clearly show that Netflix dominates the entire VOD space. Amazon comes second with over 4 million users and there are also a number of other VOD players like Hulu, Now TV, etc.
Among the digital devices, smartphones have taken over the scene as the most preferred medium of consuming video content. The increase in the number of mobile devices is also contributing to the ease of access to video on demand content on the go.
What makes Video on demand quite popular?
The idea behind the interactive VOD content is simple- To put the audience in their comfort zone and have them make decisions in creating their own viewing experiences. Unlike traditional TV networks that bind the audience with long term contracts that are not easy to unsubscribe, VOD services offer the flexibility to discontinue the subscriptions at any time.
While in a traditional TV model users were allowed to only view content specific to their geographic locations, VOD platforms allow users to enjoy streaming irrespective of their location and get instant access to a vast content library of all genres and languages.
Unlike satellite TV, video on demand platforms allows users to watch videos from anytime, anywhere, and on any devices based on their convenience and preferences. In short, VOD is the future of video content delivery and if you are a business looking at entering into VOD service, now is the right time as the market is quite lucrative. If you take the cost of VOD services, it makes up only a fraction of what you would pay to your traditional cable TV provider. Moreover, you can get unlimited access to a rich content library and gain complete control over what you watch for a comparatively low price.
Tips for VOD services to gain a competitive advantage in the industry
Staying ahead of the competition in a crushingly competitive market is a tough task. Launching a VOD platform need not be complicated, but it requires a solid understanding of why, what, and how. The VOD market is very fragmented with too many options available for online audiences. The pioneers ensure that their services are globally available on as many platforms and devices as possible and focus on both content quality and user experience.
If you plan to create your own Netflix, here are some of the tips for video on demand services to stay ahead of the curve and mainly, competitors.
Being different and unique in the VOD space is good. Being exclusive is even better. If your VOD library has unique content that is otherwise not commonly available. This ensures that a set of a niche audience comes in search of your VOD content. When you offer exclusivity, make sure you study and understand your audience base thoroughly. What you know about your audience who watches your programs makes a great impact. Your content can be incredible to a great extent, but what is the point when you are not targeting the right audience. If you are not reaching out to the right audience, it is going to be really hard to find subscribers or to retain them.
Ramp up your search marketing
From the perspective of search marketing, Netflix is one player that has a great keyword strategy that brings in significant traffic. This is a great challenge to other providers as it is quite difficult to penetrate into the industry that is already dominated by Industry giants. To leverage the best opportunities of search marketing, bid on relevant organic keywords of Netflix to discover new target audience who shows strong interest to stream videos, subscribe, rent, or buy VOD services.
Follow a mobile-first strategy
In today’s digital era, mobile technology is all the rage. By adhering to this change, many businesses are embracing a mobile-first strategy that will have a huge positive impact on your business success. In the VOD industry, major players like Netflix, Amazon Prime, Hulu, etc. are driving the majority of traffic from mobile devices. The mobile-first trend will continue to grow and pumping more spend into mobile devices must be the primary goal of any business strategy for VOD services.
Leverage the power of dynamic advertisements
To gain a competitive advantage in the VOD industry, it is important to display relevant video content to the audience to keep them entertained and engaged. Delivering appropriate ad copy to your users with the latest title and video collections, and tagging non-original content with relevant pricing is a great way to keep your target audience happy. If you are using a Netflix clone script to create your VOD platform, you will have the flexibility to incorporate the revenue model that chooses your business requirements the best. Leveraging dynamic ads will allow VOD services to go beyond target campaigns and to capture the audience who likes prime videos regardless of the keyword coverage.
Utilize first-party data to promote campaigns
Amazon has a broad customer base and therefore it is easy to adjust, bid, and target existing users to upsell and cross-sell additional services on the basis of their past interests and watching history. For example, usage data and customer behavior of prime video members can be leveraged to promote paid search and digital campaigns.
Create offline brand campaigns
Creating collaborations with other popular brands in the same industry or similar industries is an effective way to present your VOD service in front of both audiences. These partnerships and marketing activities will help to expand your reach in the future. You can offer combined products to gain the brand advantages where partners showcase some promotional content in their marketing campaigns. This helps big time if you are a new player and is looking for effective ways to get established in the market.
When you are executing multiple marketing campaigns and spending so much money, there must be the right tracking and management of traffic that reaches your platform. Analytics offers you the data, insights, and reports to track the performance of your campaigns so that you can optimize your campaigns in the future.
Analytics and reports also provide data like where your viewers are coming from, their interest, how they are investing their time on your site etc. Analytics will also integrate a lot of other complementary tools that might help you with your marketing activities to make better decisions. To start with, you can use Google analytics and use two or more as you expand to get the most out of them. Most video-on-demand software also comes with powerful built-in tools that help to leverage the power of data.
Video on demand is adapted to the modern lifestyle and media consumption habits of the modern audience. VOD is poised to become a comprehensive viewing experience with its interactive storytelling and the ability to create immersive experiences. With the rising popularity of VOD services, traditional TV is slowly losing its stronghold in the market. In the coming years, we will see more and more VOD players entering the market with a unique business plan and strategies. However, what really required for a new player to survive in the VOD industry amidst fierce competition is the right formula and the power to survive long term.
Business strategies and marketing campaigns must be reinvented over time to add more value to the services. For any new VOD player looking to create your own Netflix, the market is open. If new entrants can take advantage of modern technology to offer dynamic services and experiment with different models, the market holds great opportunities for them to take their business to new heights.