Fight over the TV remote and argument on what to watch next on Television are stories of the past. Because people can entertain themselves by watching anything, anytime, and from any device with online streaming services. Moreover, it is estimated the revenue of the global video streaming market will reach up to $108.3 billion by 2025. And this is high time to join the league if you want to party hard.
It is not as hard as it seems to develop a platform like Netflix. You can create a Netflix Style Business by following these six simple steps:
The very first while developing your Netflix platform is to identify your niche i.e. what content you are going to stream for users. There are a couple of profitable streaming niches that include:
Entertainment – is a very profitable streaming service that caters big audience. Hence, new streaming providers can easily be accommodated. Netflix and HBO are good examples of Entertainment Niches.
Fitness – Fitness is also a potential niche for VOD services. People are health conscious and are investing money to keep healthy and fit. They are willing to pay for a subscription to have access to fitness content that includes videos of yoga, dance training, or a healthy diet to enhance a wider audience.
Education – People are watching “How to” videos more than instructions and tutorials. Therefore, video creators and streamers are even working on different sub-niches that include cake making, magic tricks, or even origami to attract a specific audience.
As content is the basis of your on-demand streaming platform, you have to determine what your content will be.
If you want to be a video distributor then you need to get a license for it. You can get the license in two ways:
Renting a movie from an authorized distributor with licenses
Contacting the copyright holder
Both options are legit, and it solely depends on the business goal while choosing anyone.
OTT Video Streaming platforms primarily opt for four main types of monetization models that are Subscription Video on Demand (SVOD), Advertising Video on Demand (AVOD), Transactional Video on Demand (TVOD), and Hybrid Model. Netflix is using SVOD is subscribers are charged a monthly fee to access a content library. This model is best suited when you are regularly releasing new content on your platform. In AVOD, it is free for the user to watch but you charge the advertisers for running ads on your videos. This monetization strategy works if your platform is famous among users. Transactional video-on-demand models pay-per-view, which means you pay for each content to watch. This model is usually opted for by the broadcasters of concerts, trade shows, sports events, or conferences.
There are two ways to build an OTT VOD Platform like Netflix:
Use a video-on-demand service: Here at Vodlix, we help people build and grow Netflix-style businesses.
Here is what to look for when searching for one for yourself:
Multiple monetization models like SVOD, AVOD, and TVOD.
Multiple Video uploads channels like direct upload, embed, or website link.
SEO friendly architecture
Payment gateways for secure transactions
Video resolution conversion for faster uploads
Auto video resolution converter for slower networks
Native Android app for mobile users
Do it yourself: You can piece together your own Netflix-style service from scratch.
My personal opinion is option 1. As Vodlix is the no. 1 OTT VOD white-labeled and cloud-hosted service. They also help you handle subscription payments with the other three monetization models, build a community, and create marketing campaigns. Giving you everything you need to help you grow and manage your business!
You can simply get started with Vodlix in 5 easy steps for a Complete white-label solution to launch your own Netflix-like venture.
A few years back, Mobile Apps could have been optional. Nevertheless, in 2021, a major proportion of the video streaming audience is using mobile over computers/laptops hence branded apps allow your customers to easily access your content on different devices.
They just click the app, log in, and they can access all of their video content in one easy-to-find place. Just like how you’d use Facebook or YouTube on your phone.
With your niche, content, website and, apps in place, there’s only one step left to take – find your audience.
How you market your SVOD business will come down to your audience. You can do it in a few ways:
Popular social networks like Facebook, Twitter, Instagram, etc. Share videos of your service on these social media to promote your service and find the right target audience
This video giant can also be a great source of the traffic to your videos and your website as it is a very powerful engine for brand promotion, so use YouTube to build a trustful attitude towards your product
Send your potential customers a letter with a detailed description of your product, but mind make a letter presentable and attractive
Passionate video creators all over the world over can leverage this style of SVOD model and create a successful online video. All you need to do is follow just six simple steps.
Hopefully, this article could clarify all your doubts about starting a video-on-demand service like Netflix, Amazon Prime, or Hulu. Being a market of huge potential, VOD businesses have a lot to offer. We would love to hear your thoughts about the same.