Video On-demand Framework and its Customization
Identification of an appropriate business model and its effective implementation comprise the first two steps for a successful company. Video on-demand platform industry is growing at a cosmic pace for all the facilities it renders to consumers. The traditional ways of television broadcasts, serials and videos are fading rapidly due to the high adoption rate of VOD. Analysts forecast that cable TV and even public cinemas will be part of history by the mid of next decade.
What is Video On-demand?
Video on-demand (VOD) combines various modes of television and internet entertainment to provide a single platform. Instead of paying separately for television channels, online videos, movies, live streaming of matches, VOD offers a combined platform.
The most remarkable aspect of VOD is its ability to play videos or audios anywhere in the world. Users can also pause, rewind or schedule a program or a broadcast. The subscribed users can access the content based on their subscription package.
How video on demand works?
Some companies offer a limited set of VOD by providing either TV access or uploaded content access. For instance, the owners of cable TV are transforming their businesses by VOD in a way users can access TV through smartphone apps. YouTube is an example of VOD with uploaded videos. Netflix is an all-in-one model where users can access almost every type of VOD services.
The service providers acquire licenses from owners of content to upload or stream the content. Each subscriber pays for the services based on the kind of package one purchases. The revenue from subscriptions is greater by manifolds to the licensing fee.
Prerequisite to Video on-demand Platform
Before investing in VOD business, entrepreneurs must know about the targeted market and data privacy laws in various countries.
Video On-demand Market Analysis
The market is growing significantly. Statista highlights that the total number of VOD users has exceeded up to 1773.3 million. Considering the video on demand statistics, user penetration is peaking at 24.1%. Revenue of $17.55 billion generates from North America alone whereas total worldwide revenue is $32.90 billion. The global revenue will reach $37.37 billion by 2023.
This impressive growth indicates that the market does not face the threat of saturation any time sooner. An efficiently-built platform will make its mark despite the presence of industry giants like Netflix.
Data Protection Regulatory Framework
Data protection is one of the chief concerns of administrations and internet surfers around the world. The laws regarding data security vary from one region to another. The regulators want companies to share any data breach incident with administrations as well as users. Moreover, companies also need to vividly share the information that they are seeking from customers during sign up.
In the US, most of the regulators follow the Federal Trade Commission as a standard. GDPR is the updated regulatory framework for European Union. The clauses of GDPR indicate that it is considerably stricter than FTC. Video on-demand service providers must conform to these regulations to avoid any hefty penalty.
GDPR is based on seven fundamental principles. Relatively, the FTC is highly flexible with more leverage and lesser penalties for businesses in case of breaches.
ODTAP White Label Video On-demand Platform
ODTAP provides the Launchpad to aspiring startups who wish to own a VOD platform. Our video on-demand software platform is a framework which can be customized by entrepreneurs as per their business needs. ODTAP framework offers the following pre-built VOD modules. One can add more use cases to increase the scope.
ODTAP VOD allows publishing videos including on-demand movies and TV series. The owner needs to ensure that one acquires copyrights to use the content. There are multiple use cases for VOD. The service providers offer uploaded movies as well as smart TV.
Currently, the top VOD platforms including Netflix are planning to introduce premium video on-demand or P-VOD. Using P-VOD, the video streaming companies release movies on the same date as when released in cinemas. This strategy will enable movie producers to revamp their falling revenue growth rate.
Apart from movies and serials, many on-demand video companies also enable users to upload their personal videos similar to posting at YouTube.
Our framework can also enable your platform to offer live streaming of events happening around the world. For instance, a user enjoys Super Bowl in real-time at smartphone without needing access to cable or dish TV.
The most significant element of live stream with VOD is its ability to provide services anywhere with internet. Consumers frequently use it while traveling. Most of the domestic and international airlines in the US have internet access. Thus, one can enjoy in-flight streaming too.
Businesses can customize this framework to offer a range of subscription choices. The users can select from various packages depending on one’s budget and intended services. For instance, one may have access to watch ten movies along with live streaming of 10 hours a month. The kind of subscriptions entirely depends on the business objectives of owners.
Some platforms provide the opportunity to access the content with unlimited consumption volume on a monthly basis. Besides, the integration of easy payment methods including credit card and PayPal also facilitate the users.
One remarkable benefit of subscriptions is its ability to generate long-term customers. Some users acquire yearly packages which stick them to the company ensuring long-term engagement.
Although this growth analysis is not a pre-built option in the framework, yet we can incorporate this feature for the aspiring entrepreneurs. The integrated tools show an analysis of the improvement in the performance of a business over time. It shares the information about number of new subscribers and the ones who do not wish to extend the subscription. Using this information, the VOD platform can redesign their subscription and marketing strategies.
If you wish to own a VOD platform, contact us today. Our expert teams will customize the ODTAP VOD framework according to your business needs.