There’s no question that the past five years have seen exponential growth in the online video streaming and over-the-top (OTT) markets. As of 2020, viewership had grown 72% year-over-year, and growth in Q1 2019 was 49% faster than in 2018. In 2021, the live streaming industry is set to reach $70 billion.
It’s a no-brainer that to tap this growing market effectively, brands need to understand monetization. Whether by using ad-supported video on demand (AVOD), subscription video on demand (SVOD), or transactional video on demand (TVOD) models -- or some combination or other innovative model -- brands need to consider monetization when considering their video-on-demand (VOD) platform.
What to Consider
Before choosing a VOD platform, it’s important to have a clear picture of your monetization strategy. SVOD and TVOD strategies require paywall functionality, for example. AVOD strategies need a robust and efficient way of targeting viewers with ads that fit. And platforms that allow flexibility for growth and scaling will allow you to introduce new strategies down the line.
In addition to overall strategy, consider a few key points when looking at potential OTT providers:
- Web platform – Most viewers still watch content on web pages.
- Customization – Websites and apps should be customizable to your branding.
- Global payments – Your audience may be worldwide – make sure they can all make payments.
- Support – 24/7 support is a must when your business relies on uptime.
- Help – Great OTT providers give you hands-on help building your structure.
- Analytics – When it comes to monetization, you need to know what’s working – and what’s not.
- No buffering – Customers who pay for content expect it to stream seamlessly.
- Compatibility – Make sure you can build apps where your viewers are (iPhone, Android, Web) – including streaming devices like Roku.
- Content protection – Your content needs to be inaccessible to would-be pirates.
- In-app purchases – Viewers who can purchase subscriptions right in the app are more likely to sign up.
- Live streaming – Especially if your business is centered around live content – like sports broadcasts or concerts, the ability to livestream is crucial.
The Best Video Monetization Platforms
MAZ is the number one app solution for major media. With MAZ, you can deliver OTT content on every major platform without having to hire developers. You can create live streaming content, video-on-demand content, even integrate with your own streaming solution like Vimeo. MAZ can help you with AVOD, SVOD, TVOD, sponsorships, and more when it comes to monetization.
Cleeng isn’t a VOD provider, per se. Instead, Cleeng specializes in “subscriber retention management” and paywalls. Cleeng can be very helpful with SVOD and TVOD monetization, including flexible options like multi-language support, authentication tools to keep content safe, and even a revenue-sharing model.
Muvi is an OTT provider which integrates monetization models like TVOD, SVOD, and AVOD. Muvi lacks a few more advanced security protocols like geographic and referrer restrictions but can work with every major monetization model. And you can launch an OTT platform almost instantaneously.
Lightcast services include OTT and video hosting solutions, as well as custom mobile and SmartTV apps. Although Lightcast can support any major monetization model, all paywall features will cost you extra.
Choose the Solution That’s Right for You
No two businesses are alike, and the same is true for video content providers and OTT platforms. So when it comes to which OTT platform is right for you and which one will serve you best when it’s time to monetize, it’s best to have a clear picture in mind -- both of what you and your viewers need now, as well as where you want to go in the future.
Don’t be afraid to have conversations with potential providers – and be wary of providers who won’t discuss your options.
If you’re ready to have that conversation now, MAZ would love to talk about your needs. Contact us now to talk to a specialist about monetizing your content.