How to Grow Your Video On Demand Subscription after the Pandemic?

What are VOD Platform subscriptions?

The video on Demand segment (VoD) dominates internet-driven entertainment with a market volume of USD 82,431m in 2022 and likely growth of 8.28% to become USD 135,673m by 2026.

Premium VOD OTT content is available as – rentals or Pay-per-View (Transactional VoD), rented as subscription VoD content (SVOD), and purchased Videos.

The average revenue for every user is likely to be USD 500.79 by the end of 2022.

Video on demand platform subscription is expected to reach 197  million by end of 2022,  in comparison to 153 million OTT subscribers in 2017 in the United States.

How has COVID-19 changed the VOD subscription market?

Covid-19 has driven viewership towards VoD with OTT platforms competing intensely for the largest subscriptions. The ‘streaming’ wars gave way to Netflix losing its library to self-serving OTT like Disney +, and Fox and the opportunity for paid subscription services like AVoD.

The changes that Covid19 is currently driving are:

•         Growth in SVOD platform subscriber numbers  
•         Netflix will see recession even as it benefits also in the long term
•         Viewers may go through ‘subscription fatigue’
•         Growth in digital ad spend
•         Traditional media players will be under also tremendous stress as they invest in building SVoDs
•         Sporting events will once again drive  viewership and  VoD

Want to boost subscriptions for your VOD platform? Try these 7 Tips

Lifetime customer value should be the long-term goal of your platform. Finding different ways to keep subscribers can become strategically important considering the intense competition also within the streaming industry. 

1. Free Trials increase viewership by 5x

• Free trials drive a 5 times increase in client Sign-Up when a free trial is offered initially
• For users to continue beyond the trial period, content should be of the type they are looking  
• Other strategies to engage them include discounts and bonus content. 
• TIP: Request credit card information from subscribers at the start of the free trial so that the user can control the transition to paid service. When payment card information is already uploaded, also the chances of cancelling the membership are substantially lower.

2. Bonus Content offers

•  Exclusive content will build subscriber loyalty 
• Giving additional footage of deleted scenes or cast interviews or commentary of the directors or behind the scene (BTS) shots will drive higher-paying users 
• To be effective, bundle a mix of bonus and also regular content at discounted prices
• Special events and Seasons can also be bundled

3. Cater across Devices and Platforms

• A primary goal should be delivering an excellent viewer experience 
• High-quality video and audio for every compatible device is a necessity
• The video should not be static, audio fuzziness should be zero and also live events should have minimum latency 

4. Offer subtitles and Multiple audios

• Language options for -personalized packaging should be made available to the worldwide audience.
• Include language preferences, features, and also subtitles in the chosen local language
• Allow them to stream the content in the language of their choice

5. Stay Updated

• Latest features and technology such as 4K drive subscribers to your platform
• Netflix for example has an offline feature that Amazon included at the time of launch to win much of the subscriber numbers.
• Original content would be the primary attractive force. 
• Constantly creating and updating content libraries with original pieces is also important and keeps the competition ahead. 

6. Price wisely

• Given the high competition in this sector, it is important to get the correct pricing for the platform
• The ideal way is, to begin with, low  pricing and increase it gradually as viewer interest increases
• Identify features that they are likely to pay for and features they are not likely to pay for. 
• It is ideal to have a solid balance of AVOD/SVOD price bundles. This ensures long-form content in subscription offers and includes classic, new releases, with features that are ideal for transactional models.

7. Data Analytics

• Accurate business analytics is the heart of every hyper performing OTT platform. Critical factors can be identified and examined when the correct algorithms or analytic programs/software also are employed to resuscitate the platform’s performance.
•  Apart from providing the measurements, Data Analytics also helps in packaging, also promoting, and advertising content. The actionable insights that are available from business analytics will be responsible for the final promotions.

 Conclusion

Even as the pandemic eases, and on-field sports, events once again dominate entertainment, OTT subscriptions are here to say. However, what is VOD, & how to boost VoD subscriptions on your platforms, also the primary focus should be on premium content quality, innovation, and promotional efforts. Quality will drive newer viewers and targeted audiences to your platform. Collaborations and promotional events also will forge a ‘happening’ status for your platforms. 

Do not miss out on technology partners so your investment remains operational even also as you scale and reach a wider audience.

Good OTT platform technology should primarily rely on a partner that also shall drive your business – provide solutions that are the latest and innovative features to keep your viewers engaged! One such technology partner in the best VOD Platforms space for your business.