Ask someone for a recipe and chances are they will send you a link to it on Youtube. Ask what they are watching, and more likely than not, it will be a show or movie on Netflix or Amazon Prime or on a similar VOD service. That is the reach and power of VOD – Video on Demand platform.
Considering that Live streaming as an industry is set to be valued at 184.27 billion USD by 2027, it is worth sitting up and taking notice of it. Add to it, the fact that CISCO predicts that 82% of all internet usage is primarily video streaming in 2022, it would be a cracker of an idea to jump on the VOD business train!
In this article, we will cover what VOD is and what it stands for, its benefits, and why it is important.
What is VOD
To start with, VOD means Video On Demand. It refers to video content that is chosen by the viewer to be consumed at their convenient time, in a format that they prefer, on a device of their choice.
Take Youtube for example. If you wanted to watch a video, you would search for one and then watch as much of it as you wanted, being able to pause or come back to it later. You could watch it on a variety of devices based on your preference and you could watch it no matter where you are, at home or outside. This is unlike traditional media like cable TV which has its own programming schedule, and you would need to adjust yours to align with it if you wanted to watch something.
So what is a video on demand? It is basically the combination of the power of choice and convenience when it comes to video content. This is why VOD streaming is ruling the roost.
VOD Businesses: What are they
Video on demand services have a wide array of uses and you might be surprised to know the various kinds of content that fall under the larger VOD umbrella! If you were to think about how video on demand works across formats, some examples of VOD meaning streaming services are:
- Lessons like Music, dance, etc
- College and School Classes
- Live events
- Sports and Music
- TV Shows and Movies
- Video Podcasts
- Interviews
- Fitness Classes and Programs
- Skill-based training
- Corporate meetings and training
- Team Building Activities
As you can see, VOD covers a wide spectrum of content. If a user can access any video anywhere over the internet by searching for it, then it is the best video on demand platforms.
Why is VOD useful
As you have seen, how video on demand works is by putting the choice of what, how, where and when in the consumer’s hands. But what are the big benefits of VOD for your business?
1) Helps widen your reach:
Since VOD is streamed over the internet, all anyone needs is access to the internet no matter where they might be. Unlike traditional video viewing methods which were restricted by geography or timings, VOD is accessible all the time by anyone who searches for it over the internet. This technically makes the whole world your oyster!
2) The power of choice:
With the world becoming more and more about individual choices, any business that respects that is bound to get ahead. With VOD, you are essentially laying out a fare but putting the power of choice right in your viewer’s hands. They can choose what they want to watch, choose where and when they want to watch it. And even what device they want to watch it on. This flexibility is what draws people to VOD
3) Helps rake in moolah!
VOD as a business offers you a host of monetization options ensuring that it isn’t a drain on your pocket. Whether you decide to charge basis a subscription fee or bring in advertising revenue or even if you want. To have your viewers pay for each time they view your content, it is all up to you. In fact, you could even do a combination of the 3. What is more, audiences are willing to pay to get access to content they want!
What makes Video on Demand essential for you
Easy and unfettered access to the internet the world over has changed the way we watch, learn and interact. Ask anyone to do anything new and the first thing they will probably do is look up a tutorial video. Rather than other traditional methods of finding out. Consider these staggering facts from Wizowl:
- 86% of businesses use video as an integral marketing tool
- 92% of businesses value videos as an important part of their marketing strategy
According to CISCO, more than 3 times the global population in 2023 is how many devices will be connected to IP networks!
With these kinds of figures, it will be foolhardy to not utilize the power of VOD for your business’s growth.
In Summary:
VOD streaming has changed the way the world views content. To cash in on this changing scenario, harnessing the potential that VOD offers for your business. Will be one of the best decisions you can make for it.
Hopefully, this article has helped you understand all the ways in which video on demand can help you do just that.
