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The widespread adoption of live-streaming video and VOD platforms in every format on every device has created vast new business opportunities as it is majorly associated with monetization benefits. As per the recent reports by Statista, global revenue in the OTT Video market is projected to reach US$316.10bn in 2023.
Nowadays, it’s no surprise that content owners are finding innovative ways to include advertisements or monetize their content to generate revenue. However, it is not easy! But with the right strategies, it’s possible to turn your video content into a lucrative revenue stream. In this blog, we are going to discuss the multiple monetization techniques for 2023 that will help broadcasters and content creators who wish to make video creation their full-time careers.
Let’s dive in!
Understanding Video Monetization
Video Monetization is the process of getting paid for the videos you publish online. The more people that watch, the more your earnings will grow from any video. This also gives access to a wider audience, and you can attract viewers having similar interests and values.
Most people think of video monetization with channels like YouTube or Twitch, but you can monetize just about any content (live or on-demand) on any platform your customers can view. These days, you can create your own streaming platform from scratch and start monetizing by connecting with a trusted streaming service provider.
There are multiple ways for today’s creators to monetize their videos and the most common video monetization method is charging a particular fee from customers to access your online videos. Here are the different factors contributing to video monetization opportunities for businesses-
- Inserting ads
- Incorporating sponsors
- Offering subscriptions
- Creating product reviews
- Service reviews
How to Get Started?
So how does one monetize videos today? Here are some important tips and tricks to keep in mind before you start:
- Research your audience and have a plan: Before you make your videos, it is recommended to do your research into what other similar types of content might already be out there. You should always think of what makes your videos unique in terms of monetization benefits.
- Make your content engaging: Original, well-researched, and engaging content is always the best aspect for video monetization. They need to be fast, informative, and ultimately fun if they’re going to compete in the crowded digital space.
- Make sure your content and copyrights are cleared: Regardless of the video platform you choose to monetize your streaming videos, first understand the basics of how copyright laws work. Most platforms maintain strict rules regarding copyrights and spam.
Now it’s time to choose the perfect video monetization strategy as per your preference:
- Ad-based video-on-demand (AVOD): As the name suggests, this strategy utilizes ads before and after the video content for which you get paid by an advertiser.
- Transactional video-on-demand (TVOD): A pay-per-view approach to making revenue off your media. Users who want to access your content can further pay for only a particular video content, without requiring monthly subscriptions.
- Subscription video-on-demand (SVOD): Gives users access to a wide collection of video content for a fee, which is often known as a monthly subscription.
- Hybrid models: Some content creators also offer a hybrid model in which a selection of content is always available through a subscription fee. Moreover, premium content is available on the basis of pay-per-view on-demand.
- Live streaming: Users pay to view content as it happens on live streaming. Here, the payment can be made ahead of viewing the content or pay-as-you-go which charges by the amount of video content watched. You can also include paid ads strategies to live streams.
3 Factors to Consider for Monetizing Your Video Content
Here’s how you can gain the benefits of your monetized video content-
Create your Platform
Nowadays, several content owners looking for ways to monetize video content start with pre-existing platforms like YouTube and Twitch. However, you can face challenges in terms of guidelines and ownership issues. The easiest, and most effective option is to create your video on demand or streaming platform where you can monetize your videos and set prices accordingly. There are all-in-one platforms available online today, such as Experience Cloud, allowing you to build and monetize your own video solution. With this solution, you can move beyond YouTube monetization, and start offering real-time access to content, everything from sporting events to tutorials and webinars.
Consider Choosing a Range of Monetization Options
Once you have a platform which allows you to maintain complete ownership over your content, it’s time to explore your monetization options. As mentioned above, there is a range of different strategies you can choose – but you don’t have to limit yourself to just one option.
You may start with sponsored ads and affiliate marketing strategies to generate revenue. Post that, start thinking about selling one-time videos, and access to events through a TVOD strategy. With an SVOD strategy, you can ensure you’re consistently gaining an amount for your existing videos, which means you have the freedom to create new videos at your own pace.
Explore OTT Video Options
Finally, once you’ve begun working on your video monetization strategy, you should focus on how you can get your content in front of as many eyes as possible. Therefore, instead of being limited to proprietary broadcast networks (like cable or satellite), OTT offers the public internet for end-to-end transmission. As long as viewers have a connection and compatible device, they can stream OTT content, and the provider can monetize their over-the-top content.
Over-the-top (OTT) platform allows customers to access content on multiple devices including computers, mobile devices, gaming consoles, and smart TVs (Roku, Amazon Fire TV, etc.).
An important thing to note is that video providers must improve their monetization strategy to deliver value-driven content, but this doesn’t necessarily mean changing their business model. The business model, whether Subscription Video on Demand (SVOD), Advertising Video on Demand (AVOD) or Pay-per-view, is linked tightly to the platform and the audience. However, your monetization strategy should constantly evolve and adapt to the current market dynamics and consumer expectations.
If you’re going to create video content in 2023 and beyond, you will have a great start. It’s the best time to start monetizing your content as users continuously reach for more engaging and educational content throughout their day. Do not wait! Share your requirements with us and get your own VOD platform launched across 12+ platforms!