The coronavirus pandemic has impacted businesses and industries in ways previously unimaginable. For some, the pandemic has all but drawn down shutters; however, other industries have seen an exponential boom fuelled by people shifting to remote working and learning through video-on-demand apps.
For Video on Demand platforms (VOD), the latter outcome resonates. Appetite for content consumption has increased manifold – by a whopping 134% in entertainment alone – as have the number of VOD streaming services entering this suddenly ripe market (source).
Naturally, there has been an increase in the demand for video-on-demand providers who are budget-friendly yet pack the entire infrastructure needed to take off.
The convenience of access, affordability and high-speed connectivity will collectively drive the VOD market to USD 87.1 billion by 2024 (source).
Video-on-demand streaming services that focus on education, fitness, sports and movies stand to benefit from this.
They are high-growth domains that will only continue to see a steadily increasing growth rate in key markets such as North and South Americas, Europe, Middle East and Africa.
Industries that stand to benefit from VOD solutions
As theatres and cinemas pull down their shutters during the pandemic, several high-budget productions have been released and promoted on small screens.
This is a major opportunity for filmmakers who otherwise couldn’t swim against the monopoly of large-budget films in movie theatres.
A white label video on demand platform allows filmmakers to distribute films for proportionate revenues and success.
They will be able to amass a large and loyal following, devise multiple monetisation avenues to increase revenue, and promote the film using the VOD platform’s intrinsic marketing and analytics channel.
Video-on-demand apps and browser extensions are all the rage today because colleges and schools are largely shut and operating courses online.
Education as a whole is undergoing a complete transformation with the advent of technology and the democratisation of the courses and the overall playing field.
New-era education companies can leverage a video-on-demand service to distribute course material, conduct classes and tutorials, and create a student base online without having to venture into physical classrooms.
Plenty of such services have additional beneficial features such as live broadcasting and chat rooms, which extend the reach of a company’s video content and make them more engaging.
Using a fully customizable online VOD platform can be a clear boon for your fitness company, given that gyms and health outlets have been shuttered for the foreseeable future and instructors have familiarised themselves with teaching online.
Robust CMS features can help you manage individual uploads, create series, and garner loyal subscribers. Fitness channels can choose to go with more ubiquitous streaming platforms such as YouTube or Vimeo.
Alternatively, they can get a custom platform built for their needs to personalise the user experience and set the brand apart from the vast swathe of fitness vloggers out there.
A Rethink TV report holds that the revenues from sports media rights are set to touch a whopping 85 billion USD by 2025. This goes to show that using a white-label VOD platform to stream sports across the world is a highly lucrative and revenue-generating option, especially during a pandemic.
Despite live sports venues allowing a strict number of people, the majority of watchers are likely to watch live matches from the comfort of their home.
Many VOD platforms also allow for live broadcasts, replays, play-by-play, and statistics, making the experience that much more enjoyable and informative.
Therefore, using the right video-on-demand solution to cater to this audience can rack up a large and loyal following– which is essential, given that the future of sports spectatorship is also up in the air currently.
The bottom line
Just as VOD, in general, has seen a sharp spike in interest and use, so too has the demand for video on demand platform providers.
The right one can make or break a company’s VOD success, so it is vital to choose a video-on-demand software or a video-on-demand company with a large enough footprint and all the right features that make for an engaging and enticing viewing experience.
Investing in video-on-demand service providers to build a customisable VOD platform is by far one of the most lucrative investments a company can make in these times.