How To Take Advantage Of Consumer Habits And Succeed In The VOD Business

by Neha Sharma Digital marketing head

Video On Demand can be called an issue of the ‘connected’ age that we are living in – all thanks to the internet. Content, today, is streaming and instantly available, like it never was before. Consumers are enjoying the increment in choices that technological development is presenting before them, and as a result of this, some of their habits are changing remarkably.

Let us get straight to the point now, and know how you can take advantage of the changing consumer habits to succeed better in your VOD business.

Look at how the development of new technology has given consumers more choices –

§  In when they watch video content

§  On what device they view the content

§  Where they choose to watch the video content

The broadcast industry is witnessing this trend of increased choice for consumers in a rather noticeable manner.

In such a situation, the first thing you need to consider is –

The VOD Landscape Right Now

One word that signifies the current Video On Demand scenario is Development or Growth.

Quick and steady growth can be witnessed in almost every area related to VOD.

You can consider the growth of BBC’s iPlayer, ever since the year 2009, as an example of the above statement. The iPlayer is a prime example of the changing behavior of consumers – with the requests doubling in half a decade’s time, and the constant rise in demand.

Not just the iPlayer, but services like UKTV’s UKTV Play and Channel 4’s All4 services have also experienced considerable rise, demonstrating how the habits of consumers have been changing.

Those broadcasters who, till date, support the traditional broadcasting services are also getting to find out that much of the viewing – be that VOD or Linear – is taking place Over The Top or OTT. These broadcasters, therefore, are doing their best to draw their target audience towards their content by investing efforts and money on their core purpose.

We need to keep in mind how the Silicon Valley ‘disruptors’ have been making their mark, too. YouTube, one of the mobile viewing trailblazers, has been in the business since quite some time now. Its large user base values content variation.

If we look at other disruptors like Amazon, and Netflix, Amazon’s gargantuan e-commerce business helps the funding of its Amazon Video service through Amazon Prime. Netflix, in its turn, has succeeded in convincing the video streaming markets that high-value content with low-cost subscriptions can give good returns in the future, and help in the development of a large, global user base. Both have invested millions and millions of dollars in original content, state of the art technology, and the best of advertisement.

The way these two services have grown holds great significance. In just about two years, Amazon has seen about a 3.5 times augmentation in subscribers.

What this Situation Means for the wide Video Content Market

This situation shows that consumers today are enjoying, and utilizing to the fullest, their ever-increasing ability to select what they watch, and when and on what they watch it, too.

Disruptors, for their part, are making sure that their services can be available on as many platforms and devices as possible.

Good quality of content, and a high standard of User Experience are in focus more than ever.

What You Can Use To Your Advantage

The facts that you can use to your advantage are that:

ü Consumers look for and patronize content that is of a good quality

ü There are a number of sources through which consumers can find the sort of content they want

ü People are willing to pay suitable money for high quality content

ü Consumers can move anywhere they find good content

ü If your content is engaging enough, consumers will find you for it

ü What consumers expect is an extraordinary experience from and in your service

What you need to aim at, therefore, is to have an USP that can enable you to stand prominent and attractive in a market full of choices for consumers.

The market is open for you, if you are a content owner, or a broadcaster, wanting to launch a VOD service.

We have just discussed how the desires and habits of consumers are changing. If you can take advantage of the shifts that are ongoing in the market, and utilize the different dynamic services that are being offered, experimenting with many models to give consumers all that they want, you can grow your business rapidly and constantly.

Feel free to get in touch with us at Ascentspark Software for any guidance, assistance, and solutions you might require in your endeavor to succeed greater in your VOD business.

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Created on Sep 10th 2019 11:43. Viewed 251 times.

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