‘150 million active users of a single OTT platform’
Based on this data, one can say that OTT is the new dawn of entertainment as it has occupied an irreplaceable space in our phones & life.
Just like Tea-Coffee, OTT platforms are now part of our daily lives, we can’t miss doze of either of it. Many OTT platforms are available, but only one can lead the league, to lead two factors are to be kept in mind. Subscription rate & Churn Rate, subscription rate means just as the name goes the total number of subscribers & churn rate means several canceled subscriptions it may be manual or it may have automatically lapsed.
What is SVOD?
“Subscription” is a layman term, we subscribe to the services i.e. basically we pay for the services. SVOD on the other hand is not so familiar term. A lot of people are using the SVOD model on a routine basis without identifying the term. The entire subscription plan for OTTs comes with varied models; each plan is different from others in the context of Payment & Services. Pay Per View & AVOD – Ads Video on Demand.
What is the SVOD service? This question is generally goggled by the people who are about to subscribe to any OTT platform because out of all models, SVOD is most prominent. Under the SVOD model, the viewers have an option to pay only for the content that they are willing to watch or subscribe to.
Benefits of SVOD:
A common complaint that viewers have from TV subscription packages is that they have to pay for certain channels that do not want to see or watch.
SVOD is highly preferred by the viewers as they get an option to pay only for the content that they want to watch. Not only from the viewer’s point of view but the platform’s viewpoint as well it’s a complete win-win situation as it provides a stable source of revenue. Besides, there are several other benefits of SVOD.
- Customer Base: Platforms generally publish their premium shows under the SVOD model. Viewers will tend to stay connected with the platform to watch their favorite or desirable shows. Ultimately it will lead to a formation of Loyal Customer Base.
- Promising Source of Income: Since the customer has to pay according to their selection of content, it is a sure shot move that revenue will be generated for a predetermined period.
- Easy Pricing: The SVOD strategy is to serve subscription video on demand, hence the viewer has to only pay for what he/she watches. Thus the pricing policy is easy to understand & earn as well.
- Exclusive Content: A lot of OTT platforms have a multi-layered selection of content they want to showcase on their platforms. they will not randomly telecast any series or show on OTT. An exclusive set of content is released to keep the viewers & subscribers bound. Without investing much in advertising, keep content as a USP; OTT platforms are making money out of it!
- A way for Diversification: If the platform gets exceptional support & acceptance from the audience, it is easy to propose for advertisement or cross-selling of products & services.
How SVOD can play a crucial role in developing business?
In the situation of cut-throat competition where it is tough to just sustain the market, securing a prominent position in the market is out of the question! But here’s a hack, the secret ingredient to secure a leading position is SVOD for OTT platforms.
‘Customer is the King’ its an age-old proverb, that has its relevance & significance perpetual even today. So, it is important to develop a customer-centric model, out of varied models of OTT like PPV i.e. Pay Per View & TVOD stands for Transactional Based Video On Demand, the popularity of SVOD is undeniable.
Audience love’s of SVOD is because they get a complete choice regarding the payment process, complete access over content selection. If the customer gets to pay at their ease, then their loyalty is guaranteed.
“A stronger the client base, better the earring opportunity”
Some popular OTT platforms with SVOD models:
Netflix: If someone loves to watch the most talked shows, he/she is surely a Netflix subscriber. Netflix is one of the leading OTT platforms with 182.8 million subscribers. The total revenue of Netflix for the year of 2019 is 2,015.6 crores USD & its Alexa rank is 20th that gives it a proud entry in the top 50 most popular platforms!
GudSho: Thinking of the right OTT platform to upload your content, GudSho is one of the promising platforms, it’s a content distribution & monetization platform. GudSho supports multiple currencies, thus it’s easy to cover a global audience. Moreover, it has advanced features like ‘SHOCIAL’ that enables easy recommendations.
Prime Video: A new age product of Amazon is Amazon Prime Video, its an American Internet Video on Demand. Amazon Prime is the platform that publishes exclusive & different sort of films & entertainment content, the audience has appreciated its content globally thus it has 100 million active subscribers.
Hotstar: It’s an OTT platform that has two plans one is Hotstar VIP that provides all the domestic shows & the other plan is Hotstar Premium that showcases all the premium content. After joining hands with Disney the subscribers of Hotstar are continuously increasing, as of March 20 it has 300 million active subscribers & its Alexa rank is 251, Alexa rank scales the popularity of the platform.
How to Initiate A Subscription Video On Demand Service?
A famous dialogue from the movie ‘The Dirty Picture’ quoted as ”3 elements are required for a movie to get hit, Entertainment-Entertainment-Entertainment” All these 3 elements are evitable for an establishment of OTT platform.
3 Steps for starting the best SVOD platform:
- Decide the Genre: Genre or Niche plays a vital role once the niche or genre is decided it becomes easy to proceed for developing the viewer centric model & tie the technological knot to it.
- Know Target Audience: Building the target audience is a cent percent important, launching a platform without knowing the audience is just like launching a movie without the title. Knowing the audience can help one understand the content preference.
- Revenue Model: Once the layout is done, the revenue model or pricing policy is to be decided. Keeping the market trends in mind the revenue model is to be developed, thus it will sustain in the market without a dilemma.
Entertainment Industry is changing & OTT is a milestone in the journey. The century demands a platform that is full of perks for both Filmmakers & Subscribers, one such model that satisfies the definition of modern-day entertainment is GudSho. It comes up with the most suitable SVOD model that has set an amazing comfort for both subscribers & content creators. Never miss a Good Show with GudSho!