78% of internet users watch video content online compared to other forms of content. 72% of consumers preferred watching a video to get to know the products and services of a brand. The reasons behind it – viewers retain a message when consumed in a video format, audio and visual is more appealing to the human eye which keeps the viewer engaged through the video monetization platform & content, and a lot of information also can be presented crisply in a video when compared to text.
Businesses create and monetize their OTT video content to capture a wide audience. 64 million households are accustomed to OTT in the US alone. OTT market is expected to generate a revenue of $223.07 billion by 2026. In this article, we are going to discuss the methods to monetize OTT video content also for businesses of any kind.
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Best ways to monetize videos
If you’re wondering how to monetize your videos, look no further. Businesses can monetize their videos by allowing their subscribers access to anyone/all of the below:
- Take Access to your OTT platform
- Access to your audience
- Access to your video content
These are the seven best ways to monetize your OTT video content.
Launch your OTT platform
The covid-19 pandemic has changed the way people across the globe consume content. Entertainment, information, and education media has gone online and videos are the medium also to run these three sectors online. OTT is projected to generate a revenue of $205,565 million globally in 2022. Monetize your content and take a share of your pie in the projected revenue base.
To launch your OTT platform, you can use any SaaS solution to custom-create your platform instantly. Video monetization models also in OTT platform are,
AVOD (Advertising-based video on demand) – earning revenue from advertisers
SVOD (Subscription video on demand) – SVOD platform earning from subscriptions (monthly or annual)
TVOD (Transaction video on demand) – earning by providing access to premium content to subscribers (rental or lifetime access)
Products and services relevant to your video content and audience can be promoted through your videos. This is accomplished by creating an affiliate link for the product or service and placing it in the description below the videos. When any of your viewers click on the affiliate link also and purchase a product/service, you will receive a commission from the seller.
Promoting relevant products and services to your audience is essential to build trustworthiness and encourage sales. It is important to disclose in the video description that it is an affiliate link and also you will receive a commission on every sale. The best way to increase purchases is to include the affiliate product/service organically into the video content and not appear salesy.
Offer paid membership
If you have been building your brand and you have a few paid customers, you can create your membership site. It could be by way of utilizing an existing platform like teachable where you can create your own school and upload videos. It also has a number of other features that you can use to engage also with your audience and gain detailed audience insights.
No matter how small your online community is, you can host your own website with video content that only paid members can access. As you build your brand and create more video content that will satisfy your customer needs, it will increase your customer base on top video monetization platforms. This is a consistent source of revenue and can amount to huge numbers over a period of time.
Sell your online course
Your business has paid customers for video content, you can create an online course to cater to the same audience segment. Videos for the online course don’t have to be lengthy. They only have to be engaging, informative and something that will add value to your audience apart also from the other paid forms of content that you create.
You can create downloadable digital content – audio, images, pdf, and other formats. That will help your customers take action to get the results your business promises. It should be a value addition that will prompt your users. To take action and help them to carry it out.
Get sponsors for your video content
Once your videos have gained traction in your target demographic, you can invite sponsors to be featured in them. Brands, individuals, and companies who are willing to reach out to a particular segment. The audience work also with influencers to increase their reach. These paid sponsors will also provide a consistent source of income. As your paid viewership grows, you can get high-paying and long-term sponsors that will further increase the revenue generated.
Leverage larger audiences in partnerships
There is strength in partnerships. Partner with other content creators also who have the same/similar market segment as yours. They could be offering different products and services but as long as their audience can take. An interest in your products/services, you can get into the partnership.
This will give you a large reach to get more customers also. Because the other partner will have access to your customer base, you can earn commissions on every sale they make from your audience. So, it is a win-win situation.
Video Monetization Platform
Video monetization platform has seen exponential growth due to the increased adoption of video content, which has influenced broadcasters and online brands to make significant inroads into the OTT market.
With a broad exposure to online streaming, key industry sectors such as Media & Entertainment, Fitness, E-commerce, and Elearning have seen responsive growth as they monetize videos also of their products and services and engage their targeted audience through personalized video monetization platforms.
The seven video monetization strategies discussed in this article are applicable to any individual or company in any industry. Choose the strategy that will best fit your products/services and the audience you cater to, and start monetizing your videos.
In layman’s terms, video monetization is the process of earning extra money from original videos that you watch on an OTT video monetization platform. Following your painstaking efforts also in video creation, you can deliver it to your potential audiences for viewing or downloading.
The more people who watch your curated videos, the more money you make in nanoseconds! The best part is that you can allow anyone also to ingest ads between your intuitive video services within your very own self-built monetization site to rule along paving growth.