Posting Point
Statista revealed that by 2027, the SVOD model revenue will be subjected to growth by 11.48% in 2023. The subscription-selling platform is garnering attention due to its ease of accessing an unlimited content library.
Thus, if you play it well, your SVOD business model can drive twice the revenue. So, to help you manage your streaming subscriptions better, read this blog to find all the tips.
How To Drive Revenue From Video Streaming Subscriptions?
1. Deliver Your Promises
When you are committed to offering your users valuable content for a nominal fee, ensure you meet that promise. The number one factor that prevents any user from dropping a svod platform and visiting competitors’ platforms is when business owners fail to deliver on their promises.
You need to continue your loyalty from day one. Everything you promised to offer your users, such as frequent discounts, ease of SVOD platform usage, access to the unlimited content library, etc., should be fulfilled.
2. Offer Valuable Content
If a user is paying a high amount and receiving lesser content access, they will move away from the subscription content platform sooner. Users will retain their attention on only those video subscription platforms that offer them valuable content for the investment they’ve made. Thus you must provide the same.
When you offer your content library, ensure it covers almost all movies, tv shows, and other forms of content. Add in the classic movies or the latest ones to tap more attention from your users.
3. Provide Various Subscription Packs
As you’re aware, the SVOD model has unique package prices; you can drive more revenue by splitting this SVOD model into different categories.
For instance, you can offer various types of subscription-based content payments. You can have a basic plan, a special plan, an advanced plan, etc. On your pricing page, you can even list what are the benefits of each investment as with a basic plan, users will receive good video quality, but if they opt for the advanced plan, they will receive a better version.
4. Drive Revenue From Your Actual Content
The best way to drive revenue from your subscription selling platform is to understand what can drive your content better. For instance, if you have a fitness page, there are multiple ways to drive revenue, such as:
- Offering discounts on exclusive fitness workouts
- Having a subscription plan to access certain fitness videos, etc
Understand the purpose of your SVOD business and find ways to drive revenue, as seen above.
5. Create An App
If you’re SVOD model doesn’t have an app, you’re losing out on more revenue. While accessing video subscription services on desktops is common, users are more dependent on smartphones today.
Accessing your video subscription platform becomes much more accessible via an app. There are multiple benefits attached to it, such as:
- Can access your platform anytime, anywhere
- It doesn’t require carrying additional equipment, a smartphone is enough
- Can stream content anywhere without any interruptions, etc
6. Exhibit Your Unique USPs
The number one way to drive revenue from your SVOD model is to analyze what makes your platform unique. If you see around you, tons of SVOD platforms are on the market. If you wish to drive revenue higher than theirs, you should offer a unique factor that will draw your user’s attention.
There are multiple ways you can exhibit uniqueness via your platform, such as:
- Offering better features that your competitors don’t offer
- Making the platform more straightforward to access
- Adding in extra comfort such as subtitles, recommendations, reviews, etc.
Good market and competitor analyses can help you create unique pointers to enhance your video subscription services.
7. Increase User Engagement Anywhere
Another great way to drive revenue from your SVOD platform is to increase your users’ engagement anywhere. For instance:
- Take surveys where users can give feedback about your platform
- Involve users to share their opinions about the way your content library can be accessed
- Ask your users what features they would personally like to be on your platform, etc
8. Take Care Of Your Existing Users
While you continue to tap new users on your best revenue model, you cannot leave behind your existing customers. Did you know that your existing customers can help you capture more users?
These users can get more attention and immediate sign-ups via word-of-mouth advertising. To take care of your existing users, ensure you conduct the following actions:
- Offer frequent discounts when your current subscribers renew their subscriptions plans
- Give them access to exclusive content
- Offer them a free plan for a time period when they refer their friends or family, etc
9. Avoid Forceful Subscriptions
Users don’t like the moments when a video subscription platform eliminates the options or makes it difficult to unsubscribe. Every user can explore the multiple SVOD models available in the market and choose which ones suit their interests best.
Apart from this sometimes, users move away from subscribing to SVOD platforms for other reasons, such as exam timings or work trips, etc.
As a business owner, you should be confident in your content subscription service and focus on tapping your users’ attention and giving them the freedom to let go. If your service matched the user’s attention, they would come back.
10. Offer Multiple Payment Options
Lastly, just like how you offer users an unlimited choice of content libraries, do the same when making payments. Every country has a different and popular payment option, such as in India; apart from debit cards, Google Pay is a popular way to pay money. Ensure you learn about this and add the payment options accordingly.
Conclusion
The OTT business benefits from this best revenue model as it is one of the popular sources of income here. Imagine having the benefit of subscribing as per your time period without any hassles or forcefulness. Now that you know how to drive revenue from your content subscription service, it’s time to create an efficient video subscription service platform.
To avoid the hassle of starting from scratch or conducting other time-consuming activities, investing in a subscription selling platform provider helps. These providers offer many benefits and features to enhance your SVOD platform. So, when are you planning to kickstart your streaming video subscription service?
