US mobile app users spent over $1.3 billion on video-on-demand services like Netflix and Hulu in 2018, a 62% YOY growth since 2017. People definitely have an appetite for watching video on all sorts of devices. This growth doesn’t show signs of slowing down anytime soon.
Like any project, a great idea, a solid business model, and a great execution will get you very far. But how to make your video app stand out from the rest?
Through years of helping our customers get to market, we understand what it takes to launch a successful video business. Over the last 10 years, we’ve evolved Ediflo to handle everything you need to easily set up, launch, and maintain your video app at scale. Here are three key questions to ask, before you launch your video app, that will save you time and protect your budget.
Your video app should have a consistent, identifiable theme, and purpose. Whether it’s video content for foodies, yoga lovers, or pet owners, a readymade tribe will be easiest to find, and build a community around.
Next, you will need to consider where in the world you want to roll out your video app. Is your audience global, or local? Running a beta launch in one or two markets initially, will allow you to test your video app with a small number of consumers, and bring these learnings back into your product roadmap, and optimise your budget.
There are so many ways to watch video these days. Each OTT platform, like Roku, iOS and Android, comes with its own advantages, nuances, and foibles, which should be considered strategically at the outset. Some platforms are more popular in different geographical markets. Usage of the different streaming devices varies by country. For example, Google Chromecast has 29.6 % usage in the Philippines, Amazon Fire TV at 26% in Germany, and Roku and Apple TV have the highest usage in the U.S.
Think about where and when your audience is likely to want to view your content. Will they be commuting and watching via their mobile device, or at home in the living room? Will your viewers use multiple devices, depending on the time of day? They will expect a consistent, seamless experience across platforms. At the same time, be mindful of the device itself. An Apple TV app should behave like it's expected to. An Android phone app should be consistent with the Android ecosystem. You could launch on web first, before committing to a native platform. No matter which OTT platform you launch on, we’ve got you covered.
Choosing a business model has massive impacts on how you will acquire and retain viewers attention, the technology you’ll need to support your product, and the complete end-user experience. There are several business models to choose from when it comes to VOD. Each has its own advantages, depending on the size of your audience, the genre and form of content.
SVOD - Subscription Video on Demand. Simply understood, your audience wants access to your content, and you provide that access with a simple monthly fee. Typically SVOD apps cost between $3-10 per month.
AVOD - Advertising Video on Demand. Your business makes money from advertisers who want your viewers’ eyes on their goods and services. It’s simple and straightforward, and though it often disrupts the viewing experience, it also allows them to watch your content for free.
TVOD - Transactional Video on Demand. Though not yet prevalent on OTT, TVOD has existed on set top boxes and other sources for video content. TVOD refers to the business model where viewers pays for (often) individual pieces or packages of content.
IVOD - Interactive Video on Demand. It is the newest and, we think, the most interesting VOD business model to explore. Interactive video as a concept is gaining more and more traction. IVOD is a business model where you make money via viewers’ interaction with your video. IVOD includes any interactive overlay that enables a revenue stream for your business.
Have more questions about launching a new video app? We have answers! Talk to one of our team today.
Let’s talk about what Ediflo can do for your video business.