In today’s world, social boundaries are being broken down all the time, with new platforms being built and utilised by us, the general public, all the time.
For instance, Facebook was once king of the social media castle but with the dawning of each new day, it’s becoming more and more obsolete (of course, Mark Zuckerberg has moved with the times, so he won’t be losing any sleep). Today people prefer taking control – and they like visuals – hence the rising popularity of VoD services.
When it comes to enjoying television programs, movies, documentaries, sporting events, concerts and pretty much anything else for that matter, people more often than not, turn to VoD services to satisfy their entertainment needs; so this probably makes traditional television the Facebook of yesteryear.
VoD Gaining Ground
First of all, let's see how research companies evaluate and project the VoD market size.
The global Video On Demand (VoD) offerings can essentially be categorised into pay TV, transactional based and subscription based services, which means there’s plenty of scope within the industry.
According to Market Insights, Pay TV accounted for a whopping 90% of the total global video market share in 2014. But, believe it or not, the popularity of subscription-based services are expected to increase three fold between now and 2020.
In terms of revenue potential, IDATE projected that the global VoD service revenue would reach to 34.4 billion euros in 2018, with almost 50% increase compared to 2015.
VoD Success Factors
Now, let's seeIn essence, if you want to start or run a sustainable VoD service, it comes down to two major factors, which must not be ignored:
- Keeping up with an ever changing and evolving marketplace
- Service usability and streaming quality
According to Analyst Jason Bradwell, 70% of VoD users give negative feedback, mainly about missing functionality and streaming performance issues – so if you’re thinking of dealing in VoD, or expanding your current services, these two things are really worth focusing on.
Another way to stay successful in the video streaming world is with constant innovation and fresh new content – if people are paying to use your service, they’re going to want a great user experience and a level of entertainment they feel they can’t get anywhere else.
For instance, Amazon video on demand offers its users a seamless function in which to watch their exclusive content even when they’re offline, and Netflix send out visually stunning e-shots to their subscribers when new content has been added to the service, based on their likes, dislikes and viewing habits. These small but innovative touches keep people interested.
In short, VoD is on the rise – and it’s not unfeasible to think traditional television will be a thing of the past within the next 10 years’ time. Of course, that means that video on demand will become a staple in almost every household – do the right things, keep evolving with times and you too will reap the rewards.
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