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Do you think of starting a small business to make extra money in your spare time? What about making money by creating videos? Many like you are already doing it.
Today, creators realize that video monetization can be leveraged for building a successful business. Are you trying to figure out how to monetize your video content and turn your creativity into a profitable business? We’ve got you covered.
In this post, you’ll get to know what exactly is video monetization and how you can make the most out of it.
What is video monetization?
Publishing videos that you have created or own to make money online is known as video monetization.
Usually, you can make money from your video content with advertisements, paid subscriptions, or one-time transactions.
How to get started?
Uploading videos to your social media accounts, makes you a content creator, whether you realize it or not. But making money out of it is on a different page.
Firstly, you should own all the rights to use all visual and audio elements in your video for commercial purposes in order to avoid legal ramifications.
Now, it’s time for your creative juices to flow. Think about what you are good at and start creating videos. It can be anything from daily vlogs to tutorials or lifestyle content or event entertainment videos. It’s all about what you are good at creating.
Once you have decided upon the nature of your content. Do some market research and decide about the nature of your video business
Take a look at our checklist to start your video business
To start with you will need 50 to 100 videos and a consistent video posting schedule.
How to monetize videos?
You can upload your content on platforms like Youtube and hope for the best or build your own streaming platform and start earning from day one.
If you are a beginner, start with Youtube or social media to get the hang of it and acquire some audience and later divert them to your own streaming platform when you are ready for it.
With your own streaming service, you have to decide upon the monetization strategy as you are the chief decision-maker. Let’s get to know the basic monetization models.
There are three basic monetization models: AVOD, SVOD, and TVOD or you could choose to monetize with a combination of all three – Hybrid.
Ready to dig deeper?
What is AVOD?
When you watch videos on Youtube or Dailymotion, you first see an ad before the content starts playing. This is an example of Ad-supported Video on Demand or AVOD.
Basically, your advertisers pay you to place their ads on your videos. The ads can be placed before, after, or in-between your videos. They are called pre-roll, mid-roll, and post-roll ads.
Running a successful ad-monetized streaming service requires a sizeable viewer base and some ad-network contacts.
What is SVOD?
Subscribers pay a recurring fee, usually monthly or annually, so as long as they continue to pay, they can access your content without any restrictions. This is the most commonly used monetization model – thanks to the success of Netflix. Today regional entertainment creators are following the path.
What is TVOD?
TVOD allows your viewers to watch content on a pay-per-video basis. The two main ways to monetize this way. Amazon rental and iTunes are the typical examples of this model
- Grant access to a video permanently, it can be downloaded (but not distributed)
- Grant access to the video for a limited time
Which monetization model will make the cut?
It can be tricky to determine which is the best monetization model for your video business.
The truth is, you won’t maximize your revenue potential if you stick to one of the three primary video monetization models.
You can integrate ads into your subscription plans, this way you can subsidize your subscription fee and thereby acquire more users.
Though you monetize your videos with subscriptions, you can always monetize select content (like live sports, new movie releases, or premium content) on a transactional basis for viewers who may not want to subscribe for a single piece of content in your package. You can always subsidize with ads.
Bundling your TVOD content is another great way to retain and engage your audience.
Also, you can offer exclusive plans for your long-term subscribers – what better way to express your gratitude!
Running a coupon offer and referral programs are also great ways to acquire an audience with creative monetization strategies
There are a number of factors to consider when monetizing videos. To monetize your videos right away, follow these three steps:
Start your own video monetization platform. Select an OTT platform provider that can handle all your requirements and offers premium support.
Find the right monetization model for your business.
Explore and experiment with marketing strategies to expand your business.
Looking to market your video business? Reach out to us.