A video website has become a catalyst for content and business owners to either begin earning or to supplement their existing revenue.
With what seems like countless hosting options available to users, finding the perfect video platform can be a daunting task. So, to maximize revenue from your ad and content, it’s ideal to choose a streaming service that not only meets your current needs but also anticipates future needs as a result of growth.
The best monetization plan will be one that supports your ongoing video hosting and distribution efforts through funding video production and marketing efforts.
Develop content & build an audience
Before you start earning revenue from your content, build a library of videos that capture the attention of a growing audience to promote interest and repeat viewing. Once you begin to build a loyal audience, you can understand viewing patterns and develop attractive pricing models to keep them coming back for more.
Keep an attentive eye on the demographics of your audience to help guide how you present paywalls. For example, investing time and energy into attracting viewers who are likely looking for free content that can be found on public sites like YouTube is not an effective use of resources. Instead, focus on creating relationships with loyal viewers who don’t mind paying for content they find to be valuable.
Create an ad campaign
Optimize your earnings by assigning specific ads to different videos on your website, then add start and end times on each ad group to keep control over what your viewers are seeing.
Before you commit to selling ad space in your videos, it might be helpful to reflect on whether the following criteria are being met:
- Only specific ads with matching attributes are displayed.
- Ads are assigned to appropriate videos in different sections of your site.
- Ad campaigns offer start and end dates that suit your business needs.
- You can choose how many times a viewer will see each ad.
In addition, explore the functionality of a video platform by considering the following questions:
- Can you choose from pre-roll ads, banner ads and carousels?
- Can you sell or rent videos with video-on-demand?
- Can you give subscribers access to specific videos or your entire catalog?
- Do you have full control over ads, pricing and access rules?
By checking off these must-have video platform features, you’ll put your content in an advantageous position. After all, it’s better to complete an extensive checklist beforehand rather than realizing you don’t have a feature needed to accomplish a new goal or benefit from a promising opportunity.
Determine the pricing plan
Do you know how much your videos are worth? How about the required return on investment to sustain a constant output of content?
Although these two questions seem independent of one another, each has the power the dictate how the other is answered. For instance, if the market demand for your video currently sits at $2.99 for a music video and the production expenses breakdown to $2.00 per video (calculated based on estimated future views), then you will see a profit. On the other hand, if the same market demand exists but your expenses work out to $3.50, then you have to determine whether you can exceed market price without losing paying viewers.
Once you take the time to explore internal and external factors that contribute to pricing decisions, you’ll have a better idea of how to build strategic and profitable pricing models.
Just remember not to underestimate the value of your videos by charging less than your competition. Conversely, don’t overvalue your videos to the point of deterring new viewers from paying to watch. It might take some testing before you land on an optimal price, so try to align your price with the current demand to meet your ultimate monetization goal.
Pay-per-view or Subscription?
Do you want to charge viewers for single videos or give them access to your entire library for a flat fee? Consider the demand and preference of your viewers and price your videos accordingly to keep them coming back for more.
Many video owners have implemented a combination of both methods to satisfy the buying preferences of a diverse audience. Ideally, you’ll have a mix of viewers, made up of those who will be willing to pay a lower price for a single video while others benefit from a higher, yet more economical price for an all-access membership.
Sell tickets to live stream events
Are you set up with live streaming capabilities? With most live performances going virtual nowadays, selling tickets to online events and concerts can help you build a dependable live event revenue stream.
Musical or artistic performances, conferences and expert talks can all be streamed live so that viewers get the real-time event experience — even when in-person attendance just isn’t feasible.
Provide added convenience for your viewers by offering a built-in payment processing system to instill a crucial sense of security. By giving customers the peace of mind that their banking information will be kept private and confidential, they’ll likely trust your website for future transactions.
Once a live stream event has finished, repurposing that content can be a cost-effective way to maintain positive cash flows. Consider converting your live stream to an on-demand video for future viewing or even build a video-on-demand (VOD) series.
This will help you build a substantial video library filled with lots of content to attract new viewers while continuing to inform and/or entertain your existing audience.
As you can see, a comprehensive monetization plan consists of various factors to optimize your earnings and prepare for successful growth. As such, planning for success with your video library means having a toolset that allows you to customize your monetization plan to fit your ultimate business goals.
Visit our website to learn more about how Vidflex™ can power your video monetization options.