Congratulations on creating a video you can be proud of! Now that you have a captivating event, game, or creative work of art, it might be time to consider how you can start profiting from your hard work.
The diverse ways to monetize your video can be overwhelming as each option provides a different method to begin earning revenue. Capitalizing on an opportunity that best suits your business goals takes time and research. However, choosing the right monetization model for your video website can make the difference between a hobby and a career.
Freemium Video Hosting
It may be tempting to sign-up with a “free” video host, but many users soon realize that losing ad revenue comes at an unaffordable price. A zero upfront cost model can be a relief for content owners whose limited budgets prevent them from initially investing in their website, but the long-term expense can be discouraging.
Therefore, it’s helpful to map out both your short and long-term goals to determine whether present savings outweigh the potential for lost revenue over the life of your website.
When working with a “free” video hosting platform, you’re subject to whichever advertisements their algorithms choose to display. As such, you don’t have control over ads that might conflict with your own brand image, messaging or values. For example, if you own a vegan restaurant, you won’t want your viewers seeing ads for a fast food chain’s bacon cheeseburger.
Finding a video host that allows you to be selective about which companies are permitted to advertise on your content can provide peace of mind that your brand is protected from contradictory or competitive influences.
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.
By reviewing these customizable options, you can maintain content consistency and suitability while respecting the expectations of your audience. It would be a shame if an off-brand pre-roll, banner or carousel ad deterred viewers from watching the valuable videos you worked hard at creating.
Customize Your Video Website
Do you want to sell your on-demand video or rent it to a viewer for a predetermined amount of time?
Or would it make more sense to offer all or part of your content with a monthly subscription?
Choosing an earnings model that maximizes your revenue and encourages repeat viewing can vary from one website to the next. The only constant is to cater to the preferences of your unique audience, which is essential when preparing a monetization system for your videos.
Consider asking yourself if you have access to the following features to complement your monetization strategy:
- 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?
It might seem like you’re putting the cart before the horse, but having an ideal monetization system for your customers can grow your audience further and promote effective engagement.
Due to the growing fear of sharing financial information online, providing your followers with a trusted and protected payment processing platform is of the utmost importance.
When viewers are directed to a third-party purchasing system, they might feel a justifiable reluctance to offer sensitive personal information. To put their minds at ease, you might want to incorporate a reputable built-in purchasing platform, like Stripe.
With your own safe, on-page payment and billing functions, not only will the concerns of your customers be relieved, but you’ll avoid costly credit card fees that ultimately cut into your profits.
In fact, compared to credit card processing fees ranging between 2.87% to 4.35%, Stripe’s 1.9% merchant processing fee translates to a savings of up to 2.45%, which means you can keep an extra $24.50 per thousand dollars of revenue! It might not sound like much, but when the popularity of your videos pick up momentum, you won’t want to leave that kind of money on the table.
Visit our website to learn more about finding the right monetization options to fit your video needs and business goals.
Or, if you’re not ready to start monetizing but are looking for inspiration on how to approach a new video project, perhaps you’d enjoy reading our other blogs for 5 Tips to Bring an Audience to Your Digital Stage, 3 Tips to Fine Tune Your 2020 Video or 10 Essential Tools for Video Hosting.