Hello!
Content owners and Broadcasters all over get excited because this is a special article that will consolidate many things surrounding video monetization for you. It will also relate to information on this day only. So get onboard to know more.
We can agree now that video-making has reached a point where its monetization matters more than the matter of the video. If you can succeed in putting out your video content for people to pay and watch with a respectable turnover then your business can be classified as successful.
That is why a strategic approach to video monetization is the need of the hour. Besides these practical strategies, you will be needing diversified thinking to future-proof your business.
Video Monetization In Detail
Firstly let us set down the official description of video monetization. It refers to the organized revenue generation in business through strategic approaches that are either data-derived or tried & tested for success.
If you are questioning the need for it, it actually empowers you with an income stream that gives you the autonomy to take your video venture in the direction of your preference.
You should know that the market for video-making wasn’t always diversified or in support of artists. Opportunities to be put in front of the camera were stringently exclusive in the olden days with the possible few ones being passed to general entertainers without much variety in the mix of things.
Unlike, in the present, the most opportune time of all to be a content creator what with the advent of a video monetization platform and other benefits that come with the technological advancement of this age. There is high assurance in the air for getting successful in a video venture.
Monetization Strategy Objectives
In order to best monetize your videos, you must figure out all ways in which the overall functioning of your business could be elevated. To say, before you could think of “how do I monetize my videos?”, think “where all can I swoop in to make a mark within my operations?” That will lead you to take accountability for the overall excellence of the operations.
The said excellence can be attained in ways of,
Giving out a well-intentional service better to your customers. Besides just ensuring the normal delivery of services you owe your paying customers, adding in a little more effort in lines of post-sale services or other bonding tactics will take you a long way.
Giving it a personal touch. Let things not be robotic, which they are as it is. Lending that touch of personalization is almost the equivalent of extending yourself personally to be a good service person to your customers.
Don’t hesitate to engage your customers thoroughly to the point of their satisfaction. After all, that is the essence of a good business- customer satisfaction. Make ways to bring a fun element into the efforts made toward it.
Portray your unique self out there in the eyes of the world. This should attract your most loyal base of customers to you. After which you will constantly expose them to your uniqueness and authenticity.
Keep your customers’ interests at the front and center of your business. If you act in the interest of your prospects or customers then you are automatically aligning your business to a successful track. Since success with them will lead to the expected monetary output.
Leave no stone unturned when it comes to areas of your business that need due diligence. Attending to every part of the enterprise is essentially ensuring efficiency in its entirety. So hop onto that and push yourself over bringing out the best outlook for your business.
Remember that they are the eternal veritas of a good business and their scope of prevalence is not necessarily restricted to the context of monetization strategies of 2022.
List of Monetization Opportunities
Now if you are looking for ways to amp up the monetary returns all around within the setup of your business then take up all or a suitable combination of the below tips on how to monetize every last bit of your video platform.
- Advertising- Why not leverage the advertisers' want of space to run their ads in exchange for money? This will set you up on a path of steady side revenue which is still good enough, better than none.
- One-time App Purchase- create apps exclusively for the paid membership, for your subscribers who could buy the in-app user experience of your services. Their purchase is based on exclusivity as well as their preference for the comfortability of an app.
- Subscription Models- this is an example of a model depicting a major income stream for the business. It can act as a stand-alone model of monetization yet it can be supplemented by other minor sources of revenue.
- Sponsorship- you may seek or accept sponsorship money to create content tailored for purposes of promotion of the brand dealing out the sponsorship. This might at best support you as an additional source of revenue besides the mainstream one.
- Invitation Rewards- This is a suggestive term for rewarding people aboard your platform who invite new members or prospects onto your platform. This might not fetch you any money straight away yet is a good tactic to pull in the necessary crowd that will eventually lead to higher levels of revenue.
- Donations- going through the facilitation by a platform such as Patreon lets you take donations from offerers which could back up your business in one shot.
- Monetizing Your Fanbase- so if you are privileged enough to be endorsed by a fan following of your own then by all means you must leverage such a blessing. You could choose to sell to your fans merch of your own brand in form of t-shirts, badges, totes, and umpteen other things.
- Affiliate Marketing- as you can suss out, it is one of the means of monetization that happens in association with a retail brand that takes the opportunity of capturing a targeted market through your audience base who are exposed to their product in your own words. They pay you a nominal sum in return for it, which can be your side income at best.
Popular Video Monetization Models
This is the segment that will be covering the models of monetization under the schema of video monetization in general. If you look at it there are three distinct models herein, namely SVOD, AVOD, and TVOD. To elaborate on them,
- SVOD, Subscription Video-On-Demand, is the common-most model adopted by most video platforms as their mainstream channel of income. Subscribers who pay to come onto the platform for viewing contents therein pay a periodical sum in return for access to the entire library of contents available with the platform provider.
- AVOD, Advertising-Based Video-On-Demand, can be taken as the model second to the primary (by usage) for setting up a steady revenue stream in place of your business. In this model, you tie up with advertisers looking to capture their market in the subscribers' list of a platform. Ads will be run on your videos, in multiple ways, to feed their brand to your viewership.
- TVOD, Transactional Video-On-Demand, is a much more straightforward model that lets the content user purchase content individually for the user price slapped on that particular video. Furthermore, there is a possibility in this model to download the video for an offline watch.
A Hybrid Model
Besides the singular use of these models, there is yet another way to monetize effectively incorporating nothing beyond the aforementioned models. This is the concept of hybridizing two models that will work in tandem for actualizing the revenue potential of a content monetization service.
A Geo-Specific Model
There is another interesting point to note about customizing monetization schemes to the specificity of the geographic location of your viewers. They can be located anywhere in the world and yet have access to your platform.
Though, this necessitates the presence of a tech logic embedded in your platform that will only push prices in currency relevant to each customer.
Platforms Associated With Video Monetization
If it has only been a minute since your arrival in this domain, there is a possibility that as a content creator you will be looking for a home for your videos. Even if you aren’t a newbie to content creation you can still leverage the following avenues online for video monetization.
They can be simply addressed as content monetization platforms whose business it is to create an ecosystem of content creators who can find means of making money off of their creations right there. This would be a good place to start for new entrants to the fields as well as their next-level peers.
There are a few of them who are fostering creators and securing them a virtual estate online if you will, wherein they could own their creatorship and take it forward in the secured arms of the ecosystem. They will be,
1. GudSho Monetization Strategy of the GudSho platform lets its content creators launch a new video channel to their name that will be of use in streaming their content to the following of the creator who pays for access to the said channel.
The pricing rights entirely lie with the content creator who can either charge a subscription fee or a one-off fee per video. To say, GudSho channels can monetize with SVOD, TVOD, or its hybrid.
Another advantageous insight is, creators do not incur any middleman costs, what they earn will fully reach them and them only.
2. Twitch Partner Program of the Twitch platform is one for live streaming content mostly in areas of gaming, music, art, and talk shows. It is a well-suiting platform for creators who are looking to take their games to the next level.
They welcome artists who engage live audiences, a substantial figure at that, to come to venture their platform. They provide the “partners” with three ways to monetize their live-streamed content: subscription, bits, and ads.
Out of these three, the only native concept of the platform will be “bits” which are virtual goods for sale on the platform bought by viewers to cheer that creator.
3. YouTube Partner Program of the YouTube platform is a widely known program for creators who have made themselves a video career YouTubing. The monetization policy under this program enables “partners” to see some money at the cost of revenue-splitting with the platform. Yet it can provide adequately.
As much as it is feasible to create a lot of content, entertaining even, YouTube sets down a lot of regulatory measures to filter out creators or content that are inauthentic, inappropriate, or outright ineligible according to the standards of YouTube said.
4. Patreon Monetization Strategy of the Patreon platform is centered around the idea of exploiting the fandom of an artist for monetization. What goes on in such a setup is basically converting your fans into subscribers of your channel which streams videos to “subscribed by payment” participants only.
Not just the Patreon platform spares interest in bringing a genuinely communal element to the creation of the channels on its platform. The artist-audience engagement arises from a value of true appreciation for the artist by their fans that is taken up to a point of monetization. You have only two ways to make money with respect to Patreon, you raise a subscription fee or you receive donations.
5. Maestro Streaming Monetization… of the Maestro platform offers a bunch of ways to sell a video that can be live, recorded, or interactive. These ways tend to cover every corner of untouched video monetization such as in the case of shoppable videos enabled by Maestro. There are clearly variegated strategies for monetization at an artist’s disposal here.
You can put on a ticketed show from which you could earn, you can roll out subscription-only services, you can do live streaming integrated with an on-spot shopping facility, and you can find sponsorships.
6. Vimeo Monetization Platform is a strong name in the game with a long-standing history in the video streaming business. The platform lets creators monetize their videos mainly through subscriptions, apps, and live events. The app strategy sustains through the extensivity of your brand value whilst the live events do the same as well.
Besides, it also offers the possibility to create a premium video website of your own that will act as your ultimate venue to reveal the full identity of your brand profile.
It also ensures that the outreach of your creator’s identity is global in terms of a multinational currency approach. And it definitely supports creating momentum amongst your subscriber base by incentivization.
Tips To Create Your Own Monetization Platform
Now that we have seen all that we could cover about video monetization in general yet assuredly meant for the current period in the industry. It is time to address the motive behind it all. Why talk an entire deal on the subject of content monetization, revenue models, and on-demand platforms if it is not so that you can dive in and experience for yourself firsthand?
As a content creator or owner, you tend to be in a position of cluelessness when all you have focused on so far is the matter of the content you hold in your possession.
But in order to push those contents forward for the world to consume you need to agree that there has to be quite a substantial amount of effort expended on positioning the content as “grabbable”.
This process includes marketing, pricing, and other relevant factors surrounding the functioning of any top monetization platform. Once you have in check all these aspects ensuring the commercial success of your video business, there has to be a fruitful monetary turnaround in it.
Amongst many a provider securing the future of content creators and broadcasters in the way mentioned above, take a look at GudSho which excels in the provision of a content monetization platform, fully equipped with tools for marketing and analytics of content performance.
You will be able to launch a video platform of your own- dedicated to your brand of content only. The pricing rights of your content lie with you as well. There are three options to choose from- SVOD, TVOD, or their hybrid.
Now the necessity of having your own platform is the autonomy that begets other benefits such as 100% returns, brand differentiation, and the sweet freedom of a self-made content creator who has got the hand of it.
In Summary
We are at the end of our surely lengthy discussion on video monetization in 2022. Before bringing it to a conclusion, you must be notified of one last thing. Whilst all the details discussed herein are true to the fact of their advantages it is imperative that you take a stock of your business and check for its compatibility with the discussed models of monetization and find for yourself the right ones that fit in with your business.