Growing a video business: Benefits of owning a streaming app and website
An increasing number of people are opting to watch their favourite shows and movies online and this trend is expected to continue expanding in the coming years, with projections indicating even faster growth. According to a report by ResearchAndMarkets, the global video streaming market was valued at $42.6 billion in 2020 and is forecasted to reach $85.5 billion by 2026, boasting a compound annual growth rate (CAGR) of 11.2% during the forecast period. Several factors drive this growth, including the widespread availability of high-speed internet connections, the rise in smartphone usage and popularity of original content created by streaming services.
As the popularity of platforms like Netflix, Amazon Prime and Disney+ continue to soar, more companies are entering the race to provide streaming services, as reported by Statista. The number of over-the-top (OTT) video service users worldwide is expected to reach 2.61 billion by 2023, up from 1.91 billion in 2018, according to Statista's projections.
Traditional media companies are also not behind in this ever developing market. As Variety highlights, CBS, a sports network channel, for example, introduced CBS All Access, which later evolved into Paramount+. Additionally, Comcast's NBCUniversal launched Peacock, another prominent streaming service. These strategic moves signify a transformation in the industry, with traditional media companies adapting to capture the growing digital audience.
The reach of streaming is not confined to the United States alone. According to Forbes, platforms like iQIYI and Tencent Video are thriving in Asia, while services like BBC iPlayer and ITV Hub enjoy popularity in the UK. Furthermore, specialised services like Crunchyroll cater to anime enthusiasts, while HBO Max offers a diverse range of content.
From the Indian perspective, the rise of streaming services catering to the multilingual-multicultural audience has even forced the Government to introduce certain rules and regulations in the sphere. With a vast population, India offers fertile ground for creators. Telecom giant JIO's platform, JioCinema, attracted audiences with free and premium content. With the industry, the notion of entertainment and consumption behaviour undergoing massive changes, the world is at an interesting stage for video creators and businesses. That brings up the question of what video creators and businesses engaged in video creation gains by owning their own streaming website and application. Let’s discuss this further in the next sections.
Video Streaming Transforming Different Industries
Forbes article on ‘Online Streaming Is In Transition As New Industries Shift To Digital Video’ highlights the different industries where online video streaming has carved its path.
Firstly, in the fitness industry, it played a crucial role in keeping gyms connected with their members, especially during the COVID-19 pandemic. This led to the blend of in-person and online workouts, providing customers with greater flexibility which is expected to increase by 35% in 2026.
In the education sector, online learning experienced a substantial surge in popularity due to the pandemic. With online learning, teachers have harnessed the power of video for one-on-one instruction and lessons have been shortened to align with students' attention spans, making it an engaging and effective method of education.
Lastly, when the COVID-19 pandemic disrupted events and gatherings, organisations turned to digital technology to stay connected with their communities. Streaming became a valuable tool in this regard. It allowed a broader audience to participate, engaged younger demographics through mobile devices and empowered organisations to gain better insights into their audience through video analytics.
Problems of Video Streaming for Creators
Demonetisation:
Content creators on YouTube are facing problems with the platform's demonetization policies due to the uncertainty surrounding them.
1. Inconsistent enforcement of ad-friendly policies:
One of the biggest problems with YouTube's demonetization policies is the inconsistent enforcement of these policies. They are often geared towards making content which is more advertiser-friendly. As per Verge, content creators have reported that their videos have been demonetized without any clear reason or explanation. For example, a video about mental health may be demonetized due to the use of certain keywords, even though the video is not promoting any harmful content. Even content based on controversial or political issues may be demonetized due to its sensitive nature. This inconsistency has led to frustration among content creators who are unsure of what content is acceptable for monetization.
2. Appeal process:
TubeFilter in their report states that while YouTube does have an appeal process for demonetized videos, content creators have reported that this process is often slow and ineffective. For example, a video may be demonetized for several days or even weeks before the appeal is reviewed. This can result in lost revenue for content creators who rely on Youtube monetization for their income.
3. Limited Audience Data and Changing Engagement Metrics
YouTube is making changes to the data it provides to creators. According to Martech’s report, they will no longer be able to see certain details about their viewers. For example, creators can't filter data based on things like the language viewers use or which YouTube products (like Youtube Kids) they use. Instead, all of these data will be mixed together and presented as a whole.
Brand Building:
According to the Harvard Business Review article, brand building on YouTube can be a big challenge. Companies have put their faith in branded content for the past decade, but the competitive environment is now forcing them to reconsider. In YouTube channels rankings, corporate brands barely appear depending on the number of subscribers they have. Instead, there will be entertainers who were never heard of, appearing due to paid promotions or sponsorships. Additionally, according to Entrepreneur, while YouTube can be a brand-building powerhouse, small mistakes can draw down even the most well-thought and carefully crafted marketing strategy.
Benefits
Advantages of owning a video streaming platform are highlighted in the reports by Vixy and Elpassion. To know more about these benefits let's have a deeper look.
Control over content
Owning a streaming platform provides creators unmatched control over content, enabling seamless viewer engagement and integration with third-party tools. Efficient video management is ensured, allowing easy categorization and distribution, aiding collaboration and real-time content strategy insights. Moreover, creators also have control on security measures which protect content from cyber threats which is crucial for safeguarding sensitive material.
Control over Monetisation
Owning a streaming platform reduces hidden costs linked to external platforms for additional benefits, ensuring budget predictability during rapid growth. Creators can monetize content through various methods like Transactional Video-on-Demand (charging viewers per stream or rental), Subscription Video-on-Demand (charging for ongoing access), Ad-Supported Video-on-Demand (earning revenue from ads while offering free access), or even a combination of these models, tailored to audience preferences and business goals, enhancing earning flexibility.
User Engagement
Owning a video streaming platform can significantly boost audience engagement, helping content creators connect with viewers more effectively.
Engaging viewers is crucial for guiding them to make a purchase or to take the desired action. Interactive videos, with features like clickable buttons and links, enhance personalised experiences. Research shows 70% of marketers find interactive videos effective. These videos boost satisfaction, increase conversion rates, and offer insights into viewer behaviour, helping creators refine their content strategies.
Moreover owning a streaming platform enhances accessibility and user experience, catering to the on-the-go Millennials. Subscribers can enjoy content without geographical restrictions, streaming anytime and anywhere. This convenience simplifies the viewing experience, fostering a positive brand association through hassle-free and time-saving interactions.
Easier Management with Analytics
Owning a video streaming platform can be a big advantage for content creators when it comes to understanding viewer behaviour and gathering crucial data. This provides valuable insights into viewer behaviour and data. Unlike third-party platforms, creators have full control over user data, including demographics and viewing patterns. This detailed information helps to make smart business decisions and helps creators stand out from competitors. Furthermore, comprehensive analytics from dedicated platforms also offer deep insights, empowering creators to refine their content and keep their audience engaged effectively.
Building Brand
By owning a video streaming platform, creators can enhance their brand visibility and connection with viewers. Unlike free hosting sites cluttered with ads, creators have control over a branded video player, ensuring their brand remains memorable. Customization fosters brand recognition, setting creators apart from competitors. Complete control over the platform's appearance attracts audiences, strengthening the brand's appeal. Analytics enable business optimization, making the brand attractive to investors and potentially increasing its value for future sale.
How can content creators build their own video streaming website?
There are several ways content creators can build their own video streaming website. However, it requires time, effort, and technical knowledge, which can be a challenge for creators who lack these resources. One of the ways content creators can build their own video streaming website is by using a no-code video streaming app builder. Because of this we have introduced Skara, which allows anyone, with or without technical knowledge, to build their own video streaming app or website effortlessly. So, start building up your own website with Skara in just a few simple steps and don’t miss out the chance to give people the content that they want, thus creating a brand that marks its name in the video streaming industry.
