The rise of video-on-demand (VOD) has completely changed how people access and consume video content. It provides modern viewers with the freedom and flexibility they need. If you’re a content creator or publisher, you would have probably considered launching a new OTT platform to leverage the VOD trend. However, choosing the best monetization strategy for your streaming service can be a difficult task.
While you may be familiar with AVOD, SVOD, and TVOD, Premium Video on Demand (PVOD) is a relatively new monetization method that is quickly gaining traction.
So, let’s take a closer look at PVOD meaning, premium video on demand definition (i.e, what is premium VOD) and see how you can use it.
Without much delay, let’s get started!
What Is Premium Video on Demand?
PVOD meaning (premium video on demand) is a monetization model in which SVOD users pay a premium to gain early access to premium content. In exchange for a premium fee, PVOD provides viewers with early access to newly released content. The term “premium” is classified under “Theater Blockbusters” video content. Furthermore, PVOD is a conceptual term associated with premium video-on-demand video services that rely on absolute exclusivity, especially for blockbuster screenings much upon their grand releases. It has a major impact with instant heavy monetization and releases buzz around titles for yourself and the movie theater or entertainment industry.
PVOD creates a sense of exclusivity for blockbuster content, which encourages users to pay a premium for access to the content. Furthermore, the content is usually available relatively soon after a theatrical release in PVOD On Demand making it a popular attraction while maximizing revenue from new releases. The PVOD model allows customers to buy access to premium content, which is then streamed on demand over the Internet.
It’s important to note that premium VOD differs from TVOD, which allows viewers to buy or rent recently released films.
PVOD vs. VOD
PVOD is just an extension of the TVOD business model. Users pay to access video content in traditional video-on-demand services. What differentiates PVOD from VOD is simply the timing. PVOD allows viewers to get advanced access to a specific title or content in exchange for a higher fee.
Generally, audiences get PVOD releases through their chosen Transactional Video on Demand (TVOD) provider or through their current SVOD subscriptions (such as Disney Plus, Netflix, or Amazon Prime Video) (e.g. iTunes, Google Play, or Vudu). PVOD is a monetization model that works best for premium content, such as early access and blockbuster prereleases. One significant distinction between PVOD and other TVOD models is that PVOD content is generally much more expensive than SVOD streaming services.
What Are the Potential Benefits of Monetizing Videos With Premium Video on Demand?
Some of the potential benefits of monetizing videos with premium VOD are as follows:
· Increased Revenue
The majority of OTT platforms combine PVOD with other video monetization platforms, such as SVOD and TVOD. As a result, current subscribers may opt to purchase premium content. Resulting in higher revenues in the form of increased customer lifetime value (CLV).
· Helps Attract Non-Theater Goers
The best part about Premium VOD is that it allows you to release movies shortly after they get released in theatres This way, you’ll be able to attract an audience who is interested in seeing a movie but does not want to see it in a theater
· Expands Reach
Premium Video enables content to reach a broader audience, including those who may not have access to or desire to attend theatres thereby capturing new viewers.
· More Control
Another significant advantage of PVOD service is that it gives you more control over your content and allows you to schedule the live stream. Instead of worrying about sticking to a TV schedule, you can easily release your content on your own schedule. Because you have more control over your content, you can also decide how frequently you want to release new episodes or movies.
· High-Quality Content
Attendees can binge-watch premium videos on demand with the association of the best broadband speed at any time and from any location. They do not have to deal with buffering or any other issues that may arise during live streaming.
Furthermore, during live streaming, visuals or audio can be unclear, causing problems for the audience and forcing them to leave between sessions. However, in a VOD Premium, viewers can watch high-quality videos.
· Increased Audience Engagement
Viewers can have more interactive and engaging experiences with Premium Video On Demand (PVOD), leading to increased audience engagement and satisfaction.
· Increased Security
PVOD releases minimize the risk of Content Piracy because viewers have legal access to the content, and it is available on multiple platforms.
· Content Sharing
With premium video-on-demand streaming, attendees can share any video with their friends or family. It will be beneficial for you to broaden your audience reach. Furthermore, it can be free publicity for your videos and products. You can also make it subscription-based if you want to make money from your PVOD streaming. The audience must pay a premium fee to access the entire content.
· Cost-Effective
PVOD streaming services are also very affordable and easy to use. You can easily set up a PVOD platform without investing in expensive equipment or infrastructure. Moreover, viewers can easily access your content using their devices from anywhere. It takes PVOD very appealing to content creators and distributors.
Final Notes
Premium video on demand has emerged as an effective monetization strategy that can help you increase your revenue by leveraging the excitement generated by new releases. You can easily capture the attention of those who are interested in the movie but want to watch it from the comfort of their own homes by using it. It’s also an excellent way to expand your customer base and CLV.
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