Why You Should Concentrate on Creating Niche Video Streaming Website
Buyers can be classified into 3 categories: Impulse, Conscious and Lazy. Impulse buyers are those buyers who make purchases without any forethought. They do not do any research before buying a product. Conscious buyers invest a great deal of thought before making any purchases. Lazy buyers are those buyers who seldom make any purchase. They do not take any pains to read and comprehend long product descriptions. The only thing which can convince lazy buyers is a driving force called ‘Video’. In fact, videos can entice all the three categories of buyers. Videos can thus help you target maximum audiences.
Let us take a look at other possible reasons why you should concentrate on creating niche video streaming websites.
Niche Video Streaming- Multiple Revenue Models
You can leverage all the possible revenue models by creating a niche video streaming website. Here is a brief note on the revenue models:
- Subscription based model
This is the most popular revenue model. Video creators who are confident of broadcasting niche-specific content should definitely leverage this subscription based revenue model. People like entertainment. For instance, people in US and UK are addicted to TV series and films. To cater to the requirements of US and UK audiences, there are options such as Netflix, Amazon Prime and Hulu. The entertainment industry in progressing economies like India is huge. Hotstar is an established video streaming services. All the famous video streaming websites feature studio-funded video content. As far as niche specific streaming sites are concerned, there aren’t any viable alternatives. Niche video streaming market is highly fragmented.
As niche video streaming is unexplored, you should definitely try experimenting. You can feature the content of independent video creators. You can encourage amateurs. For this to happen, your website should be discoverable on the web. Customers should trust your services. This happens over a period of time.
- Transactional Video on Demand: Let me explain this with an example- My friend runs a niche video streaming website which hosts content related to stocks, shares, derivatives, futures etc. He is a big time influencer. He runs a few courses on Investment Banking as well. All his course videos can be availed only after paying certain premium. This is Transactional Video on Demand (TVoD) revenue model.
- Revenue through advertisements: The average click-through-rate of video advertisements stands at 1.84%. Banner ads are becoming obsolete. The vogue is to make video ads. Many young entrepreneurs are un-aware of this fact. There is a catch-You can earn revenue through advertisements only if you have a very large audience. You cannot earn big money through a single ad. For beginners, it might be daunting to find ad-clients. Therefore, this revenue model may not seem attractive to many. Everything you broadcast on your niche video streaming websites should go viral. Otherwise, you cannot get ad-clients. As far as brand building is concerned, YouTube is the best platform.
Video and smartphone: The combination couldn’t be better
People love watching their favorite videos on smartphones. Don’t believe me? Here is an interesting stat: The number ofvideo views on mobile phones (smartphones) has increased by more than 400 percent. According to YouTube reports, mobile video consumption has increased by more than 100% with respect to that of previous year. The number of mobile phone users is also increasing every year. To instill a sense of personal connection with people, brands are focusing on video content. A niche specific video streaming website gives a better choice to people in the video content they intend to consume.
Search Engines love videos
Popular search engines such as Google Chrome, Mozilla Firefox, Internet Explorer and Bing love videos. The reason is simple- People do not have enough patience to go through a lengthy blog and retain the most important stuff. More often than not, videos increase the time spent by visitors on your site. Videos take care of end-user experience as well. Videos affect the rankings of your website.
A friend of mine runs a niche video streaming website which focuses on contemporary politics. He is an expert psephologist who predicted the triumph of Donald Trump. He also predicted the exit of Great Britain from the European union of the United Kingdom. Initially, he used to write lengthy and highly informative blog posts. Today, he records videos and complements them with insightful blog posts. His website ranking has improved to a great extent.
He uses this little trick to impress Google Chrome search engine. He creates small and inquisitive trailer versions of videos and uploads them on YouTube.He has a larger than life cult status, thanks to his insane number of subscribers. He diverts the entire traffic to his main niche video streaming website. You can thank me later for disclosing his growth hack…J
Niche video streaming websites have great ROI
I would like to be upfront – Video production and content creation are not the easiest or cheapest tasks. Apart from investing time and efforts, you should be prepared to shell out significant money. More and more online video editing tools are available at affordable rates. There are many smartphone applications that can help you edit videos without any arduousness.
Audiences do not expect you to make perfect and flawless videos. The quality of content should be great. Design should be decent and your message should be clear enough.
Let me summarize the reasons why you should concentrate on creating niche video streaming website:
- Videos can convince all the buyers. When it comes to convincing lazy and conscious buyers, videos are the best.
- Niche video streaming websites are a great source of revenue. You can leverage all the three revenue models- Advertisements, Subscriptions and pay-per view (Transactional Video On Demand)
- Search engines love video streaming websites
- Smartphones and niche video streaming websites form an amazing combination
- Niche video streaming websites have great ROI and better customer conversion rates.
Keeping all the above mentioned points in mind, you should create video streaming website. If you have any concerns, drop a line or two in the comments space. I shall reply in a day or two. My best wishes are with you and your niche video streaming website. Cheers!
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