With more consumers moving towards online video streaming services like Netflix, Hulu, HBO Go, and more, traditional TV has taken a backseat. Young people head to video streaming platforms not just for entertainment but also for news, education, and informative videos.
About 62% of US users access YouTube daily. Seeing the increase in user penetration and revenue potential, many businesses are starting their video streaming platforms.
Many solution providers can save you a lot of time and effort in creating a streaming platform.
With the number of expert video hosting platforms, how do you pick the best video streaming platform? We’re here to help you out.
What are the Streaming Models Available in the Platform?
Every business has its own goals and revenue channels. To earn higher revenue, the platform must support different monetization models. It could be the three major video streaming platform monetization models like subscription, advertisement, and pay-per-view transaction.
But also look for platforms that offer more monetization models that allow you to sell products, plug affiliate links, and more on your video streaming website or app. Third-party integrations are important in branching out your revenue sources.
As you scale your business, the opportunity for flexible and dynamic monetization models will help you gain customers and increase your earnings.
Find the Right Content Delivery Network for Smooth Streaming
Video streaming quality and speed depend on the Content Delivery Networks (CDNs). The streaming is slower when the servers are further away from your audience. Thus, look for platforms that have servers across the globe or closer to your audience to avoid buffer time.
Also, check for the bandwidth, broadcast support (real-time), downloads, and on-demand streaming. Some CDNs only support downloads or on-demand videos. Look for a video streaming solution that supports all formats of streaming along with a wide network of servers.
The streaming quality affects user behavior. The smoother the experience, you have the better chances of customer retention.
Can you Customize the Video Player?
When you create a streaming platform, it is essential to brand it as your own. It avoids distractions and brings in more brand visibility. Unlike YouTube, which has its logos, and controls on the video player, pick an online video streaming solution that allows full customization.
For online streaming platforms, controls like playback, quality, autoplay, bookmarking and more, are necessary. But it is also important to customize the look and feel of the video player according to your brand guidelines.
How will Media Analytics help your Online Video Platform?
When you launch your video streaming platform, analytics help you make strategic decisions about your content, using data on customer behavior and response to your content. Real-time analytics help business decisions on improving your platform and content.
It also allows you to personalize suggestions and market your business and content according to the data. You can check the patterns of what videos have the most views, the time spent on each video, the number of playbacks, and more.
Pick an online video streaming solution that not just helps you collect real-time data but can categorize it efficiently.
Compare Prices of All Streaming Solutions
While the quality of services and features matter, it is also essential to understand if a streaming platform fits into your budget plan. Some platforms providers cater to enterprises and their premium plans are curated to match their customer portfolio.
The features can match what you need for your business, but there are plenty of solution providers that can offer the same for a lesser cost. Understand the pricing and the features and create a price comparison amongst the platforms.
It helps you narrow down your options on the different platform providers. Some platforms have various packages, and you can always upgrade your plan as your business grows.
Check what Payment Gateways are Supported
Video streaming for business can now reach a wider audience across countries. It’s advisable to find a platform provider that supports multiple payment gateways, currencies, and more. You do not want to miss on a potential customer just because your platform doesn’t support a payment gateway they are comfortable with.
Also, check for support on multiple currencies, security of transactions and safely storing customer card details, and more. If you have subscriptions, checking for auto-deduction with the saved cards also makes your work easier.
It isn’t unusual to get overwhelmed with the options in the market for launching your streaming platform. But, if you follow this checklist, you’ll be able to narrow down your choices and pick the best provider for your business.
Although many features sound great, pick a provider that suits your business goals. If the solution is flexible and allows for future upgrades, then you’re likely to have a smoother transition when your business grows.