As the Covid pandemic rages on, the digital entertainment industry is growing rapidly. Users are staying in their homes and watching an unlimited number of movies, web series, and TV shows. Entrepreneurs can lead this lucrative industry by creating an on-demand video streaming app.
How is VOD app development a highly lucrative business?
Subscription plans - Movie buffs can catch their favourite stars in action by purchasing different subscription packages. Likewise, you can provide monthly, quarterly, and yearly plans. Cinema enthusiasts will get advantages like access to blockbuster movies, ad-free play, HD content, and multi-platform compatibility.
Advertisements - Partnership with domestic and international brands will fetch more revenue. Mediapreneurs like you can use the power of celebrities and influencers to promote products and services. The total revenue will depend on the number of clicks, impressions, likes, and views.
Sale of merchandise - With digitization being the buzzword across the universe, setting up an e-commerce platform is the right option for entrepreneurs. Customers can purchase branded fashion accessories and games.
Entrepreneurs can also tie-up with talented artists and creators to launch customized collections for currently released movies and upcoming web series. You will receive delivery fees, gross merchandise value (GMV), and order cancellation charges.
Transaction processing fees - Online payments are the future of the digital economy. Likewise, an on-demand video streaming app is integrated with several payment gateways. Users need to pay a specific fee while buying goods and subscription plans.
The fees will vary depending on the mode of payment like credit and debit cards, e-wallets, net banking, and international wire transfers. Mediapreneurs like you need to partner with the leading banks and fintech startups for providing cashback, discounts and offers to cinema enthusiasts.
The global video streaming industry will grow by 21% in the next 7 years. Are you that entrepreneur who is keen on revolutionizing the entertainment sector? Start video app development now by hiring an app creation enterprise soon.