Internet users across the globe have been increasing Year-on-Year (YoY) consistently. 40.91% of the world had access to the internet in 2015. It increased to 43.81% in 2017and jumped to 49.91% in 2018. This has given rise to an increased usage of video on demand platforms. As the Covid-19 pandemic struck in 2019 and people across the world were forced to stay indoors to contain the spread of the virus, the numbers increased exponentially. Health and fitness were given prime importance and the online fitness platform industry generated a revenue of 6,046 million in 2019 globally. In this article, we are going to discuss how to choose a fitness VOD platform.
Why should businesses create a fitness VOD platform?
People want to adopt a healthy lifestyle and fitness is an important part of the routine. Training under the best is possible for the masses only when it is affordable and remotely available. People want to save time and money while they get the best hands-on training to achieve their fitness goals. Virtual fitness classes are the solution that people across the world are looking for.
If you are a fitness instructor or a business in health and create a online fitness program, having your own fitness VOD platform will help you reach out to a global audience where you can make more profits than offline business models.
Here’s how easy it is to manage your fitness VOD platform:
- Digitization
You can teach fitness classes online from any part of the world. You can run and manage your VOD platform using any device with internet connectivity.
- Multiple monetization strategies
Fitness businesses can monetize online VOD platforms using any of the below-mentioned ways:
· Live fitness classes
· Group classes
· One-to-one fitness sessions
· Pre-recorded videos
· Nutritional consultancy
· Sale and renting fitness equipment
- Networking
Fitness businesses can connect with other businesses in the same space and collaborate to offer specialized services to the target market.
Choosing the right VOD platform provider for fitness businesses
With a plethora of VOD providers in the market, it is essential to choose the right provider to build a VOD platform that stands out in the market. Here’s the list of the features that a VOD platform provider should offer that will help you build an exceptional VOD platform for your fitness business:
- Fully customizable
Customization and personalization are key to reaching out and engaging with your target audience. A fully customizable platform will allow you to cater to all your audience segments.
- White-label platform
Your VOD platform is the first interaction that your audience will have with your business. First impressions last on the internet. Your VOD platform should speak of your brand.
- Mobile live streaming
4.32 billion people across the world use the internet on their smartphones. Only if your users are able to access the best online fitness live streaming platforms on their mobile phones your business will grow.
4. Content Management System (CMS)
Bulk upload, video scheduling, custom thumbnails, multiple media format support, and multi-lingual support are a few of the most important features of a VOD CMS that you should look for. Also, opt for a content partner portal in your VOD using which you can onboard collaborators at any time on your platform to earn an additional stream of income.
5. Multiple monetization models
- Subscription video on demand (SVOD)
Users subscribe to the VOD platform by paying a fee. You can offer packages for one trial class, monthly plan, quarterly, half-yearly and annual plan.
- Advertisement video on demand (AVOD)
In this model, the video content is offered for free to the users and the business earns profit from the advertisement. Ads are displayed at intervals within the video or during a transition from one video to another or at the beginning of the video. The digital fitness platform should have a large number of users in order to gain profitable advertisement deals.
- Pay-per-view
Host your fitness videos on other fitness streaming platforms and generate revenue for every view that your videos garner.
- Third-party ad
Place third-party ads on your online fitness platform that are relevant to your services and earn from the paid ads.
6. All device player
56.05% of internet users access it using smartphones, 41.52% use desktops/laptops, and 2.43% use tablets. This shows it is essential for every business on the internet to be accessible on all the devices that can be connected to the internet in order to maintain and increase the market share.
7. DRM & Security
Digital Rights Management (DRM) and security play an important role in launching a fitness live streaming platform. Over 80% of piracy online is due to illegal video streaming. Your VOD platform provider must secure the audio, video and other content you host on your VOD platform against piracy and unauthorized access. This is done by implementing single sign-on, login protection, AES encryption, SSL certificates, secure video storage, password protection, paywall integration and dynamic watermarks.
8. Analytics
Detailed user analytics is the most important component in any marketing strategy. As a create a fitness app business, you should be able to gain insights from your user behavior and analyze other patterns on your VOD platform. Reporting in various formats and structures help in carrying out detailed analysis.
Conclusion
Utilize the list mentioned above to choose the right VOD platform provider to launch and grow your best fitness streaming services business to great heights online. Create a customized platform and deliver personalized experiences to engage with your audience. Choose the monetization model based on your offerings and audience you cater to and become the next big name in the online fitness market globally.