The subscription model also known as the “Netflix” style business model is known as the most profitable business model when it comes to monetizing your online TV networks video content. If you take a look at companies like Netflix, Amazon and Spotify you can see where they are headed – millions and millions more subscribers to be added.
When you first start your network it can be a challenge to compete to add subscribers, however with our years of experience we can give you some tips that will speed things up for you.
- Understand the Importance of Free Trials
Understand that a chunk of your potential audience is undecided about trying your platform and offering a free trial is just the little nudge that they need to get them started. The hack that you need to use is to make sure they enter their credit card “before” the free trial begins so that making the transition from a free trial to a paid member is a smooth one (and they don’t bounce).
- Offer Bonus Content
You have a better chance at keeping loyal subscribers if you can lure them in with some bonus content other than your standard subscription offer. Consumers love the idea that they are getting a great deal so use that to your advantage. Examples would be deleted scenes, bloopers, cast interviews and more. You can mix it up as well by offering bonus content with regular content at some discounted rate. The idea here is to make them feel special and that your viewers are getting more than just the standard deal.
- Cater to as Many Devices as Possible
There is a reason that Netflix and Amazon have an app on every device, because they want to make it easy for their customers to subscribe. The easier you make it the more subscribers you will have. If you only offer subscription to your online network or video library on the web then you are missing out on thousands of more subscribers. Roku, FireTV, iPhone app, Android app, Apple TV, Smart TV’s and more are all devices that people use on a daily basis to watch video content.
You have to understand that today the majority of consumers in the developed world have a smart TV or some connected TV device as well as a smart phone. If your not on their favorite device then you are not going to get the paying subscription.
- Price Accordingly
Its best to start off low and then raise prices gradually as your network grows. This will give you an idea of what people are watching on your platform and what they are not. Once you can identify popular content you can charge a premium or on a pay-per-view basis. For pay-per-view make sure you offer discounts for your subscribers and higher prices for non paying subscribers.
Make sure you keep checking what your competitors are doing and what they are charging their subscribers. This will give you a great idea of what the competition is doing and you don’t want to be to high or to low.
If you are doing international content then you want to price your subscription with locally pricing. For example in the US you can be $9.99 but in the UK or Europe you could be at € 9.99 or £ 9.99
In other words you do not need to convert to the currency, just price it locally for that market.
- Have a Great Analytic tool
Bringing in new subscribers is about understanding what your audience wants. You need great analytic to help you track what people are watching, who is watching it, when they are watching it and where people are watching it. With great analytic you can adjust your offers geographically or adjust pricing that fits better with certain age groups.
Great content, great promotions, great analytic, great bonus content, a understanding of the local market, and making your channel availability across as many devices as possible all equal success in bringing in new subscribers.
You also need a partner that is well versed in the video world. T
his is exactly what we do at Tvstartup. Our core product is our “Channel Manager” and it has everything you need to run a successful subscription online video network (with great analytics). If you would like to get started check out our channel manager by clicking here.TvStartup