If each picture is worth a thousand words, then a video is worth a million pictures. There is no other compelling storytelling medium than an immersive video. It is not surprising that we are able to recollect the contents of a video that was watched years ago compared to forgetting what we read just yesterday.
Today, it is impossible to think about videos without thinking about YouTube. With more than 1.8 billion monthly users, YouTube has a very special place in democratizing videos. It is safe to say that YouTube has succeeded in changing the perspective of both video consumption and production. It is a popular platform that attracts businesses and brands on one side, creators on the other and beyond these two, the billions of people who watch videos on this platform. As many digital marketers would say, YouTube is the second largest search engine after Google!
Maybe YouTube is a juggernaut but it does not mean that there is no space available for creating a business out of an online video sharing platform today. To understand the possibilities of business, we have to understand the market and a few factors that catalyze this idea.
The ease of video production
If we were to tell someone belonging to the year 2000 that every person has a device that can record videos, they would be surprised! Smartphone cameras capable of recording high-resolution videos have ensured that the production of content for a platform like YouTube is never in deficit.
This ease of production is complemented by internet speeds that do not cause any hiccups or challenges when it comes to uploading videos.
The convenience of going live
YouTube might not be the leader when it comes to live streaming of private videos but it cannot be denied that the exercise was quite successful with its commencement in 2015. Live streaming has become popular with sports and games. While platforms like Hotstar are already popular for live streaming sports, YouTube has started to gain prominence when it comes to live streaming popular video games. Along with YouTube, platforms like Twitch have established a name for themselves when it comes to streaming video games.
This aspect opens a couple of avenues. One is that you can establish your own niche for live streaming. The other is that there is always a market even when you are competing in the same field. This gives you all the more reason to establish your business out of a YouTube clone.
Creating a marketing platform
Marketing is all about creating a place where people gather and consume information. YouTube has done it successfully – beyond Google ads that appear in between and during the videos, YouTube has its own premium ad platform that charges in the tune of millions of dollars to have a banner on the YouTube homepage. YouTube is also incentivizing content creators whose videos ads are being shown.
When you create a video platform which is frequented by a lot of users, you can create a marketing platform out of it. The moment you create a marketing avenue by gathering users to your platform, revenue will never stop flowing.
This aspect of marketing also gives rise to the possibility of collaborating with creators. In short, you become an aggregator connecting advertisers with creators who will showcase products on your platform.
Apart from marketing, there are also avenues to earn revenue through subscriptions and transactions. Also, the fact that YouTube has introduced stringent guidelines to monitor the videos that are being monetized is all the more reason for you to create your own video streaming platform.
Encouragement of independent creators
A direct implication of video creation becoming more democratic is that the creativity of people is no longer limited by the availability of resources. Platforms like YouTube have given normal users a facility to create channels and build an audience through the videos that they create. This independent creation has also been fuelled by the availability of hardware and internet speeds. It is the public availability of platforms like YouTube that has contributed the biggest chunk to its magnitudes of success.
Creating a platform YouTube helps increase your user base. The success of platforms like Vimeo, Metacafe, Dailymotion, and IGTV are examples of video streaming platforms establishing parallel success along with giant like YouTube.
The growth of on-demand
When the radio was introduced, one anticipated flaw was that nobody would be interested in listening to a message that wasn’t meant for them in particular. We have come a long way from then and today, the time has come to be specific and personal again! Today, on-demand videos are ruling the internet. It could be copyrighted and proprietary content like Netflix and Amazon Prime. It can also be user-generated content like YouTube.
Any business aspiring to create a video streaming platform like YouTube can piggyback on this fad of on-demand content.
There is no stopping video content creation and this would mean that there is a constant demand for platforms to stream those videos. The expectations of people have started to become expansive and at the same time, streamlined. If you want to create a video streaming platform either like YouTube which hosts any kind of content or something that brings content belonging only to a particular niche, the market is still open… With a huge potential for success!