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Video On Demand (VOD) is experiencing explosive growth, and as a result it’s a trend club operators and fitness professionals can’t afford to ignore.
Matt Given, the CEO of Intelivideo, discussed this trend in a recent webinar titled “Video On Demand: The Technological Shift That Should Worry Fitness Professionals.”
According to Given, club operators need to look no further than consumer trends to see just how big of an impact VOD is having on consumer buying habits. “Bigger picture, you see companies like Hulu and Netflix responding to this consumer-driven way people are consuming content,” he said. “People are cutting cords … and going directly to the content and brands they want to subscribe to.”
This includes fitness. There are a number of early adopters that have already launched VOD channels, including: Pure Barre, which has 500 brick-and-mortar locations and launched a VOD platform last June; and BeachBody, which launched a VOD channel and earned 400,000 subscribers within the first 30 days.
Please note VOD is different from having an on-demand video platform that allows members to only access videos while in your club. A VOD channel allows customers to access fitness videos featuring their favorite trainers or instructors from anywhere, whether they’re at home or working out on your fitness floor.
There are many benefits to launching a VOD channel, including increased reach and importantly, additional profit. “The revenue stream you can get from a growing, on-demand offer — right off the bat you’ll keep 70 to 90 percent of that gross dollar,” explained Given.
There are a number of ways clubs can enter the VOD space, including building their own VOD channel or looking for a technological partner to launch a VOD channel under their brand name.
Regardless of which route you take, Given explained there are six key components that any good VOD platform should have, and he goes into great detail on each in the webinar. Those six components include:
If you’re intrigued by the VOD opportunity, I suggest checking out the webinar. Given provides a ton of great insights into this technological shift and the revenue potential for fitness businesses. View it here.