Business

How to Build Your Own Fitness Streaming Platform?

It is expected that Fitness and health app industry will have a growth rise of USD 3.50 billion in the period 2021-2025 owing to the pandemic of COVID-19. Taking into consideration the successful adoption of IoT, front run by wearable devices, it is not surprising that Health and Fitness were among the most favored app groups. As per Pew Research Center, 21% of US citizens have a fitness tracker or smartwatch. If your gym or fitness studio has been shut down owing to lockdown limitations, or you want to connect to a bigger audience, it is an ideal moment to release your white label health and fitness app in the virtual world and cash in on it. Thinking of how to start a fitness studio business? A fitness video program or online fitness platform is a current trend that is becoming so popular.

Reasons for Creating Fitness Streaming Platform

A lot of popular fitness studios with initially developed subscription networks increased their audience base remarkably in 2020. Most gyms have reopened after the pandemic but according to a recent survey, only 45% of participants have been to an exercise class or gym since the outbreak of the pandemic. The fitness streaming service future is digital and studios that were largely in the brick-and-mortar businesses have turned to adapt to this change. 

So are you thinking of how to start your own fitness studio? There are several ways to monetize your online fitness videos or fitness streaming platform. From OTT channels to Instagram to pay-per-view, all people from fitness influencers to franchised companies are looking at making money via online content. By making your own OTT channel or fitness video streaming platform or create online fitness program, you have the ability to make missing content from the industry or content that is an addition to you. You can now know how to launch a fitness studio online.

Launching & Creating Your Online Fitness Platform – Important Steps

So are you planning on how to start an online fitness studio?

  • Decide on your offering: You have to take into consideration the financial and physical feasibility of every service for you and your customers. 
  • The requirement for mental and physical well-being has got to a high point, and also the demand for services which assure this. 
  • Select a business revenue model – Online fitness centers or fitness videos on demand can be divided into two kinds of business models. These are based on VOD or video on demand which makes up the studio’s foundation:

TVOD or Transactional – individuals pay a one-off fee for the content

SVOD Platform or Subscription – individuals pay a repeated fee to get access to fitness video subscription or online fitness subscription. 

  • Decide on the kind of streaming – With changing times, the fitness industry witnesses major disturbance in how they function. With the fitness industry moving online, you can opt to serve customers with – pre-recorded workouts or live streams. 70% of fitness enthusiasts favor online workout classes as they offer enough space to be flexible.
  • Build your own platform – Some features which are superior attributes that enhance UX on your online fitness platform and help build your own online fitness platform are complete customization, live streaming for fitness exercise video sessions, on cloud/on-premise, CDN, security & DRM and transcoding.
  • Price-Setting – The average online fitness class platform uses a subscription-based and transactional pricing model. It is recommended to start at one of these price points and then expand or decrease based on audience feedback.

Growing Your Subscriber Base – Things to Do

Referral program –With a growing range of OTT fitness platforms online and monetization choices to select from, creating a video business has never been easier. Thinking of growing your online fitness setup? Make it the main objective of your online fitness business, there are countless opportunities with live stream networks today. A referral program will help you grow and increase your subscriber base for your online fitness classes.

Encourage customer loyalty – It’s important to build a dependable customer base. The main way to do that is to develop customer loyalty and keep giving the members. Audiences reasons to keep coming back to the online workout classes/sessions

Stay focused on content – In the present times, content is king. Making the best online fitness streaming platforms give business owners and creators the opportunity to use. New networks and have a regular income flow that is not linked to an in-person studio. With an online fitness program or OTT channel, you have the ability to make money in fitness industry the content. You feel is missing from the domain or the content which is a part of you. To build and maintain a subscription base, you have to create content. You must stay focused on the content platform as your business mainstay if you want a fitness subscription. 

Stay in the trend – Make sure you be in the trend and create new content on a regular basis. Sellers who have more than 500 videos witnessed retention rates of 91% on an average basis. Regular uploads are the top way to keep subscribers around for longer. 

Conclusion

To summarise, online fitness streaming platforms and fitness studios will have to transform into click-and-mortar services. Both offline and online exercise sessions or risk losing market share to more innovative gyms. And a plethora of online fitness apps.

Existing create fitness apps will frequently use artificial intelligence to get to know their customers and offer personalised recommendations.

Finally, fitness apps will compete for user retention and acquisition, with app churn increasing and people’s motivation to exercise decreasing. Those who assist customers to achieve their dream fitness results quicker with artificial intelligence will thrive in business. 

Meryem Rai

Blogger and OTT Expert & interested in digging deep into vod streaming platform media business tools and Love to discuss and share views on the latest technologies tips, and tricks.

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