An online source revealed, ‘’Online Fitness Market size surpassed USD 5 billion in 2019 and is poised to grow at a CAGR of over 30% from 2020 to 2026.’’
Ever since the pandemic hit, there has been a decline in fitness regimes.
With gyms and outdoor spaces blocked, it becomes difficult to get fitter with the virus surrounding us.
Thus to eliminate this issue, multiple fitness trainers started indulging in online fitness streaming platforms.
This opportunity didn’t just raise revenue but also brought fitness to closed spaces.
If you too are looking to create efficient live streaming for an online fitness platform, this blog will guide you through the process step by step.
Top 3 Reasons to Create Online Fitness Class Platform in 2022
At the moment, the demand for online fitness classes is high.
From a business front, building a fitness video on demand will capture more attention and drive the revenue as per your expectations.
Here is another three reasons why you should offer a fitness streaming service:
Digitalized fitness programs
Everything around is going digitalized, so when it comes to fitness, why should such a crucial sector stay behind?
Fitness has always been viewed as a practice that needs to be followed in a physical space which is the gym or a fitness studio. But this outlook has been changed since the pandemic.
Conducting fitness video streaming has changed the way one looks at to become active. The convenience brings to access any kind of tutorials whether the video on demand or live is making it easy to get more people to be active.
A better way to increase revenue
Previously to generate revenue, it was a huge struggle to get users to visit gyms or physical spaces. There were a lot more excuses related to distance, sickness, and more that led to multiple users unsubscribing from services.
However, fitness platforms online have changed that. As a fitness platform owner, you can choose a range of monetary models to engage with your audience. From premium payments to subscriptions and even pay-per-view, you can charge different sections of your content with this list of monetization models.
If you see closely, you’ll realize that the money you generate from here is twice more as more and more users are depending on the online platforms to conduct multiple activities.
Exhibit better content
Another great reason to conduct fitness streaming services is to provide valuable content.
While the fitness content is always the same, the more you learn and observe around you, you’ll see that there is a huge fitness gap that needs attention. You can tap on these details and share exclusive content at a good price on your fitness streaming platform.
This will open up better networks and fresh fitness content that works to tap better audience attention and increase revenue simultaneously.
5 Steps to Follow When Creating Your Fitness Streaming Platform
1. Create a customer-centric plan
The number one factor that you need to keep in mind is to create content that matters to the current needs of your users. You might be specialized in multiple fitness factors, but you need to only exhibit the one that can be conducted virtually.
Apart from this, you need to also keep in mind the current needs of your audience such as what are they looking out for. For instance, at the moment, users would prefer to have a better mental health balance, so you can offer programs such as yoga sessions breathing exercises, etc.
2. Choose the ideal business monetization model
Next, understand which type of business model will work for your online fitness class platform. Maybe your users are preferring subscription models instead of pay-per-view. Understand the analytics of this choice and make your decision.
The types of monetization models are:
Subscription-based models refer to the process where users have to pay a set fee to access your fitness content for a set period of time.
Access to a huge library of content
- If users wish to discontinue, they have to wait till the subscription period is over.
Advertising based model refers to the process where you can generate revenue in the form of ads.
- Since more users are depending on online platforms, they wouldn’t mind watching an ad that is curated as per their interest.
- Ads can be still annoying for some users which can make them discontinue from your services
Transactional-based models refer to pay per view model. Here you pay a one-time fee to access content.
You pay for what specific content you wish to watch
Watching one type of content and paying every time to stream it can be a costly affair
3. Choose the live streaming format
Next, you need to decide which type of live streaming format you wish to engage with your users. The first one is live streaming. In this format, you are engaging with your users live and there is no need for any edits. You can even put schedules for users to join.
Pre-recorded streaming is another format. Here you can save the video-on-demand content so that users when free can access your content. There will be slight edits to do if needed but apart from this, it is a convenient way for users to access the content at their convenience.
4. Start building your fitness video platform
The next step is to start building your fitness video platform or create a fitness app. There are certain factors that you need to keep in mind before building your fitness platform. One is conducting thorough research and identifying the gaps in the current fitness content.
Applying that content to your platform gives you a better opportunity to exhibit your USPs. Secondly, identify which features you wish to include such as customization options, analytics tools, security features, monetization models, etc.
5. Fix a price
Lastly, once you have everything in place, you need to fix a price. But before you can do this, you need to study your target audience better. You need to understand how much is your competitors’ charge, what are your audience expectations, how much are they willing to pay.
Based on this, your pricing factors need to be determined. You can even include offers and discounts, to make your pricing more attractive. You can even add in freebies to capture more attention of your audience.
Building the best fitness streaming platforms in 2022 can win you a larger audience and better revenue if you do it right.
While you have all the tips to successfully run your online fitness class platform, how do you plan to build the platform?
Here is when reliable online fitness platform providers help. These providers take care of everything, from helping build an efficient platform to providing the right features, security, and analytics you need to enhance your online fitness streaming platforms better.
So, tell us when do you plan to get started?