The entertainment industry has changed in the past few years. People nowadays already love the online platform to watch their favorite movies, series, shows, etc. The video streaming app like tiktok have witnessed a huge spike in the number of apps that are now available for downloads in the app stores and the online video genre is all set to revamp the streaming exceptions in the coming years.
Due to the upsurge in smartphone users, increasing 4G/5G penetration, etc have attracted huge audiences in the world photo editing apps and video editing apps. In this blog, you will get to know about various aspects like what things you need to consider while creating a strategy for your online video streaming app, features and functionalities, cost, and much more.
Here are some interesting statistics to dive into the online video streaming app genre. With an increase in internet bandwidth and the rising demand, online video apps are witnessing incomparable growth in the ever-growing market.
- According to the report by data and analytics firm Nielsen, there has been a rise in content streaming by around 75% in 2020, and growth is expected to continue in the upcoming years.
- The industry of online streaming is going to grow up to $70.50 billion by 2021
- As per analysts, the global video streaming market is expected to hit $842.93 by 2027
- It has been also predicted that the number of users of video streaming apps may reach 729.6 million by the year 2025
The estimates and the figures mentioned above, in the statistics, show that there is a rise in the industry and there are new opportunities available and it will be a good option to invest in making such apps. Therefore, if you are looking towards developing an online video streaming app, then dive into this blog as we will be covering all the parameters from creating a video app strategy, and selecting the right technology to vital features.
Live streaming is a live video broadcast of some events that are available for watching in real-time via Internet. It is also the most efficient way to report from the scene. Streamers usually host all the broadcasts using different applications of different types. Let’s have a look at the most popular and different live-streaming apps.
The Live Broadcasting app is one of the most popular types of streaming applications. This means watching videos in a real-time mode and their recording and broadcasting take place simultaneously. You can develop a live streaming app that broadcasts users’ games, their talk about different things, or how they answer questions. Facebook Live, YouTube Live, Livestream, and Periscope are some of the popular live-streaming apps.
Audio Streaming apps work in the same way where users can listen to the music of their choice without even downloading it. The working of an application is quite simple. There are numerous popular music streaming apps available, here are some most popular ones- Pandora, Spotify, and Apple Music.
Video on Demand Streaming type of apps enables users to watch their favorite TV series or movies without even downloading them on devices. Another unique feature they have is that they can pause content, resume, and rewind it as per their choice. As per the rule, users have to pay first and get a subscription in order to get access to the content. Some of the most popular apps in this area are Netflix, Amazon Prime, and Hulu.
TV Live Streaming app enables users to watch TV online on their devices. but, while switching to on-demand video streaming services, they might lose their favorite shows. That is the reason behind creating live-streaming apps with TV broadcasting. Some of the popular platforms are YouTube TV, Hulu, and Amazon Prime Video.
Choosing the right niche that suits your interest the best is the first thing to do to gain the most potential audience possible. Before you choose the niche, it is always the right choice to conduct professional market research and competitor analysis for a better vision. As per your interest, select a category that lacks excellent content. Few most appreciated content categories for online streaming are:
Most people rely on television for sports events as it is quite difficult to manage for people to go to the stadium every time. This will help them in managing time and make their life hassle-free as they can stream the match on their mobile from anywhere.
The growth of the gaming industry has been accelerated in the past few years due to the addition of powerful graphics and the integration of state-of-the-art tech. It was estimated that by the end of the year 2025, the online gaming market will hit $19.015 billion. However, many professional gamers are looking for an opportunity to showcase their gaming skills. so, developing a live streaming app can be a great helping hand for them.
Due to the sudden outbreak of COVID-19, things have changed all across the world. Pandemic had a major impact on the educational sector. Due to this, there has been a massive surge in the online tutoring market. And this has the ability to grow by #132.2 billion in the upcoming years. Therefore, live streaming apps are a potential niche.
The fitness industry is also leveraging the power of the internet to reach out to maximum users. The fitness company Beachbody has seen a growth of 200% in its subscribers after going on a virtual platform. Therefore, it clearly indicates that fitness is a potential niche for you and you can create a live streaming video app and increase ROI.
The first and foremost niche that pops up in our heads for live streaming is Entertainment. It is predicted that the global entertainment market will hit $2.6 trillion by the end of the year 2023. Hence, it clearly indicates that the entertainment sector is a potential niche. Therefore, you can develop a live streaming video app that streams live events and shows from across the globe.
In order to generate higher revenue, it is highly crucial to follow app monetization strategies for the survival of your application. Let’s have look at the most popular options available:
Most of the companies highly prefer in-app advertising as their monetization strategy. Advertisers use sophisticated data tracking to reach a potential audience. And this model is very beneficial for the bigger platforms that have gained a large set of audiences. If your app is successful on the play store with millions of registered users, then mobile advertising networks will take interest in your application.
Each video streaming app is required to provide a certain number of free videos or freemium content to attract a potential audience. This way you can generate more interest in the platform. Freemium consumers often end up paying and subscribing to access many exclusive offers.
Adblocking is when an audience is willing for ad-free experiences without paying a premium cost, such potential users may pay for subscription charges when approached with new pricing models. Therefore, providing limited content without ads at low prices can work for such users.
Well, be it a TV or web series, you need to acquire a license first from copyright handlers of the content. As per your selected content, you have to approach the creator for a streaming license. The pricing models, the duration for streaming licenses, etc for content creators varies. For video streaming apps, the content acquisition cost is the most expensive component. Based on the popularity, the prices vary. Once you decide your niche, monetization strategy, content licenses, you can begin further by selecting unique features for your video streaming application.
After you have submitted your application and got approval from the App Store/Google Play Store, the next step is to promote your application. The first thing here you have to do is to encourage your existing audience to download your application. Also, you can share the information through social media posts. Designing a strategic marketing plan is very essential for the success of your business. Choose the best platform for reaching your target audience and offer them great deals that will attract more customers. You can use paid ads or content marketing for promoting your app. You can use multiple monetization strategies depending on your choice and ask your audience or users to subscribe or purchase access to specific content. Using these strategies and plans for your application, you can make your app stand out in the market.
Users of the application prefer a quick registration with minimum information to fill. It can be an easy procedure that just requires a phone number, email ID, and password set up. It can be made easier by providing an option to log in via social media accounts. Facilities like resetting passwords via email id or phone number should be included.
It is necessary to make sure that the titles that search for titles should be an easy task for the users. User reviews, film ratings, and genres should be some criteria available in the menu of the home page so that users can get the results based on their interests. Also, add a search box on the home screen for users to find the specific title.
It is a list of videos, shows, and films. A watchlist is a list of films, shows, and videos. It can be system-generated, based on favorites, and users can create it. An option for naming their watchlists should also be provided to users. The most relevant content must be delivered to the users by system-generated content. Your audience must be aware of the fact that the watchlist feature might take some time to understand what users like to watch.
A stable internet connection, especially while traveling is a big issue for everyone. Hence the feature of downloading the content which they can view while they are offline would be a great help. Apart from crafting the on-demand video app for supporting downloads, your business or startup is required to get licenses for downloads from the content creators.
If your content plan involves live sports, news, debates, or other events then live video streaming becomes a necessity. So, if it goes with your overall business idea then definitely add it to your strategy.
The most used feature of the application is the video library. Thus, provide a section on the app’s home screen for this purpose. It should be made easy for users to quickly access the videos online and browse through titles alphabetically or as per the genres.
It is a necessary feature for video streaming apps as the recommendation systems drive the content consumption in leading apps that includes Netflix and Prime. The working of a recommendation engine is based on explicit & implicit data along with the title description. It makes content suggestions based on the basic information that is collected from the users’ profile, recently watched titles, and title browsing history. The best recommendation engine for the video streaming software solution can be chosen with the help of your video streaming app development partner.
You should provide an option in the setting of your video streaming app that allows users to select the streaming qualities of videos. Standard options are 144p, 360p, 480p, 720p, and 1080p.
You must provide your viewers with an option of rating the content and writing reviews after they have completed watching the video. The feedback from the viewers helps in determining the quality of the content and also aids the recommendation engine.
- HTTP Live Streaming (HLS )
- Highly scalable video processing
- Native video player for all platforms
- CDN and caching
- WebRTC for live stream
AWS, MYSQL, Node.js, React, Next.js
As you already know, there are several factors responsible for affecting the cost of Streaming App Development likewise the price of a video streaming app varies based on the app’s design or UI/UX, complexity, features, platform, technology stack, development team, and the development company that you select for your project. But to provide you with a rough idea, let’s take an example of a Netflix-like app. The cost of developing an app like Netflix lies somewhere around $15,000-$30,000 per platform (iOS and Android). Therefore, based on your idea’s complexity and development hours, the cost varies
You might have already heard of great success stories in the streaming platform market and your application can join that list too with the right set of features and the correct business strategy. Therefore, it is essential to select the best video streaming app development company for success. So, if you have made up your mind to develop an on-demand video application, then partner with an experienced company like us and get going towards a brilliant future. We have an experienced team of highly professional developers who have crafted various online video streaming solutions. We can craft your dream Entertainment application into a reality that will be profitable for your business. Get in touch with us now!
How much does it cost to develop a live streaming app like Netflix?
What importance does live streaming hold for your business?
Well, the fact says it all. 50% of marketers use videos to get the highest ROI. Also, 70% of internet traffic we can get from watching videos as 50% of the data usage is used in it. And businesses using live streaming can get the highest results by appearing in the top channel list.
Why Echoinnovate IT is the right choice for your online video streaming app development?
Echoinnovate IT is one of the leading video streaming app Development companies that will surely assist you in the accomplishment of your dream project. Our developers always make use of the latest tools and techniques to deliver the best possible projects to the clients. We have skillful android and iOS application developers who help you with the best efforts. Also, Our top-quality solutions help our clients to get a good amount of ROI. So, Get in touch with us now!
