Planning for OTT App Development For Your Business?
Nowadays, whenever we think about any best source of entertainment, something that is easily accessible to a larger audience and can be enjoyed right from your home, OTT comes for the win. OTT stands for “over-the-top” and refers to technology (OTT services or platforms) that streams content to internet-connected devices. Viewers can watch movies, TV shows, and other stuff of their choice on the website or application.
Also, they can stream any OTT content from different devices like laptops, smart TVs, tablets, smartphones, and computers quite easily until the subscription is paid.
There are various reasons why people are increasingly choosing OTT apps over traditional TV platforms:
OTT applications give users more flexibility and control over what they watch and when. OTT apps, as opposed to traditional TV, which is based on scheduled programming, allow users to watch content on demand and according to their schedule.
OTT apps provide a wider selection of content than traditional television platforms. With a large library of movies, TV shows, and unique material, OTT apps cater to a wide range of hobbies and tastes.
OTT apps allow consumers to access content on a variety of devices, including smartphones, tablets, smart TVs, and game consoles. This allows customers to view their favorite episodes and movies whenever they want, from any place or device.
OTT apps can be less expensive than traditional TV platforms. They provide subscription-based pricing methods, allowing customers to pay only for the material they wish to view. In addition, consumers can cancel or change their subscriptions at any moment, giving them more flexibility and control over their spending.
It is clear to all of us that OTT platforms are taking over theatres and traditional television platforms. Traditional TV networks are losing viewers to OTT services as they struggle to adapt to the changing environment, resulting in their reliance on OTT.
With so many viewers shifting to OTT platforms for daily fun and entertainment, OTT APP DEVELOPMENT comes as a profitable deal!
But wait…
Before you jump into the OTT app development guide, check out some amazing statistical findings about the OTT platforms and their current value in the market today…
- The global OTT market was valued at $121.61 billion in 2019 and is expected to reach $1,039.03 billion by 2027, increasing at a 29.4% CAGR from 2020 to 2027.
- The smartphone segment dominated the overall OTT market share in 2019 and is expected to continue to do so during the forecast period, owing to increased smartphone adoption for streaming OTT services and growth in the potential market for larger-screen smartphones in developing economies.
- Between 2023 and 2028, the global number of users in the ‘OTT Video’ category of the media market is expected to expand by 862.8 million users. The indicator is expected to reach 4.4 billion users, marking a record high in 2028.
- The United States being one of the largest OTT markets in the world is predicted to be USD 56.61 billion in 2024, expanding to USD 102.28 billion by 2029, with a CAGR of 12.56% over the forecast period.
This is a must-have feature. Your application must include a user profile option that allows users to manage their side of the application, including the series they want to watch, their chosen payment method, and recommendations based on their viewing history.
The search feature is essential for OTT applications since users need to find their favorite episodes or movies quickly. This functionality should be quick, precise, and simple. It should have advanced search features such as sorting, filtering, and suggestions.
Offering multilingual content is an excellent approach to broadening the reach of your OTT app. Users should be able to simply switch between languages, and the software should support a variety of languages.
In-app purchases are another must-have feature. Integrating payment gateways and various app revenue-generating tactics is the most important aspect to incorporate in your OTT app development process.
Using this functionality, you may provide your app users with the convenience and seamlessness of money transfers.
This feature allows users to bookmark their favorite episodes and movies for subsequent watching. Users should be able to build several watchlists and easily add or remove items from them.
It is a convenient tool that allows users to search for content with their voice. This feature is beneficial when users are unable to type, such as while driving or multitasking.
This crucial feature enables customers to pay for premium content or subscriptions. The application should provide a secure payment experience. Incorporating these aspects into your OTT app development will allow you to produce a user-friendly and engaging app that will stand out in the crowded OTT marketplace.
By putting user experience first, your OTT app may attract and maintain devoted users, resulting in a successful app.
The continue-watching option is an excellent approach to keep visitors involved and interested in the content. This feature allows viewers to continue playback from where they left off, without having to hunt for the video again.
There are different types of OTT platforms available in the market, as OTT App Development is not limited to video streaming platforms. The below list follows different types of alternative platforms available in the market today:
- Video
- Audio
- Message Services
- VoIP ( Voice Over Internet Protocol)
In terms of video streaming app development, the market now offers three major OTT app development services. These include—
- Service-Based OTT Apps
- Content & Communication-Based OTT Apps
- and OTT Platforms in the form of Devices
It is no secret that the emergence of OTT platforms has propelled enterprises to the top of their respective OTT categories. As the industry evolves and expands, organizations that invest in OTT app development will gain a competitive advantage in the contest for consumers’ attention and loyalty.
Coming to the much-awaited part of the blog, that is knowing how businesses can gain maximum profit through OTT App Development. Four types of monetization strategies are widely used in the market today – SVOD, AVOD, TVOD & Hybrid models. Let’s understand them in detail:
Under this model, your viewers will be able to see all of your video content offerings in exchange for recurring fees. Netflix and Apple TV are some of the popular examples.
OTT services that adopt this business model provide free content to viewers while earning money through advertisements. While viewing content, consumers are exposed to a variety of advertisements, and the platform generates money by broadcasting a brand’s advertisement. Pluto TV and Xumo are some of them.
This monetization approach requires users to pay per view. Your users will not have to pay anything when they log in. They will pay based on the series that they want to watch.
Each OTT monetization model has benefits and cons. As the OTT business matures, a single pure-play approach appears to be insufficient. Brands are increasingly using multi-tiered OTT models, which are hybrids of two or more models that have been fine-tuned to generate revenue.
This hybridisation can be done in a variety of ways. The most frequent is the AVOD+SVOD strategy, which interrupts free material with advertising but makes it ad-free for subscribers. Many platforms, however, are implementing new hybrid models to better suit their needs.
Let’s now begin with the required steps you must follow to begin OTT App Development. These include ideating your OTT platform, creating valued content, and then deciding on the final tech stacks with a team of dedicated developers to help you get done with the task within the overall budget and timeframe. Let’s read down the step-by-side guide to help you start your journey with OTT App Development:
OTT video streaming app development is a broad concept, and you should first determine what specialty you will pursue while entering this business. To prevail in a competitive market, getting specialist-specific is essential.
Because content is the core of an OTT video service, you cannot ignore an inventory of material that will be streamed on it after it launches. Also, ensure the content is visually appealing; this is the core of any OTT video application.
OTT administrations use three types of plans of action: advertising-based, subscription-based, and transactional. Your application idea will suggest which business model you should use. These models have their advantages and disadvantages.
When you’ve decided on a course of action, now is a great time to create the initial module of your OTT entertainment app development services, namely your website. Overall, your website will provide your users with a simple experience, regardless of whether they can access your OTT mobile application.
While there are several OTT platform development technologies and third-party tools that can be utilized to build your OTT applications, the final decision will be based on your specific requirements and OTT app concepts.
The final stage is carrying out your plans and developing your application. Thus, select a group of enthusiastic OTT app developers and embark on a mission to dominate the OTT marketplace.
Coming to the estimated cost now…
The cost of creating a video streaming app like Netflix varies substantially based on aspects such as its complexity, features, and functionality, the platforms for which it will be produced, and the development team’s hourly pay.
A modest OTT app with limited features and functionality can cost between $25,000 and $150,000 to design.
In contrast, more complex software with advanced features like live streaming, numerous user profiles, and social network integration may cost $150,000 or more.
The mobile app development cost of maintaining and updating the app after its initial launch should also be considered, as this will result in continuous fees. Working with a trustworthy and knowledgeable team is critical to ensuring your OTT app meets all the needs and excels with its goals.
Looking behind the little success story of Netflix (2024), the company increased to a 24% rate this year. It gained 13.1 million subscribers which makes the total number 260.8 million paid subscribers, a new record for Netflix which is one of its own. In short, developing an OTT platform like Netflix, Amazon Prime, Hulu or Disney Plus can be of great investment to companies and investors.
Check out the below list of advantages for OTT App Development:
One of the top advantages of OTT applications is that they allow organizations to maintain consistent branding across numerous platforms. OTT software enables brands to create a similar look and feel across all platforms, ensuring that messaging and branding remain constant regardless of the media used.
This consistency helps to increase brand identification and loyalty, resulting in a strong relationship with the audience.
OTT app development allows brands complete control over ad placement and frequency. Brands can determine where and when their adverts appear, ensuring they reach their intended audience.
Brands may also control the frequency of advertisements, minimizing oversaturation and ensuring that users are not disturbed by too many advertisements.
Almost all great OTT apps promote higher user engagement and brand loyalty. By providing personalized content recommendations and user-specific material, marketers can keep their customers on their platforms.
A top app development business can offer social media integration, surveys, and other interactive elements that help brands and users connect more effectively.
Over-the-top apps provide marketers with actionable analytics for evaluating performance and refining content. Brands may use user data to determine which content is performing well and which isn’t, allowing them to improve their content and make it more engaging.
Brands may also monitor KPIs like user engagement, retention, and conversion rates, allowing them to make data-driven decisions and improve performance.
An OTT platform development business can provide content transmission to provide a flawless user experience. OTT platforms can modify video quality depending on the user’s network speed, offering a seamless watching experience regardless of internet connection.
Most downloaded OTT apps allow users to download content for offline viewing, allowing them to watch it whenever they choose.
OTT applications provide real-time interactivity via live streaming. Live streaming allows brands to interact with their audiences, answer queries, hold Q&A sessions, and provide behind-the-scenes access to events.
A live-streaming app development company provides a unique opportunity for businesses to exhibit new products or services and obtain real-time feedback from their audience.
You might be curious about this question why customers are attracted to OTT platforms?
- Most probably because viewers can stream most of their favorite shows in one place.
- Also you can watch any latest movie or new show on these platforms right from the comfort of your home.
- These can be streamed on different devices like phones, laptops, tablets, etc.
OTT streaming platforms in the entertainment sector are primarily driven by a rise in smartphone users, faster internet speeds, and the creation of original content. This has given fresh life to OTT platforms that were struggling to launch before the pandemic. The world as we know it will have altered, perhaps for the better, but how the media scenario unfolds will be heavily influenced by the economic condition following the lockdown, in addition to consumer views.
Develop an outstanding OTT platform with us. Echoinnovate IT is a top App Development Company providing a wide range of custom services as mobile app development, custom software development, web development, E-commerce development, iOS Development, and much more.
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FAQs- OTT App Development
What is an OTT app?
OTT stands for Over-The-Top, referring to streaming services that deliver content over the internet without requiring a traditional cable or satellite subscription.
Which platforms are commonly used for OTT app development?
Common platforms include iOS (Apple), Android (Google), and smart TV platforms like Roku, Amazon Fire, and Apple TV.
What are key features to include in an OTT app?
Essential features include user authentication, content search and discovery, streaming capabilities, user profiles, and subscription management.
What are the challenges in OTT app development?
Challenges include content licensing, compatibility with various devices, ensuring a smooth user interface, dealing with high volumes of data, and competition in the market.
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