According to some recent research, the user base of various video streaming services is rising exponentially. This happened especially after the outbreak of the Covid-19 pandemic on the whole world. During the pandemic all the citizens were suggested to stay at home, to stop the spread of the Coronavirus. At this time of crisis, these online video streaming app like netflix, disney+, HBO etc. kept everyone motivated and entertained simultaneously.
There are many successful video streaming services that are available in the market, such as Netflix, Hulu, Amazon Prime, Disney+, etc. All of these websites have their own unique video viewing experience, that they offer to their users.
Now about the revenue statistics, Netflix conquered about 55 percent of the users by providing various types of monthly subscriptions. Do you want to create an app like Netflix, this blog will guide you, how can you create the video streaming app.
This subscription ranges from 9 US dollars to 18 US dollars per month, and today user base of Netflix is around 1.5 billion. That makes the total revenue of video streaming apps like Netflix reach $21 billion. Not only that the total revenue of all the video stream websites was recorded at $120 billion in 2020. And it is predicted, that it will reach 1.3 trillion by 2027.
So, if you want to start a unique business of video streaming websites. Then hiring the perfect website development services can ensure your success in the market. As they are capable enough to develop a dynamic, feature-packed responsive website according to the requirement of your business.
To know more about video streaming websites and how to build a streaming app like Netflix. Please continue the blog.
What is a Video Streaming App?
A video streaming app is an OTT platform that allows the user to watch their favorite shows, movies, and sitcom.
These apps can be accessed from any device with multimedia support and internet access. Netflix, HBO Max, Hulu, Amazon Prime, Disney+ are some of the successful video streaming websites available in today’s market.
Just opening a video content website is not sufficient, there are so many unique functions present in the website. For, example the users are allowed to download their favorite movies and watch them offline.
What is The Revenue Model For These Video Streaming Apps?
There are many effective revenues generating options for video streaming services. For that, you just have to hire the best video streaming app development services available in the market. Here are some of the revenue models that you can implement for maximum ROI through your website,
1. Subscription Model
This is the most effective step for any revenue-generating model. Here you can implement various monthly and yearly subscriptions. So that you users can access all the video content present on your website. Plus, you can set various subscription levels, for every additional benefit, you are going to serve your customers.
For example, there are 3 types of subscriptions present for Netflix users. The least will give them 2 screens streaming simultaneously with not HD video support, The middle one will give 4 screens streaming with HD and the last one will give 4 screens streaming along with HD support. The range of these subscriptions varies from $9 to $18 per month.
In this model, you have to keep the rates of the subscription according to the target audience for your services.
2. Transactional Video
This is one of the new and unique revenue generation models that you can implement in your video streaming website. Here you users can rent or own any particular movie, Tv show in order to enjoy it. The users can buy that movie for the first time, or rent it for a certain period of time. Streaming services like YouTube, use this type of revenue model.
3. Self-owned Or License Content
This revenue model is effective if you have your own video content and it is famous among users. The users will be allowed to what your unique video content only if they pay for your subscriptions. This revenue-generating model can help you to get better control of the present market conditions.
You can only implement this revenue model if you are sure that your video streaming website will be a huge success after its launch. As it requires a lot of money and effort to integrate all the revenue models according to users’ responses.
5. Ad-supported Video Streaming
Allowing add between your video content can make users a little agitated, but it is best for your business. As various product companies will provide a considerable amount of revenue if you allow their ads in between your videos. Basically, this is a simple marketing strategy that can ensure a great amount of revenue for your video streaming website.
Read More : Hire OTT App Development Company
What are The Factors That Make your Video Streaming Services Successful in The Market?
There are many factors behind creating a streaming app like Netflix and making it successful in the market. Ensuring all these factors will not only provide you with a responsive application also a larger spectrum of loyal users.
Here are some of those factors that you might have to consider for making your app successful among your competitors,
Usually, the video streaming app is launched across the country. So, you have to keep in mind that your users base will include people from different languages. That’s why it is mandatory to launch local language integrated video content.
In order to execute this factor, efficiently you might have to conduct thorough research before releasing your application. You can also implement features like geo-blocking so that you can provide access to local video content to the users.
2. Implementation of Latest Trends
Implementation of the latest market trends is mandatory for maintaining as well as increasing your user’s base. This factor can give you a better edge among your competitors in the market.
Technologies like Artificial Intelligence, 360-degree video playback, Virtual Reality support are some of the current market trends in 2021. Developing an app like Netflix, with these features will raise your brand value to a higher extent.
3. User-oriented Content
Providing video content according to the user’s like is the only way to keep them interested in your application. Implementing an AI feature in your video streaming application can help you with this factor. As, it will observe the liking of each and every user, and provide the suggestions on the basis of the previous watchlist.
4. App or Website Development Services
This is the factor, where you have to spend a lot of time and effort to execute it effectively. There are many app development services that can give a normal video streaming website or application. But choosing the perfect web development company can provide you with a full proven, cost-effective solution according to your requirements.
They will also provide extended quality of service to make your app meet your video streaming expectations. You can provide a better quality of service with a dynamic business app and increase the market value of your organization exponentially.
5. Content Ownership
Owning every video content present on the website is not possible. So, to provide more and more content you have to rent various licenses from copyright holders.
This process includes a lot of negotiations and investment of money. For that, you can implement effective USP on your business model of the application. Executing this factor can be difficult for various start-ups and SMEs present in the market.
How to Create an Video Streaming App Like Netflix, Disney+, Amazon Prime?
How to create a streaming app like Netflix, is one of the most common questions among enthusiasts who are building a vision to develop a community. But very little few people know that it is a very difficult process, as it requires an extensive amount of time and effort.
As the owner of a video streaming website, you have to conduct thorough research on the present market conditions. And also find unique video content to keep your existing users entertained every time they access your application.
That is why here are some of the effective steps that you can follow to ensure a better quality of video streaming website for your business,
1. Fix your Goals and Services
First, you have to fix the goals that you want to achieve through your video streaming services. Then you will be able to find out the requirements that you are going to need to accomplish those goals.
Also, you have to fix what type of service you want to provide to your users. Take your time while making all these important decisions, as once you fix it there is no turning back.
In order to make your decision more efficient, you have to conduct thorough research on the market. And try to solve the real-time problem that your target users are facing in the present market.
Always remember you can earn your success, by only providing efficient solutions to that issue not by providing the same service as your competitors.
2. Find The Best Niche Available in The Market
Conducting thorough research can also provide you with knowledge on various latest development aspects. That means you will understand which is the best framework you can choose according to your budget and requirement. And also, what are available mobile app development companies that can provide you with better end-product.
Choosing the perfect website or app development framework can ensure a better video stream service. Otherwise, you might get end up with an application with low performance and full of glitches.
On the other hand, you also have to hire an experienced app development company for your business application. As they will be capable enough to provide your cost-effective and efficient solution for every functionality that you want to integrate into your application.
3. Choose The Perfect Web or App Development Framework
There are many app development frameworks, which are available in the market. Most of them are capable of creating high-performing video streaming applications.
As they provide their unique and efficient set of development tools to the developers. But choosing any framework might not be the best option for you. As you might get a product that can ruin your business as well as your investments.
So, try to choose your app development framework according to the requirements of your business. If you can ensure a better quality of the product for your users, then only you can ensure success in the market.
4. Build your Own Video Content
Try to find out attract and entertaining video content. Always remember, as a video streaming service provider your app users base will only depend on the video content present in it.
Basically, you have to consider that all users have their own taste when it comes to movies and TV series. So, to keep them all entrained at the same time you have to provide attractive video content in every genre.
For that, you can create your video content according to t your user’s likes and dislikes. Or find our unique video content, and make them use your streaming service for a longer period of time. Ensuring better video content, you will be able to convert one-time visitors into potential loyal customers.
5. Legalize Or Get Those Content Legalized
Legalization or licensing of your video content is a very important part of any video streaming service. It also involves a huge amount of investment which can be very difficult especially for start-ups.
Basically, all videos need a license to publish in public. Otherwise, the copyright owner can file a lawsuit against your business, and claim huge compensations. So, to avoid those situations you can choose any one of the two licensing processes,
- Rent movies, tv shows, and documentaries directly from their distributors. As they will provide or grant the license to play those videos in public.
- You can contact the copyright holder directly to grant your license for those movies or tv series.
In case, you are creating your own video content for your app like Netflix. Then You can app of copyright licensing from organizations like MPLC and SWANK Motion Pictures.
This licensing process is a very huge investment, as you have to pay a lump sum amount of money to the copyright holder of any video.
If you are creating a scalable streaming app like Netflix then it might not be that much of a problem. But for the start-up companies and SMEs, it is very hard as they have a limited amount of budget.
That is why you first need to start small, publish your own video content, and attract users. Once you work your way up to the bigger leagues, you will be capable enough to rent copyrights from their holders.
According to some research, Netflix once spend around 13 million US dollars to get a license from a copyright holder in 2018. It also generates a revenue of 16 million US dollars from that same video, as a result, the investment got paid off.
6. Set your Unique Style
This is also a crucial part of the development process. Here you have to create or design a unique app or website interphase for your application. The interphase should be clean, organized and contain all the necessary information needed for a video streaming application.
Sometimes the developers use high-end graphical content to attract more and more users. But most of the time, it might get ended up with a slow-performing application.
This can affect the reputation of your business, and bring down its market value. So, it is best to use simple and necessary graphical content without compromising the performance of the application.
There are many free ready-to-use UI components available in the market. But using those might not be the best idea in the longer run. As a result, hire android app developers, who are capable of developing innovative and attractive UI from scratch.
7. Platform Considerations
You can always ensure a larger users base by launching your application on all the platforms available in the market. Traditionally business owners used to hire both android developers as well as iOS developers to launch their applications.
But as the technologies are advancing at a considerable pace, there are many cross-platform solutions are available in the market.
Selecting this, you only have to hire one group of developers who will launch your application on all platforms. Plus, they are also affordable, as the developer can use the same codes for both Android and iOS app development processes.
8. Launch and Focus On Your Target Audience
Launching your application is not everything especially for video streaming applications. After launch, you have to focus on the likes and dislikes of your targeted audience. So that you can provide attractive content, and keep them interested in your video streaming application.
The video streaming apps like Netflix, Amazon Prime, Hulu are some of the quickly rising sectors. Especially after the outbreak of the Coronavirus in 2020, this app kept the users motivated and entertained.
So, if you want to start a new business and create a video streaming application. Then hiring the perfect app development company can ensure your success. As they are capable to provide you with a feature-packed, responsive application to provide better service to your users.