Do you love to watch web series in your free time? Well, everyone does. The audience of today does not like to watch the old types of serials.
Yes, the traditional time has vanished where the whole family uses to sit together and watch TV. With the development of video streaming mobile applications, TVs are left behind, and services like Netflix became the ultimate source of entertainment for people.
The global video streaming market is estimated to reach a worth of over $125 billion by 2025. The number speaks for itself. It is one of the reasons businesses are looking forward to developing their video streaming applications.
One of the main reasons for considering Netflix and Amazon Prime is because these apps are liked by the audiences and follow simple and innovative strategies. In this article, let us discuss the costs to build a streaming app, how to hire developers, the benefits, and the latest features of the apps.
The Rising Need for Video Streaming App in 2021
The rising demand for Netflix proved that people are switching to these apps and like the content. There are a lot of options you might like, and several shows that you want to follow are available on such applications.
- Netflix has 71% of the global streaming video-on-demand market.
- The video streaming industry is expected to hit $73.9 billion by the year 2024.
- 60% of the millennials and Gen Z watch streaming videos daily, and the stats are expected to rise continuously during the pandemic.
- The blog shows the revenue generated by Netflix worldwide in 2020.
After reading it out, it is clear that video streaming applications are the future of the entertainment industry and must focus on all features to integrate to make the app unique.
Crucial steps before creating an app like Netflix
The streaming apps develop as per the client's requirements, and there are several strategies and ideas, but for the same. Here are a few steps that you must follow:
1. A Unique Strategy
Every project starts with an idea. Therefore, a unique app strategy is a must that should be budget-friendly and integrate all the essential features. Check out with the competitors and choose the market strategies wisely. The content for your app plays the utmost role here. Choose a simple UI/UX interface and ensure it meets all the cultures and diversities.
2. Choose Platform Wisely
Although these projects are a bit complicated, it is always preferable to start with an MVP that allows you to further modify your app and all the required features your competitors have and the market demand. If you are willing to cover large audiences, it is advisable to select cross-platform app development that allows the users to watch their favorite series on Apple and Android.
3 Hire an Efficient Team
For an app like Netflix, we have an expert team of developers, designers, and testers to make a difference. They help you deliver a project that is highly efficient and error-free. Selecting a team for the project is the most important as it is the key for your app to achieve success and reach heights.
4. App Design
As per research, an application with a simple UI/UX is a must that helps in customer retention, and of course, there is a more conversion rate. It is not like that you should spend a hefty amount on the design of the application because the ultimate goal is to offer users the ease of using the platform and an outstanding user experience.
5. Right Technology Stack
Choose a perfect team for the project. The technology stack you choose for the platform should fulfill all your needs. Here are a few tools for building a video-streaming app:
- Programming languages & frameworks: C++, HTML5/CSS3, Java, Python
- Programming languages: Kotlin and Java for Android, Swift, and React Native for iOS.
- Front-end: Angular, React and RxJS
- CDN services: Amazon CloudFront, Cloudflare
- Streaming protocols: Apple HTTP Live Streaming, Microsoft Smooth Streaming
6. Content is the key
The audience gets attracted to your platform because of the content you offer them. Once you finalize your niche, you should focus on the content for your streaming app. Are you choosing content from other distributors or prefer your content? The content will help you decide about the growth of your app, so you need to be very careful with that. Keeping the content updated regularly is essential for customer retention.
7. Monetization Strategies
The primary purpose of the app development for the owner is to earn money with different monetization strategies. It is an ideal option to give the users a free trial for a month and then proceed with the paid subscription. It would give your users an idea of the content. There are three different ways to monetize your app, that includes:
- Pay-per-view: It allows the users to pay for the services only when they use them. It is one of the best pricing schemes and popular.
- Advertising: It is no secret that ads are one of the most popular ways to monetize apps. Here, you can charge the other companies to advertise on your platform. As the other users click on the advertisement, the owner can earn a commission for every click made. It also plays a crucial role and helps to make your platform more popular.
- Subscription: This monetization strategy allows the users to pay for monthly or annual subscriptions. If you regularly update the content in the app, then it is one of the ideal monetization models.
8. Payment Gateway
A separate and integrated payment gateway makes the payments seamless. Some of the popular payment integrations are PayPal, Stripe, etc.
The features of an App are the most crucial. If your app does not have good features, there are more chances that customers will not stay on your platform and switch to another. Especially when it is about video streaming apps, the developers need to be very careful. Here are a few most important features that you should integrate into your app:
- User Registration
Registration is the first step that allows you to access the platform. The user registration should be simple and include adding your name, address, email, and other details. The users can also use their social media credentials to sign in.
- User’s Profile
The user profile has all the videos the user has watched, liked, and resumed. It depends on their interest, and they can manage their account easily, just like they manage their social media. The users can download the video as well and watch it later whenever they want.
- Chat and Comments
This feature allows the users to add comments on the content related to any video or raise any query.
- Push Notification
This feature is the most essential in today’s time.
It sends all the alerts and notifications about the new series and episodes. It keeps the user updated with all the latest updates.
- Content Search
There is a search bar that allows the users to search for the series they are looking for. Depending on their search, the AI helps them with different video suggestions.
The feature allows the user to manage their app. Whether they want to receive push notifications or not, they can go to the setting option and make all the necessary changes. It allows you to change your payment method, notifications, and more.
Cost to create a Video-Streaming App:
Planning to develop an app with highly advanced features, then the cost would be preferably high. And if it is simple or basic, then the price would be low comparatively. Here are several factors that determine the cost of app development:
- App Design
- Technology stack
- App Features
- Hourly rate of Developers
- Development timeline
From the development cost to the advanced features, we have covered them all in this article. Are you planning to launch a video streaming app with custom features? A team of true professionals can turn your ideas into a unique application, so if you are ready to switch from ideation to development, we are here for you!
If you want to discuss on-demand video streaming app development, our mobile app development experts at ToXSL are ready to help you. Contact us now!