Mobile phones and technology have completely transformed society’s way of life. Every form of entertainment is now accessible via the internet, which can be accessed through smartphones, Smart TVs, and laptops. Televisions are being phased out of the market as a big portion of the population has already migrated to a digital platform of video streaming applications that can be accessed as and when needed. This is the primary reason why major corporations are now investing in the creation of On-Demand Video Streaming App Development.
Before we go into how to make a video streaming mobile app, let’s define what on-demand video streaming is.
What is On-demand Video Streaming App?
A VOD (Video On Demand) mobile app is a system that allows users to choose their favorite movie, TV show, or web series and watch it at any time via Live video streaming app development. All you have to do is plug in your device, such as a TV or a laptop, and start watching whatever you want. All you have to do is download and subscribe to one of the video streaming apps.
Also Read – Things to Consider while Developing a live Video streaming app Like Twitch?
What are the Differences Between OTT and VOD
Online channels or apps that offer a collection of all episodes and videos are known as Over The Top (OTT). Netflix and Hulu are two instances of over-the-top content.
Video on Demand (VOD) systems provide a wide range of options, including web series, movies, and TV shows. Some examples include YouTube and Amazon Prime.
Let’s look at some of the distinctions between the two now:
- VOD is a subset of OTT. The former is communicated to the user via the internet.
- Users must pay for the channels they subscribe to on VOD, but OTT access is free.
- VOD is recognized for providing viewers with unrestricted access to videos and shows, which is a limitation in the case of OTT.
- Rather than downloading and watching any video, it is preferable to watch it on OTT. OTT media can provide more content than downloading the same videos from an online site.
Why Invest in VOD/OTT:
- Online On-Demand Video Streaming App Development has exploded in popularity as OTT services become more widely adopted around the world. OTT is currently in more than 51% of homes in the United States and is utilized for 100 minutes each day. There are 182 million OTT subscription video service customers in the United States as of 2019.
- By 2023, global OTT sales are expected to reach $129 billion, with $47.8 billion in the United States.
- According to the Interactive Advertising Bureau, 47 percent of live streaming video consumers around the world are watching more live video than a year ago.
- By 2021, the Live video streaming app development market will be worth $70.5 billion.
- Brands spent almost $90 billion on video content in 2018. By 2023, the figure is likely to surpass $100 billion.
- According to the most recent projections from eMarketer, consumers spend over 83 minutes per day watching digital video, with that number expected to rise to 92 minutes by 2021.
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Must have Features of Video Streaming Mobile App Development
Social Login & Sign Ups: Users can quickly log in to the app by filling up the mandatory data or by using social media accounts like Facebook or Google. They can choose which cellphone numbers will be used for OTP verification in order to verify the account.
CRM Integration: Customer Relationship Management (CRM) Integration is critical for any application and company. Users can communicate with their relationship managers and submit feedback using the app. Hire ui ux designer in United States, to aids app developers in improving the user experience.
Behaviour Tracking: It is critical to understand what material the consumer is interested in. The app should make recommendations based on his searches, which are saved in the back end, in order to stimulate interest in them. This aids in the promotion of content and the increase of user views.
Push Notifications: Push notifications have shown to be an effective tool for engaging clients while also keeping them informed. It sends users notifications about any changes to their subscribed channel or favorite broadcaster. As a result, anytime the subscribed channel or broadcaster streams fresh content, the user receives a push notice on their smartphone.
Streaming Quality: This is a crucial feature to consider when developing a video streaming app. It allows people to watch without interruption even if the network capacity is limited. It would be preferable to keep the lower video quality option at 144p and the higher option at 1080p or 4K. Allow the app to determine the video quality based on network traffic.
Real-Time Analytics: This refers to the fact that the admin panel displays real-time statistics in the form of pie charts, reports, and dashboards. They may find out about the live shows that are being broadcast at any given time, as well as the retention rates. This aids the administrator in straitening plans and marketing their material appropriately. Flutter App Development Company For cross platform application development.
In-App Voice Assistance: This operates similarly to Siri on the iPhone, making things easier and more convenient for consumers. This allows users to utter a command that is received by the in-app help, which does tasks on your behalf without requiring you to touch the smartphone.
Monetization Models and Opportunities for On-Demand Video Streaming App Development
This platform is a growing one and has good future prospects. The platform is definite to give a good amount of return on investment and carve new opportunities to the service providers. Take a look at how these apps make money:
- Subscription Video on Demand (SVOD) –
This means that users who want to watch videos on a platform will have to pay for the app’s membership and then pay to watch the videos on a monthly basis.
- Subscription Video on Demand (SVOD) –
This means that users who want to watch videos on a platform will have to pay for the app’s membership and then pay to watch the videos on a monthly basis.
- Subscription Video on Demand (SVOD) –
This means that users who wish to watch videos on a platform must first pay for the app’s subscription and then pay to watch the videos on a monthly basis.
- Transactional Video on Demand (TVOD) –
It stands for Transactional Video on Demand and is not to be confused with SVOD. Users will not be required to purchase a membership in this situation, but will be required to make payments based on the amount of videos they wish to watch. Users benefit from this strategy because they only pay for the content they watch.
- Ads Supported Video on Demand (AVOD)-
These Ads Supported Video on Demand Videos are ad focused and completely free to use..
- Featured Listing –
The new content launched on the platform can be promoted via small clips of the video to attract the users. These clips should be intriguing to develop the interest of the users and should be available only to the users who are premium account holders.
- Ad Management –
Advertisements generate a reasonable amount of cash for this site, as they do for practically all other platforms. They can make substantial money by selling space on homepages and sites with the most popular content. Additionally, adverts put on content with the highest user interaction and downloads can be used to monetize apps.
Also Read – A Complete Guide to Building OTT App Development – Cost and Features.
How Much Does it Cost to Develop a On-Demand Video Streaming App Development?
Video streaming app development cost is determined by the functionality, size, and complexity of the application. Aside from that, the location of the developers and the number of hours spent developing the app play a significant effect in determining the development cost.
Furthermore, a single platform for a feature-rich video streaming service can cost anywhere from $20000 to $50000. The cost can vary if you choose to hire Flutter App Development Company.
Also Read- Top Flutter App Developer Company to Hire in Beverly Hills, California.
Conclusion-
Develop video streaming apps that are accessible and cross-platform compatible to be ahead of the competition. These applications have witnessed a dramatic increase in downloads due to a rise in demand for original video content online and on OTT platforms. A corporation planning to launch its own VOD app on the app stores should be well-versed in the video streaming industry’s market trends in the app world.
At ThinkStart Pvt Ltd, which is a leading Mobile App Development Company in the USA. We take use of the organization’s convergence as well as high-end online video markets to help our clients create engaging experiences using world-class OTT App development solutions.
