While 2020 has seen a sudden increase of such apps, in 2019 streaming app market revenue was higher than $17.63 billion in 2019. It is estimated that the global market of video streaming applications will escalate to $125 billion by 2025.
And why not? Everything on earth is locked down due to the COVID 19 pandemic by Coronavirus. People are staying in their homes and using apps like Netflix, Spotify, etc.
Netflix is a reigning leader in the industry of video streaming apps with more than 118 million paid subscribers. In America alone, more than 50% of people use this online TV service.
The Netflix company provides original video content like shows, television classics, web series, movies, etc.
It is the best time to launch the best music streaming services by developing the best live tv streaming service. And an application is the best channel to get into this business.
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Building a streaming app such as Netflix, though is a herculean task, we believe that if you put efforts in the right direction, starting from scratch with no complications in less time with our guidance, then creating an on-demand video streaming app will be a smart choice.
“Other than Netflix, Spotify, Deezer, Amazon, HBO, etc. are also in the list of incredibly popular online streaming apps.”
Netflix and Spotify, as we have known them, aren’t the result of overnight success. Developing these products took years of development work, alliances, corporate meetings, content creations, etc.
These applications work worldwide; however, there are some apps which only work in the USA. This app is Hulu!
Thus, going worldwide and staying within your country depends upon you. If you want to start such an online business then you will have to make a Netflix type app.
And for this, you have two options, either invest in a top custom mobile application development company in USA or learn video streaming app development yourself.
How to Build A Video Streaming App Service?
Starting a Netflix styled business looks hard but it is not as you think. Actually, it requires hard work which most of us don’t really want to do day and night.
There are three main questions:
- What are the features required in developing a video stream app?
- What is the estimated cost of development?
- How much time is needed in the development of the app?
The very first thing to remember is that this app should be accessible to both iOS and Android users. I mean you must not think to make two different apps for different categories of users.
Hence, we will make you learn cross-platform hybrid mobile app development!
Secondly, to understand the features, you must check and analyze Netflix and Spotify!
Lastly, the average cost of development is between $15,000 to $35,000 and the time required for video streaming application is 3 to 4 months.
Keeping all these things in mind, let’s move forward towards developing a live TV streaming mobile application.
NOTE: If your interest is in putting money rather than self-development, then you can contact us, the CMS Website Services anytime.
Otherwise, the video streaming app development guide is waiting below to get read by you!
Follow every step and don’t miss out on anyone!
First Find Your Development Platform
There are many mobile application development frameworks and platforms present in the market. If some are native, then some are hybrid and cross-platform.
Mobiles actually run on three kinds of operating systems - iOS, Android, and Windows! The first two are majorly in wide use. Thus, making the app individually for each OS will cost you more.
Try selecting one from these three cross-platform hybrid app development frameworks.
“They are efficient, scalable, affordable, robust, less expensive, tech integrated, and less time taking.”
Once the app development framework is over, you have to now select the niche of your content. We mean what kind of content would you like to publish on your video streaming app for your visitors.
The following are some niches that are trending - music, entertainment, fitness, education, travel, DIY videos, food making, etc. Once the niche of content is selected, your next job is to.
Check The Availability Of Content!
We all know that the content is the basis of any on-demand streaming service. As a result, you have to determine where your content is! Is it from the distributors or is it your self-creation
To get your niche of content from the distributors, you will have to sign the license for publishing their video on your app. Also, you will have to clear the formalities of copyrights.
For getting content of movies, web series, TV series, etc. in the USA, you will have to contact Motion Picture Licensing Corporation (MPLC) and SWANK Motion Pictures.
Our recommendation is to go with the content from the distributors and make money online. Later on, you can put your own created video content as long as more users come.
Choose Monetization Method Wisely
Probably you are not thinking of providing videos for free at your best tv streaming services. To earn, you will have to follow a monetization method.
You can use the below three monetization techniques for your purposes:
- Pay-Per-View: It means the user would pay for each video to watch online. This is the most straightforward pricing scheme.
- Advertising: If your video streaming platform becomes famous among the online audience, then you can charge video distributors to run their video ads at your app.
- Subscription: Netflix uses this mode of monetization. Netflix acts as a professional broadcaster. This is why it is often called as the best live tv streaming service app because the users pay monthly to access the content library.
Now you have to decide which monetization plan suits you better as per the niche of your content.
Being a top mobile app development services provider in USA, our business stats show that your app should be open to all monetization methods to keep it user-friendly.
Video Streaming App Development Requirements
For your video to perform well, you must include the following characteristics and features:
- Internet speed must be high
- Cloud computing structures must be flexible, full of space, and affordable.
- CDN (content delivery network) must be able to handle traffic
- Streaming services must be powerful
- Network background must provide 24x monitoring and content availability
- The live streaming app must be fault-tolerant to ensure smooth streaming services.
- Advanced Features like Personal Profile, Donation System, Chat options, video searching, Notifications & Schedule, Video Sharing, and many more.
Develop An On-demand Best TV Streaming Service MVP
This is the last part of our guide that would tell you how to start an online video streaming app business. Here, you will have to develop MVP (Minimum Viable Product) a testing app kind of thing or a model of your app clarifying all functions, designs, timelines, features, etc.
Also, pay extra attention to the design and UI/UX. Your mobile application must be vibrant, user-friendly, intuitive, feature-rich, attractive, and clearly structured.
Some of the Essential MVP Features that you must include in your application includes User Registration, Subscription & Payment Gateway, User Profile, Content Search, Design, Push Notifications, Reviews & Ratings, etc.
Collect Feedback, Act Accordingly!
After you have launched your MVP, you now have to gather user feedback about the features and functionalities. Here, you have to understand if your on-demand video service is likable to the users or not.
You can use an email survey, social media, and pools to take feedback.
Furthermore, you also have to check the real-time stats of your video streaming application. For this you have to check a few most critical parameters like;
- Customer Acquisition Cost: lower cost is better
- Retention Rate: higher is better
- Customer Lifetime Value: higher is better
- Return on Advertising Spending: higher is better
Since 1997, Netflix has been leading the online video streaming industry. Though it started being the best music streaming service, its subscription-based model made it one of the online media streaming industry's leaders.
If you are developing a video streaming app like Netflix, then you can hire the best mobile app developers team. Choose the right technology stack and keep the best picture in prospect.
We are a top custom mobile app developer in USA, which would make the best video streaming application for your business purposes. Don’t forget to comment on your queries below!