Video streaming apps are very popular nowadays among youngsters and people belonging to different age groups. We see a bunch of video streaming apps launching in the market day by day. The trend of streaming videos or web series on a particular platform is kind of new and very exciting in the market.
The trend of different types of video streaming platforms will provide you with a whole different level of success and will increase your profits. You can easily rely on these video streaming platforms for entertainment purposes also. In today’s world entertainment is one of the most basic requirements of a person’s life. Video streaming apps like Netflix, Amazon Prime, Zee5 and many others are a part of entertainment in our life. It is the most exciting turn in the entertainment business.
Video streaming mobile app like Amazon prime is always coming out with different types of web series which attract a lot of audience to their platform. Amazon Prime has been doing wonders since its launch.
Audiences are always eager to look for something exciting and interesting to watch. Amazon prime statistics are really good. This video-streaming mobile app has created an immense audience base and is continuously attracting more and more audiences towards its streaming platform.
What is the history of Netflix?
In Scotts Valley, Marc Randolph and Reed Hastings founded the company that has grown into the world’s leading internet entertainment platform. Initially, Netflix was a movie-rental service focusing exclusively on providing a web-based movie rental service. The name Netflix is a combination of the Net (internet) and flicks (movies). As soon as the company launched its online streaming service in 2010, there was no looking back. As its biggest competitor, Blockbuster filed for bankruptcy in 2010; the crown was open to Netflix. Netflix has taken over the world in the on-demand video streaming industry with over 150 million subscribers in around 190 countries. With the arrival of the pandemic in early 2020, the company started to grow steeply, adding 36 million users in 2020 and 18.2 million in 2021. In 2022 and the years ahead, Netflix’s paid subscribers’ growth is expected to stabilize and normalize.
What are the differences between every video streaming app development?
In order to build a video streaming application, you must first decide what type of application you want to build. Streaming apps can be divided into three main types.
On-demand video streaming app development
With video-on-demand streaming apps such as Amazon Prime, Netflix, Hulu, and YouTube TV, users can watch video content whenever and wherever they want.
Apps for live broadcasting in the streaming platform
A streaming app that allows users to broadcast audio and video recordings to other users using the same app is known as live broadcasting. Live, YouTube, Livestream, and Twitch are popular live broadcasting apps.
Audio streaming like app development
Spotify, Apple Music, and Pandora are among the most popular audio streaming apps among music lovers. Over the internet, audio streaming apps transmit audio in real-time.
What is the cost to build a video streaming app like Netflix?
Several factors affect the cost of building an app like Netflix, such as the number and complexity of features, as well as the location and experience level of the developers. Basic Netflix app development costs around $15,000-$30,000, but the final cost depends on your requirements. When you want to create a video-on-demand platform, it requires heavy backend infrastructure and continuous data streaming support for the best user experience, so the cost can skyrocket to $50,000 if you add advanced features like multi-language support, multi-screen, and complex UI/UX design. Let’s look at each of those factors in detail that affects the cost of building a video streaming application.
What criteria should be considered to develop a video streaming app?
Features of the video streaming mobile app
When you are testing the waters, it does not make sense to spend a lot of money on the first version of the app. Video streaming apps with basic features cost around $12,000-$25,000, and as you add advanced features like multi-screen compatibility, multilingual support, and more, the development costs rise.
Designing video streaming apps like Netflix
In an era of experience, users want a minimal design that soothes their eyes and is appealing. It costs around $5000 to design a simple and intuitive user interface for a video streaming app. As the complexity of the project increases with rich graphics and classic animations, the development hours and technical requirements increase to $10,000.
The number of video streaming platforms
While Android has a larger user base than iOS, fragmentation, resolution, and configuration issues make building a video streaming website like Netflix expensive. Android and iOS video streaming apps cost $15,000-$30,000 to develop.
App developers’ location
Developers’ hourly rates vary depending on where they work. It will cost you 3-4 times more ($60,000) if you hire an app development company from the US or Western Europe compared to an Indian mobile app development company ($15,000).
Develop a video streaming app considering providing a streaming service
Even within the walls of the same office, developers at the same location have different hourly rates based on their years of experience in niche technologies. There are three categories of developers: junior developers, mid-level developers, and senior developers. Developers at the junior level charge $20 per hour, developers at the mid-level charge $40 per hour, and developers at the senior level charge around $60 per hour. A complex or comprehensive tech stack increases the need for specialists. Video streaming app development requires Python developers with experience in the same domain. These factors will help you get a cost estimate for a streaming app accurately and efficiently.
Online video streaming market, and the competitors of Netflix
In terms of online video streaming, we have just scratched the surface. There is enormous market potential. In the US alone, digital video penetration is expected to reach 84% by 2021, with 236 million digital viewers. With so much potential, there is bound to be competition. Netflix faces competition from the following players in the VOD market.
- Amazon Prime
- Disney Hotstar
- HBO Now
There are few entry barriers in the industry, and regions like Asia-Pacific are underexplored. Subscription plans and video quality are similar among Google, Apple, HBO, Disney, and others. Producing a wide range of original content makes the difference. Netflix holds a leadership position in the industry with a 9% user churn rate. Making original shows like “House of Cards” and reducing its reliance on production houses like Disney, which are removing their content from Netflix.
Netflix is differentiated by these factors as a video streaming application
Model without advertisements
How do you feel about TVs? It is unanimously agreed that commercials ruin the enjoyment of watching your favourite content. Netflix offers an ad-free platform to address this issue. As a result of Netflix’s no-advertising policy, the company has a large subscriber base.
Developing an OTT video streaming platform for original content
One big media companies like Disney get a taste of OTT platforms, they will stop selling Netflix content. That’s why Netflix invests in original content. It has proven to be a game-changer for Netflix. House of cards, Fractured, The King, and others have been produced on the platform. Many users have been drawn to Netflix because of its original content.
Competitors’ differentiating factors by mobile app development
By incorporating original content and ad-free programs, Amazon Prime Video is gaining ground against Netflix. Amazon Prime benefits from its parent company, Amazon’s deep pockets, and it also provides premium features on its e-commerce platform, along with the Amazon Prime subscription. YouTube is another competitor that threatens Netflix’s dominance. YouTube offers no-ad experiences, live streaming, and play-in-the-background features with its YouTube premium subscription.
Another worthy competitor of Netflix is Hulu. Hulu’s advantage is that it was created by media giants like 21st Century Fox, Time Warner, and Walt Disney. Therefore, the platform already has access to a wide variety of content.
What Are The Best Ways To Make Money With Your Video Streaming App?
Most entrepreneurs look for ways to make money before making an app like Netflix. Everybody pours hard-earned dollars into app development to monetize it. Entrepreneurs leverage three monetization models at scale. To be on the safe side and balance profits, monetization strategies are generally a mix of two or three models.
OTT Platforms for Live Video Streaming App Monetization
Cost to create the pricing with multiple plans
Gold, Silver, and Platinum memberships can be sold with different features based on the subscription plan. Give users a 30-day trial period to hook them into your content. By limiting the number of devices a user can access in a particular plan, you can separate the plans. As an example, Netflix charges extra based on how many users can log in from a single account. Basic plans allow one user to log in at a time, standard plans allow two people to log in at a time, and premium plans allow four people to log in at a time.
A pay-per-view event video streaming service
Instead of giving users access to the entire library of content, you can charge them separately for each video. If your OTT platform focuses primarily on live events like concerts, sports events, and live performances, this model works best. A subscription is pointless if the audience wants to watch a football match only on your OTT platform.
Publicity in live streaming
Advertising remains one of the most lucrative revenue streams. You can earn revenue and keep viewers engaged by placing relevant advertisements.
Money from your Video streaming Content Listing Fee
Channels that wish to keep their video content at the top of the page to maximize exposure readily pay listing fees in order to appear under the ‘trending videos’ or ‘latest videos’ sections.
Statistics Of Amazon Prime
Amazon prime has attracted a lot of audiences through different types of shows that they are providing on their platforms. These shows are entertaining, interesting and also very engaging to look at. If we look through the statistics of Amazon prime we will find a huge turnover and profits.
Amazon Prime currently has more than 200 million unique United States visitors on the video streaming platform per month. It made around 280.5 billion US dollars in revenue in the year 2019.
Here are some statistics about Amazon prime that will highly impress you-
- There are more than 150 million users of Amazon prime worldwide as of 2019.
- There are more than 112 million people who have subscribed to Amazon prime alone in the United States region.
- The average amount spent by Amazon prime members in the United States is 1400 USD dollars as of 2019.
Video Streaming Platforms
The main essence of these video streaming platforms is the availability of different types of content on the same platform. Today’s audiences prefer a large number of choices in one place so that they can stream according to their interest. There is a large variety of content available on these video streaming platforms. It is safe to say that-
Higher the quality of content, the more audience you will attract.
The purpose of developing different video streaming platforms is to give the choice of selecting personalized videos to the audience. You do not push your content to the audience, you attract the audience to your content!
There are several benefits of video streaming platforms over your local traditional cable TV.
- The video streaming platforms give the audience flexibility in choosing their desired time and of course place of watching their favourite series.
- The audience has the right to choose. They can choose whatever content they like to stream.
- You can like, unlike, comment and also review your content. Which can express your views about the content on the platform.
- You can track your payment status.
- Some video streaming platforms give the facility of downloading the web series so that the customer can view it offline if they want.
- You can pause, rewind, and fast forward your content at any given point which is not possible when you are watching your series on a traditional TV cable.
- Video streaming platforms are also compatible with every different type of digital device.
The whole point of video streaming platforms is to give the audience, the facility to watch their selected videos anytime and anywhere.
How Do These Platforms Make Revenue?
The most important thing about developing a video streaming app is to look through the list of revenue-making features of it. The application can make revenue via different types of features and options.
Some video streaming apps are popular because of their subscription plans. Many of the apps are giving out monthly subscriptions, 6-month subscriptions or even yearly subscriptions to their customers. You can easily opt for any of the given criteria and accept what is best for you. The main part of revenue for video streaming platforms is subscriptions.
Purchase Per Content
You can also occupy the concept of purchase per content, that is you can allow your customers to purchase only the content that they want to watch. With this type of criteria, you can earn a huge amount of money in one go because when a movie goes in a trend many of the customers would like to purchase it and that can make good revenue. It will also allow your customers to have that flexibility and freedom of choice.
You can run third-party advertisements on your video streaming platforms and that will be a great start for you to earn a big amount of revenue with a very small investment. These third-party advertisements are a great way to earn the perfect amount of revenue even if your application is not doing so well in the market. Third-party advertisements are always helpful in owning some extra amount of money which can cover your app development cost.
Netflix’s technology stack, such as app development
For an app like Netflix to succeed, the technology stack must be robust and carefully chosen. Our team of seasoned professionals determines the best programming languages, UI/UX technologies, databases, messaging queues, and third-party integrations for Prismetrics.
UI/UX: Create an engaging UI for your VOD app using Google Sketch
Gateways: Braintree and Stripe are two services that help you integrate payment gateways like Mastercard, Paypal, Visa, and Net Banking services of multiple banks.Cloud streaming: You can stream video content online with Wowza and IBM Watson.
Coding: Build a cross-platform app using frameworks like Flutter and React Native using programming languages such as Objective C, Java, Python, and Swift. For front-end development, use Node.js and ReactJS. For subscription management, use Zoho, Azure, PayPal, or Stripe.
Analytics: Take advantage of Microsoft, Google, and Amazon data analytics solutions.
Push notifications: You can use services such as firebase, Twillo, and Apple push notifications to send notifications to your viewers.
Features Of The Best Video Streaming App
There is a ton of video streaming platforms available all over the world but what makes the best video streaming app is the availability of different types of features!
The possibility that your customer wants a simplified registration procedure while using your video streaming app is hundred per cent favourable. There can be a portal through which the customers would be able to sign up for the application through any of their social media. This unique account will help them to keep track of their content.
Real-Time Video Streaming
There should be a portal through which the customers are able to stream live shows with minimal internet usage. You can develop a platform through which your customers are able to see live cricket matches, volleyball matches, football matches and also many other reality shows in real time. Many customers want to have the freedom to stream their favourite topic in a real-time scenario.
In this new era of digitization, it is very important to have multiple payment gateway options for your customers. You have to understand the diversity of customers that are coming your way. That you need to develop a secure transaction model for your customers and protect their data security and privacy. You can integrate Google pay, Paytm, debit cards, credit cards and direct bank transfer facilities for your customers.
We are living in a time of diversity and you shall also integrate multiple-language support for your customers. This will act as a bonus feature for a video streaming app. This feature will also attract a lot of audiences to your application. There are different types of people available in the world today and when it comes to real-time events some people like to watch them in their local language.
Make sure that you transit the procedure of adding content to the playlist for your customers. You can develop a portal through which your customers will be able to make their own playlists of their favourite web series. This will help them to customize the application according to their tastes and preferences.
You have to make sure that your application is giving support to the customers to search for their favourite content. The search option is a very vital option for people who are using your application. Make sure that you make your application very user-friendly. The search option will help your customers to customize the application and look for their favourite content.
You have to have the option through which your customers can engage with other users on the platform. Make sure that you develop like, unlike, and comment options on your video streaming platform. This will not only help your customers to choose the better content but also it will help them to engage with other users using the same platform.
The feature of push notification is all about increasing more and more people to use your platform. The push notification feature will inform your customers about the different types of trends that are going on in the world of entertainment. You can send push notifications to the customers when there are discount offers on your application or on the arrival of the latest shows.
Saving content offline is one of the video streaming app features
Getting internet everywhere is not possible so you have to develop a procedure through which your customers will be able to download their favourite shows offline and can view them at any time possible. This feature will be very helpful for different customers.
How much does a video streaming app cost to develop?
The proper app for streaming videos can be developed with a strong team of individuals. You can hire our services if you want to build an effective and highly user-friendly video streaming application. The app development process depends on the streaming segment or video streaming mobile application for Android and ios apps. The video streaming app development cost to create an app like Netflix totally depends on the technology stack used in developing to market to target and earn in the mobile app development process under the experts. Content on your app can help in native video streaming apps like Netflix and Amazon prime. If it comes to estimating the cost of the live-streaming features the app generated.
thirstyDevs Infotech has the proper team of project managers and application developers who will help you to manage your application according to your preferences. The video app development cost cannot be calculated perfectly but it will definitely bring you fruitful results. Make sure that you hire us to avail the best application services!