The introduction of OTT App Development made Television a bygone experience. They are attractive for users because they have complete control over the videos and can view shows and videos without interruption of their favorite content. Many have lost interest in the big black box and gradually turn to the online platform for shows, series, films, etc.
This blog is for you if you plan to build such an application. Here we provide statistics, main characteristics, costs, monetization strategies, and other information to assist you in developing the OTT app. Check the following:
What are OTT Applications?
Video Streaming platforms, which provide the customer with an excess of video entertainment on demand over the Internet, are the standard OTT App. Catering companies create OTT apps to enable users to get a consistent viewing service over several devices. Video Streaming app development services catering companies.
The entire entertainment industry has turned OTT (Over-the-top) applications, such as OTT Apps Like Netflix, amazon prime, and Hulu, on the back. Through these applications, video streaming services are available on TV, laptops, desktops, and mobile phones. The two main reasons behind growing popularity and demand for video-on-demand applications are – convenience and ad-free experience when watching movies, television shows, and other content.
How does OTT Technology Work?
While accessing video through OTT is usually more convenient for viewers, what happens behind the scenes of OTT streaming is a little more complicated than traditional broadcasting.
Here is an example of OTT technology in action –
- Broadcasters distribute video content to OTT video hosts.
- The data is sent to remote servers by the video host via a content delivery network (CDN).
- On the user-facing video gallery, viewers select the content they want to watch.
- The device’s video player downloads video content from the CDN’s server via the internet.
Why is it a Profitable Idea to Develop an OTT App?
The Internet and mobile phones are inextricably linked. The industry has grown significantly over the years, as almost everyone now owns a smartphone and has access to the internet.
On-demand video streaming apps have emerged as the new trend. With increased internet bandwidth and rising demand, these apps are experiencing unprecedented growth. Currently, this platform is used by 51 percent of homes in the United States of America, with nearly 100 minutes spent on these videos per day. In terms of the number of users of such apps in the country, nearly 182 million people subscribed to such video services in 2019.
The exponential growth of OTT streaming app market
- The majority of US consumers (80 percent) have signed up for at least one video streaming service. Subscribers to these services range in age from millennials and Gen X to boomers.
- According to PwC, India is the world’s fastest-growing market for OTT users. It will be the tenth-largest OTT market in terms of revenue by 2022, and the sixth-largest by 2024.
- According to eMarketer, more than 235 million people in the United States are now using video streaming apps, accounting for more than 70% of the total population.
- By 2020, Indian consumers will have spent more than 45 billion hours on OTT streaming apps. Due to the high population, the number of hours spent on OTT is double that of US consumers.
- According to Allied Market Research, the global OTT market is expected to reach $332 billion by 2015, growing at a CAGR of 16.7 percent from 2018 to 2025.
Benefits of OTT Apps Development
OTT apps are profitable for both businesses and consumers. OTT apps, for example, typically provide far more options for payment structures and advertising strategies than traditional business models.
Let’s look at the advantages of an OTT platform for businesses.
Customer Segmentation: OTT apps enable marketers to segment customers more precisely, including live user segmentation. Podcasts, for example. Previously, radio towers were used without regard for who was listening. However, an online video streaming app can now provide audience insights such as location, device type, episode retention, and more.
Increased Efficiency: Apps designed to avoid incumbents typically do so because they can leverage the authority of modern technologies at a low cost. Paying for TV channels that are mostly unwatched is ineffective in the eyes of the consumer. Alternatively, you can pay to watch the channels you want.
Highly Targeted Advertising: Demand-side platforms (DSPs) transformed the programmatic advertising world by making it easier to compare ads with the right users. OTT makes these tools available to more channels and platforms that previously could not target or track engagement. OTT services also allow advertisers to more effectively target ads and track responses from various segments. Hire Mobile App Developers, to maximize your profits.
Must-have Features of Video Streaming Application
Social Login & Sign-Ups
The app should include multiple options for app registration. It should not be a time-consuming process to enter each user’s information. Rather, to shorten the process, a user should be able to sign up using any of his or her social media accounts. This short process saves the user’s time and prevents him from losing patience while signing up.
If you’re creating video content for a large audience, make sure the platform supports multiple languages. It will allow users to browse the app in their preferred language.
It is critical to understand what content the user is interested in. The app should push recommendations based on his searches, which are saved in the back end, to generate interest in them. This aids in the promotion of content and increasing user views.
Recommendation Algorithm (AI)
These platforms filter the content that is pushed to any user’s screen using the ranking and reviews collected by the users.
It is an essential feature for any OTT IPTV app. More than 70% of subscribers believe that the search option is critical for finding the desired content. Furthermore, nearly half of users cancel their subscriptions if they are unable to locate the desired content.
This aids in the development of various marketing strategies. The administrator can view real-time statistics on the behavior of the users. The app allows you to keep track of it.
You will need to integrate a payment gateway to accept payments when users select a subscription plan and proceed to pay. Choose a reputable payment gateway provider or Hire Flutter app developers who can provide users with a variety of payment options, such as debit/credit cards, net banking, UPI, and e-wallet apps.
The must-have feature of the OTT video streaming app would be watch list functionality; this is where customers would add things they wanted to watch later. This is the most important factor, and the OTT app is well-known for it.
You can notify users about new content on the platform by using the push notification feature. They can easily watch the trailer or browse the videos this way.
How to Develop Your Own OTT Platform?
The variety of OTT platforms is no longer a mystery to you. Simply follow these basic steps to develop an OTT platform and succeed in the OTT platform business.
Set strategy –
Begin by identifying a suitable niche for your OTT app. Allow plenty of time to consider the type of content that will be included in your app. Obtaining a license to provide video content is the first step in authorizing your company.
Select platform –
Decide on Features to Hold –
Your app must include all the latest features that your users expect and demand.
Choose a niche –
OTT and IPTV app development is a broad concept. To put this idea into action, you must first identify a content niche. It is not easy to create content for multiple niches and achieve overnight success.
After you’ve developed an effective strategy for your OTT app business, you should focus on monetizing it. Curate plans for your subscribers in the same way that Netflix does. Avoid raising your price, or you will lose your viewers.
Hire OTT Platform Development Services Providers–
The app on your OTT platform must be flawless and professional-looking for it to drive the video content business. Building such an app can be difficult. However, if you contact an OTT App Development Company, the development of your OTT app will be streamlined.
How Much Does It Cost To Develop An On-Demand Video Streaming App?
The cost of developing a video streaming app, like any other app, is determined by its features, size, and complexities.
A USD 150k to USD 200k OTT app development app is possible. It varies, however, depending on several factors, including the features you want to include, the platforms it will be compatible with, and the mobile app development company you choose to build the app with.
OTT is the future of media content delivery and a viable alternative to TV cable. Investing in OTT is a wise decision. Many large and small industry players are constantly investing in digital platforms to provide the most appealing experience to their viewers. Hire a mobile app development company today to reap the benefits of this new trend.
Reach out to us for developing your OTT apps. We are a leading OTT App Development Company. We have an experienced team of expert developers to bring life to your OTT app.
Get in touch with us – [email protected].