In the past few years, the app market has truly evolved and came up with advancements that have changed the face of this sector. And, here we have the newest member- Video Streaming Apps which is giving new goals and outlook while redefining the way how people have explored the visual media! This commendable shift of users from the traditional to the digital media has created a revolutionary category and has now earned acceptance globally.

Here, we shall have a look through on all the different aspects that are crucial to the video streaming app market. Meanwhile, we will also share the secret of making it big in the “Video on Demand” sector. Surprisingly, now to join the league with brands like Netflix, HBO Now, Amazon Prime & Hulu is now easy!

A Glimpse of the Video Streaming App Market

Video streaming apps are trending alternative that people are showering their love upon. In fact, comparatively large numbers of people are preferring to view online videos available on this rather than any other platform. Wondering why all this love to a new member in the family? Well, to watch your favorite shows or live sports right on your mobile is for sure amazing and something to be loved. As result, this has boosted the demand for such app categories.

Brand with their own distinguished identities like Netflix or Hulu and others have initiated this unique app category that’s earning incredibly well! As per studies, over 40% revenue growth annually has been revealed & it also anticipates this market to reach an all new height of the US$73.90 Billion mark by 2024.

Undeniably, numerous brands have entered the streaming industry to make it big with the Video on Demand, but not many have received the desired success. Only a few like Netflix, Amazon Prime and Hulu have emerged to be the top leaders in the present time.

Features That Are a Must Have For Developing a Video Streaming App Like Netflix

• Genre Wise Content

To achieve a favorable outcome in form of popularity, the app must attain acceptance widely by millions of users. For this, you need to ascertain that you have something that serves in the best interest of your viewers. An all exclusive video library that is enriched with an array of content including sports, news, live shows, etc. is what you need to keep your focus on.

• Multilingual Content

If you truly wish that your business can expand beyond the geographical boundaries, then you need to pay heed to an important factor. By this, we want you to ascertain that your content is simply not limited to English as the language choice.

As per studies, if you are looking forward to boost the conversion rate by upto 200%, the opting for app localization can be beneficial. Also, it was observed that Netflix alone bagged approximately 93 million users where the hours of video streaming recorded on a daily basis was nothing less than 150 million. And, this was only after the addition of multilingual content in the year 2016.

• User Profile

This is one of the most essential features that certainly do not require any special introduction. When developing a video streaming app, it is strongly recommended that you equip your app with an option of “User Profile”. This can effectively help the users in managing the entire app while making payment, browsing content to watch from, viewing suggestion based on shows watched previously & view plan details conveniently.

• Search

A button or simply a tab that allows you to search and explore your options in a video streaming app is of great significance. However, when getting the same designed for your application, you need to ascertain that it should be clearly visible to people of all ages. Additionally, enriching the search drop-down box with an array of genres can be an added advantage.

• Social Features

This element will allow your app to be shared by the users on various social media platforms without a hassle! Also, this will indeed let your application achieve its target of active users on a daily basis. Thus, you need to make sure that your users can share the content they are viewing on their social media pages. For this, you can also opt for a social media login option to make the entire process simple.

• Watchlist

By adding the feature of “Watchlist”, you will be able to give an extraordinary touch of amazement to your video streaming app. using this; your users can easily add shows or programs that they will watch later. Nevertheless, to make this feature beneficial, you can merge it with the notification system that can lead them to the Watch Next Screen.

• Screen Mirroring

One of the most exceptional features is to let your users’ have a convenient & comfortable viewing experience. By this, we simply mean that besides app, the programs can also be viewed on a TV or a Laptop screen using the Wi-Fi. This can be done in the following ways:

• Google Cast SDK - Today this SDK has become an integral part of the video streaming android app development process. Basically, applications developed using this can support Google’s Chromecast HDMI dongle for media streaming. Using this, apps that have been specifically designed for iOS, Android or Chrome can be easily viewed on a TV/Laptop. And, the app on your phone can be used as a remote control for managing the playback.

• Secondly, enabling the option of screen mirroring with Airplays which is a great alternative to the Google cast can also be ideal. However, this will only be compatible with an Apple TV & the other linked iOS applications.

Wondering how to enrich you Video Streaming App with similar features that will also allow you to earn money? Well, if this is your concern, then the straightforward solution is to do what Netflix & other brands are doing! Here, you peek through the exclusive monetization model that apps like Netflix and Hulu have adapted:

Netflix Monetization Model

These video on demand apps clearly work on a Subscription-based model! Here, the viewers are offered a range of plans each with a varied amount to choose from. Mainly, the amount to be charged depends on the number of viewers who’d be viewing the app and also on their choice of video quality like HD or Ultra HD.

Besides this model, Hulu also offers the viewers with an in-app ad functionality which can truly be an advantageous option for revenue generation! Regardless of the monetization model, most of the brands offering video on demand do keep the initial month free for all their subscribers is what that should not be overlooked.

Have you longed to become a member of this ultimate video on demand streaming platforms that will let you earn in billions? Here, we share with you how much will it cost!

There are a few important factors which directly influence the cost involved in developing a video on demand app! Majorly, these include - the list of features that you wish to add in your app, the number of platforms for which you need the compatibility, and importantly the geographical location of your app development company.

Based on features, here are the further sub-divisions to be made:

• Light – User enrollment, video gallery, social media integration, search, payment gateway, and settings.

  Medium – features included in the light version, localization, subtitles, & importantly advanced video player

  Complex – Along with the above-mentioned features, User profiles, ability to look out for friends, push notification & chat, feedback and comments.

Apart from this, platforms compatibility is the next factor to determine the app development cost. Here, it is important to note with the number of choices, the price will move up in an ascending order. To put it simple, when you decide to opt for moving from a single platform like Android or iOS to both of these, you should surely expect a hike in the resulting cost. And, when you prefer to go for web as an additional requirement, the price would be even higher!

Last, but not the least, consideration is also required regarding the geographical location of your mobile app development company! The cost charged on an average per hour by mobile app development companies greatly differs from East to West. In western countries like Australia or the USA, the average rate on an hour will be around $80 to $200 whereas, in Eastern countries, the same can be done by spending $25 to $80 approximately.