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Gone are the days when people used to enjoy their favorite shows and movies on TV. Nowadays, people have chosen a new way of watching and enjoying everything they used to broadcast on TV in the early years. OTT stands for “Over the Top platform,” a complete streaming package. These OTT apps have become a new platform that has undoubtedly gained massive popularity worldwide.
Now people subscribe to OTT platforms to enjoy their favorite shows anytime. Users select their favorite shows or movies and start watching them on any platform they want. A simple Internet connection and there you go, you are ready to watch any shows you want. However, you will need to spend a little money if you want to enjoy movies or shows flawlessly without any interruptions.
Since the launch of these OTT platforms, they have become a no. 1 choice in the new era of the online generation. The love and support from users for OTT platforms encourage other OTT app development companies to invest and enter the OTT industry. But why? Is it because this platform has a massive user base, or do people just like watching shows on the internet? What are the reasons for this massive growth in the OTT industry? Don’t worry; you do not need to put pressure on your brain for this, as we will tell you how you can make your first step in OTT app development.
OTT is an audio and video online streaming platform where users can watch any show anytime. OTT platforms come in two forms; first - the free version offers users access to some content free, and the other comes with a paid version where users need to subscribe to the OTT platform to access its features and other things. These subscriptions mean users need to pay for access to any OTT services. The platform only charges for content that is officially available on the platform and is nowhere accessible. To access it, users must pay a subscription fee if they want to see that content first.
OTT platforms are built with advanced technologies and the integration of AI (Artificial Intelligence), which enables a better user experience. Using AI-Powered technology helps the platform to show the relatively content that users have watched most or are most likely to watch. It makes a section of categories that helps users watch the content related to or based on already watched content.
Now that we have understood the objective of the OTT apps, it looks like a more profitable business that can successfully grow in today’s world, right? Yes, it is a great way to turn your business into a great revenue model and mark your presence in the online media and entertainment industry.
OTT has gained undeniable popularity all over the world. If you search for OTT apps on the internet, dozens of apps offer many types of services. And some of them hold the position of being the all-time best OTT platforms. Can you name one? You will also say Netflix, Amazon Prime, or Hotstar. These well-known apps are some great examples of OTT platforms.
These apps are one of the most used OTT platforms in the media and entertainment industry, generating billions of revenues. Okay, let's see what our statistics say about these video OTT apps:-
Note: All of the stats are OTT video app revenue worldwide.
According to Google stats, more than 135.1 billion U.S. Dollars in revenue was reported In 2021, and it is expected to grow even more to reach over 225 billion U.S. dollars by 2027.
Over-the-Top describes internet-based services that allow users to stream media content over the internet without any cable or satellite subscription. The current scenario of OTT revenue in 2022 is over 156 billion U.S. dollars, with many of the most popular services in the market being video-on-demand apps like Netflix, Disney+Hotstar, Hulu, and Amazon prime more than 200 million paying subscribers worldwide.
By seeing these stats numbers, you can imagine in upcoming years, there will be even fewer TV subscribers and more OTT subscribers worldwide. Now you may have understood why this is the right time to make your move into OTT app Development.
But before investing in such a big platform, you have to make your strategies with video-on-demand streaming to maximize your reach to a more targeted audience and create a great revenue model. Below are some benefits of OTT app development for businesses to make a competitive edge.
The benefits of OTT apps can take most industries, boost their business opportunities, and increase revenue even higher than ever. Here are some of the businesses that can take massive advantage by building an on-demand OTT platform:
Developing an innovative mobile app is no easy task to do when the app contains a large amount of data. OTT app development requires dedicated teams who are professional with the latest and advanced technologies and tools. Therefore, to give you a better understanding of your business requirements, there are a few steps mentioned below that you should consider the most while developing the OTT platform:
Outline Your Niche
Creating content for all the niches and achieving overnight success is no easy task. Choosing the right target audience is important before entering the media and entertainment field. Defining or marking your niche helps clarify the innovation and set goals; therefore, you will not face any issues at the start of your production.
Create a Unique Content Structure
Let me tell you a secret - you should research and know your users' choices and likeness, add nowhere available content, create trending content sections, and build engaging content that automatically increases your platform's audiences. It would be best if you never forgot that content is your king and will define your niche. Therefore, you should list all the content you are thinking of adding to your application.
Choose a Suitable Business Revenue Model
Every business runs on the same purpose, and that is to generate revenue to make a profit from their investments. And in the case of OTT platforms, Choosing the business revenue model is one of the most profitable objectives you should not ignore.
There are four business models which you can implement in your OTT app development solutions to increase your revenue fast:
SVOD (Subscription Video On-demand)
In this model, users must pay a specific fee to access the entire content library. And, also this subscription-based model allows users to download their favorite content and keep it in the library for watching later. Some well-known apps that follow the SVOD model are Netflix, Amazon Prime, and Disney Plus.
TVOD (Video On-demand Transactions)
One popular app that uses the TVOD model is Apple's iTunes. It works as a pay-per-view model. Here users can log in to the app for free without any fee or subscription options. However, users will have to pay to watch and download the content on the app. This model can be beneficial if you target building only a premium app that contains only paid content which users can't have unless they purchased it completely.
AVOD (Ad-Supported Video On-demand)
One of the major apps that implemented the AVOD business revenue model is Tubi. It is one of the best models for platforms with massive viewership. Users can access most of the content for free by watching some ads; through each ad, the app will earn and add revenue to the business account.
Hybrid Business Model
If you want to meet the needs of different classes of users, you can integrate this model as your business revenue generator. It is a combination of the above three business models. Some users prefer access to the entire library, some free content, and some want to pay for the content they view. Therefore, the hybrid model is a great choice that will fill your revenue and take your business to the next level.
Keeping in mind your budget and the users you want to target, you can combine any number of models to build your OTT application. You have to bring users new content daily or weekly so they can't get bored with your services. If you are an organization that wants someone else to work on your OTT app project, you can hire us as we are a leading mobile app development company in India.
Building an app from scratch takes a lot of time and resources; furthermore, it will tremendously increase your budget limit, so unless you are the richest person in the country, it doesn’t make sense to build your project from scratch. So, suppose you want your business to enter the media and entertainment market. In that case, you should take advantage of a custom OTT application that can help you establish and accommodate your business goals in no time.
We at Orion InfoSolutions, have the best top-of-the-line OTT app developers and highly experienced team leaders and consultants. They hold advanced technology and a robust streaming framework that integrates feature selections to provide video engagement requirements for the most demanding industries.
Based on your specific business requirements, we can customize your profitable OTT application within weeks to make your work burden very light and ready for industry deployment.
Cost Reduction:- One of the biggest advantages of investing in a customizable OTT streaming platform is cost reduction. Building an app from scratch increases development time and resources, which becomes the reason for the increment in the cost? But for SMEs and Startups, it can expand their already tight budget. As opposed to that, an easy-to-customize and fast deployment of the on-demand video streaming platform allows you to validate your business requirements economically.
Quick Market Deployment:- A ready framework that can customize your business requirements fast allows you to generate revenue even quickly. And also lets you put your saved time into marketing your solutions and launch them as fast as possible.
You must develop a unique idea to dominate this up-going video streaming industry. You plan to offer your customers an attractive and user-friendly platform where they can see their favorite content and chill. And, to develop a solution that attracts an audience from large spaces, you have to put your time into researching your competitors.
It is because you are entering this industry now, but they have already covered it and built a strong market presence. The OTT app development company, like Netflix, offers many engaging features to their users, so to compete with them, you also have to integrate features that are a must-have for your brand new OTT platform. Let us see what the features that you should include are:
UI/UX Design:- The overall app designing solo impacts the engagement between the user and the application. Attractive user interaction and first impression of user experience of the app decide whether your platform is passed or not to keep in the fight with your competitors. Therefore, building simple yet attractive application intersections can give you a competitive edge.
Payment Integration:- The payment gateways option is a feature you cannot ignore. When a user wants to buy your app subscription, they want it done without any hassle because if they face any payment error or fail to make a payment, your app impression will go down heavily. And, also providing them with various payment options they use most of the time increases reliability.
Customer Support:- Another great feature to add to your video streaming app that can help your users to search for any queries that they are required to. Therefore, providing 24/7 customer support and service to keep your app healthy, engaging, and up-to-date is a smart feature that can help you keep engaging with your users.
Smart Search Bar:- With the help of this feature, users can search for different types of content in the search bar. To increase engagement, you can integrate analytics-led search streams and provide accurate results and recommendations according to user preference.
Multi-language:- If you are targeting a worldwide audience, it's essential to include a feature like multi-language in the apps like OTT platforms. It will help users from other regions to understand and watch content in their preferred language and audio.
Screencast:- The screencast feature will enable users to watch content on other platforms by simply turning on the cast feature on their devices. It will connect two platforms, and it can be TV, console, or any other platform where the casting option is supported.
Watchlist:- It allows app subscribers to add their favorite content to the watchlist, where users can watch them later without searching for the same content again.
Customization Option:- Users like to keep their favorite content in the one section where they can easily search. Users can easily personalize their favorite content sections by providing them with customization options.
There are many features that you include later on, and to help your business grow fast in the OTT industry, the points mentioned above are the key features you should include.
Being a custom OTT app development company in India, our highly skilled team has the skills and experience in various technologies to build a cross-platform solution that works on Smart TVs, Mobiles, and web and even Gaming Consoles.
As we already discussed the important things about OTT app Development, now let’s discuss the most important thing: the development cost of an OTT app. The cost of OTT mobile apps depends on a few factors.
The cost of OTT app development depends on various factors, and those factors are:
To give an estimated cost, with the full compatibility of advanced feature-rich and functional apps, it will cost you around $25,000 to $45,000. Therefore, it would be best if you first consult with an OTT app development company for the cost of a video streaming app.
For more than 8 years, we have been using the latest and most advanced technologies to deliver successful solutions for our valuable clients and customers. In an evolving consumer behavior industry, we understand that customized and personalized content experiences matter in terms of gaining a large amount of popularity.
Leverage our proven domain expertise - full expert consulting and development services - to identify, assess and implement custom software solutions with end-to-end feature integration. We understand the needs of the most common business workflows; therefore, we can help you with every step, from video ingestion to management to the business revenue model.
As a trusted OTT software development company, we can turn your ongoing business idea into reality to grow your business fast and increase more leads.
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