People can stream and watch their favorite content without any interruptions through apps like Netflix, Hulu, etc. They offer a wide variety of genres, ranging from fiction to crime.
Video streaming apps are becoming part of every household all over the world. Though the transition has been gradual, soon, the on-demand video streaming solution is going to dominate the entertainment industry. As per Neilson, about 80% of the people reported watching shows and series by streaming platforms in 2018.
Statistics throwing light into the growth of video streaming apps have had over the years
- According to Digiday, the OTT revenue, which includes an ad-led video on demand, pay-per-view, and subscription video on demand, will grow from $37 billion in 2016 to $83.4 billion in the next five years.
- Netflix, Amazon Prime, and Hulu are expected to triple their content budgets from licensed content to originals, to spend $10 billion annually by 2022.
- There are about 401 million subscribers worldwide, these numbers are expected to grow and reach 650 million by 2020, as per reach conducted by IHS Markit forecasting.
- According to the analytics site Statista, the number of Americans using the OTT platforms has jumped from 170 million in 2018 to 181 million by 2019.
- As per Emarketer, consumers spend 83 minutes a single day on streaming digital videos, and it is expected to reach 93 minutes by 2020.
Revamping and new features added by popular video streaming devices
One of the main reasons for the popularity of an app like Netflix is that they upgraded themselves to suit the customers’ demands. Recently they have added the “Top ten list” category. This segment showcases the shows and movies that are popular in the customers’ country. Another cache is that the top 10 lists order will vary based on customer preference. For example, if the users prefer horror movies, then those movies will appear first on the list.
Netflix explained the reason for their launch was that favorite movies and TV shows create shared moments. Through the “Top ten list” feature, people can create more memorable moments. In addition to that, the feature was launched to reduce the competition that Netflix faces.
Hulu recently launched a social watching feature called the “Hulu Watch Party.” It allows users to watch content in separate locations with their devices while connecting virtually through the chat option through which they can watch and chat with one another. Let us see how to use this attractive feature:-
Customers can select their preferred movies or shows from the Hulu watch party category. They must be 18 years or older to enjoy this feature. Then, they can send invites to their friends and family to join the watch party session. At the moment, these apps support up to eight people. Simultaneously, customers can chat with one another through the in-built chat function.
Hulu is the first streaming service that is offering this co-watching experience.
- Amazon Prime Video
Amazon Prime offers exclusive offers like same-day delivery and discounts in its E-commerce site for subscribers. People prefer Prime Video for the dual benefits it offers. Prime Music is also part of the prime subscription package. In addition to that, people can enjoy streaming Twitch without any Ads, just like Twitch Turbo. In comparison to other video streaming devices, Prime Video has its unique way of captivating and retaining its customers.
Analyze and understand the marketing and business strategies adopted by these streaming platforms and try to incorporate the best ideologies for your video streaming solution.
The architecture of video streaming app development
Video streaming apps use complex architecture to stream and store content.
- Development facilitating architecture
Popular video streaming services like Hulu use autonomous computers that work via individual API. This enables video streaming content providers to stream and scale as per their requirements.
- Cloud storage
When compared to other apps, the storage is high in streaming solution apps as content such as live TV programs and movies are added regularly. Cloud storage must be effective in storing and retrieving data promptly. To ensure that, app developers can make use of their servers or use the cloud. Both methods offer great security and scalability. Hulu shifted to cloud architecture and chose AWS as a service provider.
- Content Delivery Network
Most of the video streaming apps are built with the aim of providing services to a large audience across the world. A few seconds of a delay in streaming could spoil the user experience. So with CDN, the cached version of the content is stored in different geographical locations, apart from storing the original content. So, a user’s request for data is streamed from the nearest available CDN, thereby avoiding any delay in relaying on the OTT platform.
For example, Netflix has its CDN to maximize its efficiency in serving people. Its own purpose CDN has proven to be more effective and cost-efficient than using third-party CDN. Their high-performance CDN has enabled them to provide quality content over the network.
Monetization methods for video streaming solution
The prominent way of earning revenue is through advertising. Popular live video streaming devices such as Twitch have often advertised while streaming content on the platform. Through non-skippable videos, they can gain more viewership for their advertisements. Netflix offers advertisements only to the trail-run subscribers so that people can be lured to take up the subscription to watch Ad-free content.
- Paid subscriptions
Significant video streaming platforms offer different subscription models based on exclusive features and other perks. These revenue streams ensure customer retention. Before the subscription is about to end, the customer is sent reminders for the plan’s extension.
- Original shows
Prime Video and Netflix produce original series and movies. They earn significantly for their production house based on the viewership these shows bring.
Video streaming apps are getting more popular with each passing day. The app developers spend more time and effort to develop an attractive UI so that their streaming app gets more customers. Budding entrepreneurs can also develop prominent apps like Twitch by launching their live match streaming app solution. By hiring a team of experts having experience in live app development, you can deploy your next trending video streaming app.