The popularity of OTT Services has significantly gained its attention among people in the past few years. Due to the uniqueness of content, people are attracted to these OTT Video Streaming Applications. Video Streaming Applications are most wanted in this coronavirus pandemic season. As the lockdown is implemented all over the world, people started searching for entertainment which is unique are interesting. Let us discuss the monetization strategy, development cost, and important features of an OTT application.
What is Over-The-Top(OTT)?
OTT is a concept which allows you to stream video straight to your device through the Internet without using the cable or satellite connection. It can be any device like TV, desktop, tablet, smartphones, etc. You just need to plug-in a device, download an OTT application.
OTT Monetization Approach
Primarily, there are there OTT video streaming application’s monetization approaches. These approaches are followed by the top succ3essful OTT companies.
SVOS stands for Subscription Video on Demand. In this approach, the user will able to see all range of videos and series after the payment of a particular amount as a fee.
TVOD stands for Transactional Video on Demand. This monetization approach is based on pay per view. Here the users will not be asked for payment in the stage on login but payment is required to pay for the video series which they wish to watch.
AVOD is abbreviated as an Ad-Supported Video on Demand. This is the approach where which is absolutely free for all the users. Here the monetization approach is completely based on ads as it is an ad-centric digital video service. Under this model, the revenue of advertisement is used for offsetting production, hosting, and content monetization.
Features of OTT
This is a must-have feature in your application. It should come up with an easy signin/signup method. This allows the user to manage their side of the application holding details of preferred payment option, content need to watch, the video suggestions based on their playlist/
Netflix allows multiple users to access the app with the same username. If so you want to use this idea, then the application is to be built in order that each user has the specific features.
The search feature helps the user to find their desired video category. Building it with many genre options makes the user feel easy to search as many videos and watch. Every OTT streaming platform is built with an explore or search option. Make sure that it is visible to all the age groups.
Your user count will drastically increase day by day when you add multiple language videos. Expand your business beyond geographical borders by adding this feature. Netflix was able to get a million users by using this prime method. They have almost 150 million videos now on their platform. Besides English, there are a lot of languages having a huge user base who are ready to use the video streaming apps for entertainment.
This is the other way to increase your user count. Help the user to share their viewpoint on their social media platforms which attract the other user to watch the video content. So that there is much possibility that the user becomes a member and also helps in maintain you get the daily active user count target.
The Application must contain a social media signin/signup option to make the onboarding an easy task.
This one of the coolest features that every OTT video streaming application must-have. Yes, allowing your users to watch their favorite videos on TV, Desktop, or any other desired screens. For that, Mirror Screening is an important feature. This let’s attract many users and help in increasing user engagement. It can be implemented in two ways.
- Using the Google Cast SDK
- Airplay - Which works only with Apple TV and other iOS applications
This is an important feature when you build your OTT video streaming apps based on SVOS and TVOD like Netflix and Hulu. Your application must make the user feel easy to pay their bills. Adding multiple payment options also makes the application a user-friendly one. Make your user trust your money transaction method.
Last but not least must-have feature in any OTT video streaming app is Wishlist or watch list. This is the place where the users can add the videos to watch it later. The main usage on this feature is, you can send a notification to remain the user to watch the video
How much does it cost to Develop a Video Streaming App?
The cost estimation of OTT App Development like Netflix/Amazon Prime/Youtube can be rolled down on to several factors.
1. The number of Platforms that the app works on.
2. The number of features that the app adds on.
3. The Geolocation of the app development company is located.
Disclaimer : Startupmart neither represents nor has command over the trademark of "Netflix, Amazon Prime, Youtube". We are not doing any promotional activities and we use the term only for understanding our product. Our motto is not to harm any organization or individual.
Muthu Priya is a enthusiastic Digital Marketing Executive who has strong background on-demand mobile app marketing, performance-driven habits and forward-thinking creativity to all programs she oversees. She writes about mobile app technologies, Startups, Industires. Stay in touch with the blog updates at Startupmart to know the trends of On-Demand Industry.