The video streaming service is top-rated among users across the globe. There is tremendous scope related to the video streaming sector. When people think of video streaming solutions, they immediately think of Netflix and Amazon prime video, but the sector is not limited to that; several types of streaming apps exist. According to Grandview research reports, the global video streaming market was viewed at $40.9 billion as of 2019, and it is projected to grow at a compound annual growth rate of 20.4% CAGR between 2020 and 2027. Almost everything available on the TV is part of video streaming apps now starting from live matches to the latest movies. The video streaming sector experience is enhanced by Blockchain and Artificial Intelligence technology.
Types of streaming devices
The following are some of the streaming services that are part of the on-demand video streaming app solution sector:
- Live streaming apps
These are the live streaming apps where people can watch content in real-time. People are more likely to watch content that is currently streaming rather than pre-recorded content. It is one of the main reasons for the popularity of streaming services app. The most popular streaming apps that belong to this model are Facebook Live, YouTube Live, and Twitch. The streamers can also earn significantly through the video ads and sponsors via live streaming solution. There are millions of sports fans worldwide, entrepreneurs can focus their attention on them by developing a live match streaming app solution.
- Audio streaming solution
Music lovers are present all over the world. The demand for streaming audio is going to evergreen. People can create their playlists and stream content limitlessly through these audio streaming solutions. Pandora, Spotify, Apple Music are some of the popular apps that belong to audio streaming apps.
- Video-on-demand streaming
It is one of the popular apps that come with the streaming services sector. Popular on-demand video streaming solutions include Netflix, Hulu, and Disney plus. The OTT apps host a vast library of TV shows and movies to choose according to their preferences.
Crucial factors to consider before proceeding with streaming app development
The process is similar for live streaming and VOD app development. These are major steps to take into consideration before proceeding with app development:
- Subscription model
First, decide on the people who are going to have access to the app. YouTube revenue model is dependent on the revenue through ads and subscriptions paid for YouTube original & music. Entrepreneurs can either choose the monetization strategy based on the partial subscription model or app like Netflix, which is entirely based on subscription except for the free-trial run for 30 days.
The features determine the entire usage of the application. In the case of live-streaming apps, the proper streaming tools, a chatbot is a must. Analyze the current market trends and offer a wholesome experience to the users via the streaming solution.
The license is of utmost importance for the OTT app platform. Customers will look for a variety of options in video streaming. Copyrights are a mandatory aspect of streaming any content. Business proprietors can either stream can either purchase the copyrights or lease it for a specific period.
- Powerful hosting
Unlike other apps, both the content and users will increase exponentially for video streaming apps. The app must have the capability to stream content without any glitches and also offer complete privacy for data stored in the app. For streaming content, cloud storage services like Amazon and Google cloud would be useful and CDN for HD video content streaming data across various geographical locations.
There is a general perception going on that developing online video streaming solutions is a complex task. On the contrary, partnering with the best-in-class developers from reputed app development can be easily achieved. The expert app developers are familiar with the nuances of building a successful app. So sit back and relax as you witness your on-demand video streaming app flourishes in the prospering sector.