OTT App Development- Cost, Features, Statistics, and More!
What is OTT Applications?
OTT (Over-the-top) applications, such as Netflix and Hulu, have turned the entire entertainment industry upside-down. These applications offer video streaming services that can be accessed on television, laptops, desktops, and mobile phones. Convenience and ad-free experience, while watching movies, TV shows, and other content, are the two main reasons behind the growing popularity and demand for these video-on-demand applications.
If you are planning to build such an application, then this article is for you. Here we have provided statistics, key features, cost, monetization strategy, and other information that will help you in OTT app development. Check it out below:
Video Streaming App — Statistics
Let’s look over these statistics to have an idea of the popularity of OTT applications:
- According to Statista, OTT media revenue is forecasted to reach USD 158.84 billion by 2024. This number was USD 67.8 billion in 2018.
- Another Statista report reveals that Netflix is the biggest OTT provider worldwide with more than 150 million paid subscribers.
- As per Statista, User penetration of video streaming is expected to reach 6.2% by 2025.
Key Features of a Video Streaming App
Check out the essential features of an OTT (Over the top) app below:
- Sign up and Sign in
This feature is a must to let users register by entering the required information. Sign in would help them to log in to their account from any device by providing the registered credentials. After the registration, users would be able to create their profile where they can check their subscription details and other information.
- Multilingual content
If you want to target global audiences (which most of the OTT platforms do), make sure the content available on the platform is multilingual. In simple words, content should be available in different languages so users can select their preferred one.
- Search
Search is one of the mandatory features that help in delivering an excellent customer experience. The feature is required to make users search different content on the platform. They can search for movies, TV shows, and other videos by entering their name in the search bar.
- Watch list
The feature would help users to add videos, movies, TV shows, and other content they want to watch later.
- Screen Casting
The option would help users to cast the content on their desktops, smart televisions, laptops, and other compatible devices.
- Payment gateway
It is required to allow users to enroll in monthly or yearly membership or subscriptions. Make sure your app.
- Push notification
Push notification feature is required to send notifications about the new content upload on the platform, subscription renewal or expiry details, and more.
You can also add other AI-based features to recommend content to users (based on the content they liked or have watched).
How to create an OTT app?
To develop an OTT application or video streaming application, you need to decide the technology stack first. This will include choosing the right server, streaming protocol, and security systems. If you are new to this field and have no or little idea of the OTT development process, then contact an experienced OTT app development company or hire dedicated developers with relevant expertise. Make your choice wisely to get the worth of your money.
What is the cost of OTT platform development?
The total cost of a video streaming app development depends on a plethora of factors:
1. Features and complexity of the app
2. Size and geographic location of the mobile app development company or developers
3. Platform on which you want to release the app
4. Technology stack required to develop the app
5. Experience of the development team
6. Time required to build the app
Roughly, you might need to pay somewhere between US $25,000 to US $45,000 to build an OTT app. The price may vary depending on your particular app requirements.
Monetization strategy for an OTT app
Setting the monetization strategy beforehand is always recommended to get maximum ROI on your OTT app. Most of the OTT platforms earn money through subscription or membership plans. You can choose the same or ask your mobile app development company for other suggestions.
Develop an OTT app or video streaming app now!
Final Words
If you want to develop an OTT or over-the-top media streaming application and wondering about its cost, then this article is for you. Apart from mentioning the factors that impact the total cost of the OTT app development, we have also provided information like the essential features that should be there in the app, the tech stack recommended to build the app, and more.
To begin with the video streaming app development, reach out to a trusted custom mobile app development company or hire dedicated developers. Hope the article was useful!
