All about the OTT App Market
The best over-the-top, or OTT, apps provide an essential turnkey to offer customized solutions.
OTT platform providers find this a potential opportunity to launch a scalable application in just a matter of weeks! For example, Netflix or Hulu over-the-top services have turned the entertainment sector into a profitable industry, especially for content owners, social media marketers.
These apps enhance popular video streaming services with essential features to stream digitized content in smart TVs, laptops, personal computers, androids, & many more compatible devices. This helps them facilitate elevated user engagement within their best OTT platforms, providing customers with a convenient and ad-free experience.
According to grand view research’s report, the global video streaming market is expected to have an impactful compound annual growth rate of about 21% from 2021 to 2026.
Outlining Predominant Market Players:
1. Netflix
The ever-growing top OTT platform of Netflix was started in 1997 by Marc Randolf and Reed Hastings. Initially, they pioneered the very concept of renting DVDs through the mail by charging viewers a monthly fee. Later, they came up with TVshows, movies directly streaming into customers' PCs. In 2012, they grew as top distributors and producers for both of the streaming genres mentioned earlier.
To top it all, the movie streaming apps in both media formats, Android and iOS apps, have an impressive collection of content libraries which include original series, movies, and programs captured in distinctive languages, making it well-diversified. Undoubtedly, that states the reason why Netflix carries paid customers spanning 190 countries.
Some of the amazing factors that pick up attention are:
- Netflix largely captures a 63% market share in the U.S.
- OTT video streaming industry is expected to see a hike of $73.9B by 2024
- In the majority, 60% of Gen-Xers watch their streaming videos on a daily basis
- Watching Pay-TV is fading, and users allot less than 30 mins a day
2. Hulu
The pioneer OTT video platform of Hulu, based in the U.S., provides video streaming subscription services. Hulu was launched in the year 2007 and was initially a joint venture between NBC, News Corp., Province Equity Partners, and later The Walt Disney Co. but is now majority-owned by Disney.
This OTT streaming solution facilitates users with unique and unfettered access to new episodes, and in 2017 they launched Hulu with Live TV offering over-the-top IPTV services that featured linear television channels. As of 2021, Hulu carries 41.6 million subscribers.
A look into some exceptional facts:
- As per records, Hulu is known to invest more than $2.5 billion each year on content
- Surprisingly, Hulu Ads are found to be 2x more effective than TV Ads
- Hulu OTT TV app allows registration via email as well as social media
- They offer 43 different video ads to their users every month
- Hulu is one and only available in two countries: the U.S. and Japan
3. HBO Now
HBO Now is one of the biggest inspirations you can use to build your best OTT app development company. It was launched officially in 2015, and this American subscription video-on-demand streaming service became one of the favourite amongst consumers.
The surprising factor catches our attention when we come to know that this 5-year old standalone Subscription-based OTT solution provider facilitates access control to the platform through HBONow.com, Google, or Apple TV to their users by effortlessly getting switched to Max no extra charge..
Interesting facts that hold and attracts views are:
- HBO Now has more than 10,000 hrs of content at launch
- Home Box Office (HBO) was originally named the green channel
- HBO carries around 44.2M subscribers as of the fourth quarter of 2021
- In the early 1970s, they distributed signals using microwave
- Its first live event coverage was 1973’s Pennsylvania Polka Festival
So far, we have seen the industry's pioneer leaders of OTT streaming solutions and their growth over time. Now we will get into its types and check how to create an exclusive OTT app!
What are the Types of OTT Apps?
There are two major types in which you can capture your audience’s attention when you plan to have your own application specifically designed via OTT app development. Primarily, they are developed where the majority of your audience resides to watch your content. And, that is in mobile or television. Both are broadcasted in audio as well in video formats. You can have your dynamic OTT apps in a categorical manner, suiting its niche preferences.
1. Video
When you plan to have an effective interactive streaming platform or an app in the OTT industry, you want to engage markets, as most service providers do, with high-quality video players and content with clickable user interfaces to entice all kinds of demographics on the move.
2. Audio
You can set your niche brand by having audio-based OTT platform apps where your users can listen to your curated pieces of OTT content, such as live audio, engaging podcasts, and radio broadcasts.
Now, in the next segment, let’s take a look at:
Building a Streaming App for OTT Business
1. Wherever your target audience is, be there
Due to sophisticated streaming capabilities, providing an engaging viewing experience with high-end quality is the backbone of your OTT development. As a result, you can quickly reach out to every target base through devices like smart TVs, Android, iOS, mobile or web apps; smartphones; tablets; desktops, etc., and observe user behavior to serve as per their preferences.
2. The Key to Engagement is Personalization
Only by providing new streams of material within your white-label OTT platform, your audiences will remain continually engaged. For example, if you broadcast a big movie every Thursday, people will devote their entire schedule to watching it within the OTT branded apps on the go. So, pick which form of personalization will catch their interest and stick to it for a while.
3. Each Screen Has Its Own Viewing Experience
Every device has its own unique OTT TV solution viewing experience that is feasible and versatile for your users worldwide. Also, with streaming analytical capabilities, you'll be able to target and analyze every device user who can now effortlessly use your platform and make any subscription transaction.
4. Help Audiences Find Your Content In Seconds
Is your information categorically placed in a way that allows easy searchability? If you've already done it, the best method to talk about your popular content is to incorporate a theme around your OTT platform development, such as movies, music shows, kids, news, games, and so on, so that people may find your content under these categories while they're surfing the web in general and have no specific preferences.
5. The way to scale your OTT TV platform success
Through analytical tools and feature-rich services offered under a single white-label OTT solution, you may constantly or periodically update your over-the-top software's functionality and control its efficiency.
Furthermore, you can now effortlessly acquire insights like audience tracking data, live custom analytics, browsing insights, reviews of your OTT app platform, and more while on the go!
Highlighted Features to Determine Your OTT App Revenues
1. Easy App Onboarding
Improve your user’s entire OTT streaming app experience by making registration, verification, and profile creation as simple as possible. Make it possible for them to sign up through social networking platforms as well.
2. Search Feature
It’s a must for over-the-top app builders to ensure your users have smooth navigation where they can find their favorite content. It's a quintessential function that you may customize with genre, language, and other options.
3. Multilingual Content
Definitely, your subscribers might want to enjoy streams globally. They need to understand your content in the language they prefer and make it more relatable. So, your OTT streaming app should be flexible in streaming content in many languages.
4. Watchlist
The watchlist integration lets you know whether your viewers want to save items for later viewing. In addition, this feature will aid in creating an in-app notification strategy and monetize new streams that are introduced using their own white-label OTT solution.
5. Payment Gateway Integration
Whether you're using Google or Apple as your operating system, you can add your own payment gateway service. In addition, in-app purchases in advanced mobile frameworks are available and made easy for your potential customers.
6. Push-Notifications
Use pop-up messages to remind your platform members about their membership expiration dates or promote new popular content available for purchase. This has the potential to boost app engagement and reduce retention rate too.
7. Social Feature
You may also freely promote your developed OTT apps by including a share button on social media handles to increase your chances of attracting new users through online marketing.
8. Subtitles
This functionality lets your users engage with non-localized material and boost the engagement of your films in apps created by your in-hand OTT developers and are streamed globally.
9. Ratings and Reviews
Allow your viewers to evaluate and rate videos, movies, or shows that they just saw to collect their opinions or thoughts and share them with other users via rapid clicks. Popularize your content in social forums & similarly have user personalized feedback.
10. Admin-Panel
Manage your app's functionality and growth in real-time with an all-in-one live dashboard to see exact view counts, subscribers, and other metrics and improve the user experience with new features.
How Much Will It Cost to Develop an OTT Application?
1. Platform Genre
I am sure the type of platform with which you plan to skyrocket your revenue will be outstanding! Besides, you can have two choices of building a SaaS platform or else go for SaaP venture. This purely depends on your brand objectives and cost factors.
2. Features & Tech Stack
Choose the ideal list of features, technology-driven capacities for you to launch an enticing business based on OTT app development for setting business cornerstone with these top emerging (OTT) services.
OTT App Support Any Industry
1. Content Owners
They are the foundation of building any OTT platform that is used to broadcast a creation. These content creators have a variety of opportunities to promote their work, including VOD, movies, virtual events, seminars, and more, all of which rely on the power of streaming technology.
2. Health & Fitness
Many fitness enthusiasts & health activists find this a key source for staying healthy and fit, allowing fitness professionals who stream their valuable workouts through OTT services that provide expert advice and supervised programs.
3. Enterprise Owners
Every organization has now become touch-friendly. Also, pairing to streaming technology has made visual presentation more effective, resulting in a significant increase in the revenue ladder. Entrepreneurs have a tremendous influence over their target market with the strategic exhibition of ideas that give practical answers.
4. Schools and Universities
The advancement of technology has provided great opportunities for connecting and catching up on learning! Curriculum tutors and university chairpersons can now use the e-learning mobile OTT platform to hold live sessions, webcasts, and other events using the power of smart applications.
5. Sports Clubs
Now, sports personalities or athletes may easily broadcast their must-see events or tournaments via mobile connectivity, courtesy of launching their own sports-based OTT tv apps, allowing every sports lover to enjoy the classic replays or best shots via video on demand.
6. Personal Trainers
Create a bespoke OTT app with leading streaming solution providers and tailor your training platform with live streams, one-to-one personalized video conference sessions, physical fitness courses, and more.
7. Charitable organizations
As charitable or NGO activists, you can reach the poor much more quickly than you might think, just as celebrities using real-time streams, motivational on-demand videos, and vocational streaming courses to raise funds.
Top OTT App Monetization Strategies
With different video monetization possibilities that revolve around learning how to create OTT platforms & apps, a personalized library of increasing income spikes is always worth it. Here are a few examples:
1. SVOD
A subscription-based video-on-demand package, also known as SVOD, can be used for a set period of time, such as monthly, quarterly, or annually. Establish a loyal customer base and regular revenue for your streams.
2. AVOD
Advertising-based video on demand monetization, which is popularly known as AVOD gives you an ad-supported streaming app. Build an OTT platform with third-party ad integration apps to captivate large audiences and instantly gain increased viewership.
3. TVOD
Transactional-based video on demand, often known as pay-per-view, is a great way to generate income for your premium video streaming. Showcase top-rated VOD and one-time watch videos by charging per content and quickly increase revenue.
Last but not least:
Hey folks, we have now come to the end of this blog, where you have gotten a detailed picture of how to start and how to proceed with an OTT streaming business.
Our list of guides can help you outline deciding points for shaping the finest OTT app/platform to construct a worldwide user base.
Also, please let us know what you think in the comments section below for more information on how to use the potential of OTT right now!