The video streaming industry is booming. Video-on-demand (VOD) has unlocked a new level of customer satisfaction where a consumer has the power to consume their favorite content anytime, anywhere, on any device. The increasing dependency on smart devices is making it easier for viewers to binge. Research trends show that the online video streaming market is going to reach a staggering evaluation of $135.70 billion by 2026 with a CAGR of 8.29%.
Emerging new technologies like AI and blockchain are making media distribution systems better. This is further making on-demand streaming services deliver premium digital experiences. All this is only adding to the growth of the VOD market. These jaw-dropping facts and figures clearly show that having a VOD repository could be monetized by businesses. All they need is to build a platform or application that allows them to host their branded content.
A video streaming app offers a wide array of benefits that pushes the organization to tap into them:
Streaming Service: Today, mobile streaming is a trend worth your investment. Embracing this technology offers greater accessibility to a wide range of content anytime and anywhere. Your mobile app becomes a medium to access and stream live and on-demand video content on the go. The best example is the how-to guides or user manuals of a product.
Tracking & Analytics: Like live events and business broadcasts, the on-demand video should also be trackable. With the help of the analytics dashboard, you can view and track the success of your on-demand videos. This will help acquire real-time data on the number of users, actions, impressions, and engagement with the app.
Content Monetization: Limit free access to your content and ask viewers to subscribe to your content through pay-per-view or annual/monthly subscription model. For instance, EduTech industries can use a subscription model for their in-depth study material or industry-led strategic courses. Another popular example is SwimToFly.
Content Variety: Offer your viewers a wide range of content to select from with advanced search filters.
Pocket-friendly promotions: Affordable online advertisement for promotions in the digital space than in TV commercials.
Interactivity: Maximized interaction with your customers through comments, feedback, likes, shares, quizzes, surveys, etc.
Maximize Reach: One of the most crucial factors in owning an on-demand video streaming app is it maximizes its reach to a larger audience as the content will be available for months or years for people if they wish to access it. Moreover, offering buffer-free, high-quality content on all internet-based devices of all sizes increases engagement and lead generation.
Higher customer engagement: Seamless playback, multiple resolution options, auto-detection of headphones, child-lock features, buffer-free downloading, quality content, and intuitive UI all lead to an overall exceptional user experience, thus increase in higher engagement.
As a business owner, the three main factors while developing a video-on-demand mobile app that you must consider are
To develop an on-demand video streaming app here’s a step-by-step guide:
Step-1: Define your niche
Define what content your mobile app will stream for your audience.
News & Media: It should have all the updated local and international news, events, images, and information from the news channel.
EduTech: Customized video-based learning promotes comprehensive and engaging experiences for students.
Entertainment: Movies, series, and events in preferred languages at users’ convenience on all devices, and at all bandwidth.
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Related: Recently, we’ve worked with a Mass Media & Entertainment Conglomerate for precise content management and delivery across all digital channels for exceptional editorial and customer experience. Our solution is successfully adding value to our clients through a boost in Present Value (PV) per visit and Dwell Time on the mobile app. To know more, check out our case study. |
Decide what your content will be. Do you need the videos from the distributors? Or Would you like to create your own content?
If you plan to get the videos from the distributors then you need to get a license and rent a movie or series from the authorized distributors. Another option is to connect with the authorized copyright holders.
Step-3: Select the right monetization model for your business
There are three types of monetization models:
Step-4: Prepare a checklist of on-demand video app requirements
Internet Speed: For a standard definition movie, the internet speed shouldn’t be less than 2Mbps to stream on-demand videos. For HD videos 5Mbps for 720p and 1080p, 4K Ultra HD videos should be 25Mbps, and 3D video streaming with 1080p resolution requires 10 Mbps.
Cloud Hosting and CDN: This is an important step for your on-demand video streaming as cloud hosting is cheaper, faster, and flexible to accommodate increasing space automatically.
Video Streaming Architecture: While deciding upon the architecture for your on-demand video app, you need to stick to the scaling factor right from the beginning. This will help to avoid complex data migrations when the business develops in the future.
Network Connectivity: Your system has to support scaling seamlessly. Therefore, you need to integrate a content delivery network (CDN) to broadcast videos via a server network. This will help to manage the increasing mobile traffic.
Security: Level up your content security from unauthorized access across the devices through 24/7 content monitoring, licensing agreements for geographical restrictions, watermarking, token restrictions, etc.,
Payment Gateway: Offer your customers multiple payment options to subscribe to your content library.
Step-5: Develop an MVP
Clarify functional and non-functional requirements to build them. Some of them can be:
Step-6: Gather user reviews and feedback
Once the MVP is launched, you can gather feedback on it. You can first know how the existing features are and then ask them what other features they would like to have in the app. You can use email, pools, app analytics, and feedback forms to gather feedback on the MVP.
Every business wants to scale up and invest in technological innovations to become industry leaders in their domains. VOD is a revolutionary shift for businesses that are dealing with a wide range of video content and wants to deliver in all segments. This next-level viewing experience has transformed the lives of millions of people worldwide. And businesses want to leverage this revolutionary technology advancement for higher traffic and engagement.
A VOD requires a lot of technical advancements and expertise to deal with unseen and unpredictable hurdles. Be it just adding a feature to your existing app or building a video-on-demand mobile app from scratch, Srijan has got you covered. The on-demand mobile app service simplifies your job to quickly broadcast and deliver content seamlessly to your customers. To know more about VOD services, get in touch with us today.