The surge in smart TVs and the continuous advancement of internet connectivity is driving a surge in demand for over-the-top (OTT) video content. Recent statistics project a noteworthy growth rate of 11.60% in OTT video revenue between 2022 and 2027, with an estimated value of US$ 275.30 billion by 2022. This market is flourishing and poised for further expansion in the coming years.
The impact of OTT-enabled smart TVs is so profound that it is anticipated to cause the decline of traditional TV networks. Consequently, investing in the development of your own OTT application is a wise decision as a digital content curator. If you are contemplating the reasons behind such an investment and the advantages that an OTT application can bring, this blog will provide you with comprehensive insights. By the end, you will also discover an excellent approach to building your own OTT platform with a minimal investment with the assistance of an OTT app development company.
How Can An OTT Video Streaming App Be Developed?
Developing a cutting-edge OTT video streaming app requires assembling a team of highly skilled technical professionals who possess a profound understanding of the latest tools and technologies. However, to ensure that the app aligns with your business objectives, there are several crucial steps to consider:
- Define Your Niche: Before entering the vertical, it’s important to spend time identifying your target audience and narrowing down your niche. This clarity will help shape the innovation and value your app can provide to cater to the specific interests and preferences of your subscribers.
- Build Your Content Repository: The foundation of any OTT app development lies in its content. Design and curate a robust content inventory that resonates with the moods and interests of your users. Regularly updating your content is crucial to keep your audience engaged and ensure the app remains relevant.
- Choose a Business Model: Select the appropriate monetization model for your app. There are several options to consider, such as Subscription Video on Demand (SVOD), Transactional Video on Demand (TVOD), Ad-Supported Video on Demand (AVOD), or a hybrid model that combines elements from different approaches. Choose a model that suits your business goals.
- Opt for Customization: Building an OTT app from scratch can be time-consuming and resource-intensive. To expedite time-to-market and stay within your budget, consider leveraging a customizable framework that can be tailored to your specific business needs and objectives.
By following these steps and leveraging the expertise of your technical team, you can develop a compelling OTT video streaming app that caters to your target audience and capitalizes on the growing demand for digital content consumption.
Creating an OTT platform involves integrating progressive technologies for seamless streaming
The key technologies include:
- Content Management System (CMS): Organizes and manages digital content.
- Video Encoding and Transcoding: Optimizes videos for different devices and network conditions.
- Content Delivery Network (CDN): Efficiently delivers content by using strategically located servers.
- Adaptive Bitrate Streaming (ABR): Adjusts video quality based on network conditions.
- Digital Rights Management (DRM): Protects content from unauthorized access and piracy.
- Recommendation Engines: Personalize content suggestions based on user behavior and preferences.
- Analytics and Data Insights: Collects and analyzes user data for decision-making and content curation.
- Social Integration: Connects the platform with social media for user engagement and word-of-mouth marketing.
- Multi-platform Support: Ensures a consistent experience across various devices and operating systems.
- Monetization Models: Includes subscription, ad-supported, and pay-per-view models for revenue generation.
These technologies optimize content management, delivery, and user experience while ensuring security and monetization opportunities.
The cost that would require to develop an OTT app development
The cost of developing an OTT platform can vary greatly based on factors such as platform complexity, features, scale, and the technology stack employed. Multiple amenities that may contribute to the complete development cost:
- Content Management System (CMS): The cost of a CMS can range from free open-source solutions to custom-built or licensed systems, with prices reaching tens of thousands of dollars.
- Video Encoding and Transcoding: Costs depend on factors like content duration, volume, video quality, and desired delivery formats. Pricing may include per-minute charges, monthly fees, or usage-based models.
- Content Delivery Network (CDN): CDN costs are influenced by data transfer volume and the number of users accessing the platform. Prices typically encompass bandwidth charges, varying based on CDN provider and usage.
- Video Player: Options include free or open-source players and customized players with additional features and branding. Expenses for developing a custom video player depend on complexity and specific requirements.
- Payment Gateway: Integrating a payment gateway for subscription fees or pay-per-view transactions incurs setup fees, transaction charges, and sometimes a percentage of revenue.
- User Interface and Design: UI/UX design costs are influenced by factors such as UI complexity, screen count, and the choice between pre-designed templates or custom development.
- Infrastructure and Hosting: Hosting expenses are determined by user base size, expected traffic, and scalability needs. Cloud-based services like AWS or Azure offer flexible pricing based on resource usage.
- App Development: Costs for developing iOS and Android apps depend on features, complexity, and the chosen development approach (native or cross-platform).
- Licensing and Legal Considerations: Acquiring content licenses incurs significant costs based on content type and exclusivity. Legal and compliance expenses ensure adherence to copyright laws and regional regulations.
While providing an exact cost is challenging without detailed project requirements, building an OTT platform can range from tens of thousands of dollars for a simple platform to millions for a feature-rich solution. Collaboration with experienced developers and considering all relevant components will yield a more accurate estimate for your specific project.
Why Choose Our OTT App Development Services?
For more than two decades, we have been using the latest technologies to deliver breakthrough solutions for clients. In an industry shaped by evolving consumer behavior, we understand that customized and personalized content experience matters.
Leverage our proven domain expertise – full-fledged consulting and development services to identify, assess and deploy custom software solutions with end-to-end integrations. We understand the ins and outs of most common business workflows and can help you out at each step of the way, from video ingestion to management to monetization.
As a trusted media & entertainment software development company and OTT app platform development company, we can turn your idea into reality to level up your business on a global scale.