OTT aka Over-The-Top applications, such as Netflix and Hotstar, have turned the whole entertainment industry upside-down. These applications render video streaming assistance that can be reached on television, laptops, desktops, and mobile phones. Support and an ad-free experience, while seeing movies, TV shows, and other content, are two main speculations behind the increasing popularity and need for these video-on-demand applications.
If you are thinking to create such an application, then this blog is for you. Here we have presented statistics, key features, cost, and other information that will help you in OTT app development.
Statistics of the OTT Video App Development
Here are the statistics of all popular OTT video apps
- According to Statista, OTT median income is projected to reach USD 158.84 billion by 2024. This number was USD 67.8 billion in 2018.
- Another Statista report shows that Netflix is the most influential OTT provider worldwide with more than 150 million paid subscribers.
- As per Statista, User perception of video streaming is assumed to touch 6.2% by 2025.
Key Features of OTT Video App
Sign up & sign in
This characteristic is a must to let users register by penetrating the needed information. Sign-in would encourage them to log in to their account from any device by giving the enrolled credentials. After the registration, users would be capable to build their profile where they can control their subscription items and other information.
Multilingual content
If you want to target the global public (which most of the OTT platforms do), make sure the content possible on the platform is multilingual. In simple words, content should be possible in various languages so users can select their favored one.
Search
Search is one of the necessary characteristics that assist in giving an exceptional customer experience. The feature is claimed to make users explore various content on the platform. They can explore movies, TV shows, and other videos by listing their name in the search bar.
Watchlist
The characteristic would encourage users to add videos, movies, TV shows, and other content they need to watch later.
Screen casting
The selection would encourage users to choose the content on their desktops, smart televisions, laptops, and other cooperative devices.
Payment gateway
It is expected to enable users to register in monthly or yearly membership or subscriptions.
Push notifications
This characteristic is needed to transmit notifications about the latest content upload on the platform, subscription restoration or expiry details, and more.
What is the estimated cost of OTT Video App Development?
The complete development cost of a video streaming app depends on plenty of factors
- Complexity and features of the app
- The platform on which you want to launch your app
- Required technology stack
- Time is taken to develop the app
Roughly, you might require to pay around between US $5,000 to US $9500 to build an OTT app. The cost may vacillate depending on your specific app demands.
Monetization strategy
Establishing the monetization policy already is always suggested to get the highest ROI on your OTT app. Most of the OTT platforms make money through subscription or association plans. You can take the same or ask your mobile app development company for other recommendations.
Final Words
If you want to build an OTT or over-the-top media streaming application and question its cost, then this blog is for you. The factors that influence the whole cost of the OTT app development, we have also provided information like the fundamental features that should be there in the app, the tech stack suggested to create the app, and more.
Till then, stay safe, stay at home, wash your hands, and be happy
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