Last Updated: 02 Oct 2020 | 5 min read | Category: Mobile App Development |
The ever-growing adoption of OTT platforms transformed the way people consume video-based content as well as the overall landscape of the media and entertainment industry. If you’re planning to create an OTT platform, then this topic would be of use to you.
More than half of the world’s population is about to get rid of their cable TV connection. Do you know why? It’s because the OTT platform is here. The ever-growing adoption of OTT or Over-The-Top platforms transformed the way audiences consume content as well as the overall landscape of the media and entertainment industry. More than 51% of the homes in the US alone are currently spending almost one hundred minutes every day on OTT platforms. Apart from that, there’s Netflix. This particular OTT platform is currently the most popular among its rivals. It has more than 100 million subscribers. Also, there’s Eros Now, with around 113 million registered users all over the globe. These figures shouldn’t surprise you, especially if you know how everyone is singing praises in the name of OTT platforms.
It wasn’t more than a decade ago when millennials spent around 25 hours per week sitting in front of their television sets. The numbers dropped drastically soon after the arrival of OTT platforms. The viewers of today spend a significant amount of time on their smartphones watching movies and series on these platforms.
Tim Cook, the CEO of Apple INC, mentioned in 2015 that the future of TV is in the hands of smartphone applications. Today, this statement is becoming a reality. So, if you’re planning to create one such platform with the support of a hybrid app development company, then you’ll be able to take a bite off the fruit of profit, provided you know what you have to do. However, if you need help, then you’ll find it here.
First of all, you need to know about the different types of OTT applications that a hybrid app development company can create for you. These include the following.
(1) Television apps: These applications are primarily for computerized television sets, such as the Android TV or tvOS. You can start by choosing an app that matches your idea. It could be something that resembles Netflix, but with a unique twist. Or, it could be something else entirely. Regardless of what you prefer, developers should be able to customize the application completely to fit your ideas.
(2) Mobile apps: Among every other kind of OTT applications, commoners prefer the ones explicitly designed for smartphones. Building an OTT app specifically for mobile devices is extremely easy as long as you work with an app designing agency that specializes in creating OTT applications.
(3) Web apps: An OTT platform would be incomplete if it doesn’t have an internet presence. Therefore, you need to create your video streaming website along with the app.
(4) Desktop apps: Finally, you can look into the desktop app niche. Despite the immeasurable popularity mustered by mobile devices, desktop and laptop computers would never lose their importance. These machines have an audience base of their own. Anyone who chooses to create OTT applications specifically for desktop users would earn their love and respect.
App developers would allow you to customize hybrid app development solutions that they provide for OTT platforms, but there are a few things that you need to do first.
(1) Select a niche: Several renowned OTT platforms already acquired a significant portion of the market. It means that you have to swim against the waves. While it isn’t going to be impossible, it would surely be quite challenging. Nevertheless, if you’re willing to set foot on this field, then you should start by selecting a niche for your platform. “OTT Video Streaming” is a general term. You need to ascertain the types of movies or TV programs that you wish to present to your viewers. Or, you can choose to stream cartoon shows for kids. No matter what you pick, finalizing the niche is crucial, and it’s the first thing to do.
(2) Building an inventory: The purpose of an OTT platform is to show video content to its users. This content is the heart of the platform. You may consider creating an app like Netflix at any moment in time, but it won’t be of any use to you as long as you don’t figure out what your content will be. That’s why you need to build an inventory of content that you’ll stream on the app once you launch it. Make sure that the content is amazing, as well as original and unique.
(3) Business model: Now, you need to choose a business model. There are three different kinds of business models at your disposal. These include advertisement-based, subscription-based, and transaction-based. The foundational idea of your app will help you choose the right business model.
SVOD – It stands for Subscription Video on Demand. In this business model, users would get access to video content after they pay you a specific sum of money as every month or year.
AVOD – It stands for Advertisement-based Video on Demand. It’s the one that provides content for free to stream. You can’t charge anything from your users if you choose this model, but you would be able to monetize the venture through advertising.
TVOD – It stands for Transaction-based Video on Demand. Users would have to pay to gain access to specific content pieces through a pay-per-view model.
(4) Create the website: As already mentioned earlier, an OTT platform requires a website. It’s the first module of your OTT service. Internet browsers are still the primary hub for streaming services, and around 39% of users watch content using web browsers. The website would let you,
(5) Select the tech stack: After scrutinizing the business aspects of building an OTT application, you need to make an informed decision on the tools and technologies that you can use to develop your app. Of course, various technologies and third-party tools would be available to you, but the idea of your app would dictate your choices. You may consider asking for support from third-party APIs and services to increase the speed of the development process and release an MVP version of the final app for market testing.
Now that you’re aware of everything that awaits you if you customize hybrid app development solutions for your OTT application, you should start searching for relevant service providers at the earliest. The OTT platform market is a crowded one, and the faster you make up your mind, the easier it would be for you.
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