The increased demand for video streaming entertainment services, like Netflix and Hulu, has incentivized startups to repeat the giants’ success. The point is how to create such a platform to be profitable and successful. This post will guide you through the murky waters of video streaming website development backed up with its cost and key functionality.
The essence of Video Streaming Services
Streaming implies continued broadcasting of recorded or live video over the web. Video streaming services allow people to approach media content anytime, on any internet-connected device. Video and audio records are predetermined and transformed into data fragments so the content can be distributed in a flash. Unlike the traditional approach that implies storing media data on consumers’ smartphones, the multimedia files are automatically removed after the playback is initiated. Video broadcasting platforms only demand speedy and reliable internet feed for digital content delivery. The video content can be shared according to the on-demand or live-streaming model. Let’s take a quick look at both streaming ways.
Video On-Demand vs. Live Streaming
VOD (Video on Demand) stands for solutions allowing users to view chosen media content based on their preferences anytime they want. As a result, viewers get access to the grand library of high-quality movies and TV series across a broad range of genres. On-demand video platforms can be beneficial for businesses that don’t heavily rely on live streaming and want to provide consumers with continued access to business content.
While VOD is an approach to delivering pre-stored video content. Live streaming systems allow creators and brands to broadcast their content to audiences/subscribers in real-time. Their core objective is to improve the “company-client” relationship through user engagement through an off-the-cuff production style.
Video Streaming Website Building: Core Features
Let’s proceed to the essential features of the video streaming platform.
- Authorization. Users should be able to complete registration or Login via existing accounts of networks, like email or Facebook.
- Personal Data. The platform should allow users to edit personal information, such as email, password, and name, and manage payment methods.
- Player. The platform should include recommended, newly uploaded, and recently played videos and playlists.
- Filter. The searching feature should allow users to categorize the content to find the most relevant and engaging one.
- Monetization. There are now the most widely-used payment services: Stripe, Braintree, PayPal, Dwolla, and Authorize.net. The fee for all the options mentioned above is 2.9% + $0.30 per transaction.
- Subscription freezing. The website should give the customers an opportunity to freeze the subscription, as Hulu does. Its users may pause the subscription for 12 weeks.
- Content Administration. This section is created for the authors of the content. The panel should have a user-friendly interface and comprise the opportunity to upload, hide, or permanently delete the video from the streamer’s profile.
- Home Page. The home page is the face of the entire platform. Make sure that it comprises fresh trending series or movies. The amount of the suggested content should not overload the main page, so keep it balanced. For this, you may use A/B testing and assess the profitability of all the potential options.
- Preview. Lots of streaming websites play the preview of the show when the user points to it. This way, the website looks sophisticated.
Video Streaming Service Cost Estimate
The cost of the video streaming app creation arises from $95,000. The number is approximate since there are many factors influencing the final price, including the app’s technical intricacy, the number of features and their complexity, the team’s hourly rates, custom design, backend infrastructure, APIs integrations, and more. The MVP version will cost you less, $75,000 on average. When you’re planning on building your own digital product, there is no need to recruit in-house developers. Instead, you can outsource project implementation offshore or nearshore, handing up all the development hassles to an experienced tech vendor. Outsourcing software development companies have all the necessary experts on board to deliver a top-performing video streaming platform for a reasonable price.
How to Approach Video Streaming App Building?
Let’s briefly describe the development flow for a clearer understanding of how to build a unique product:
Project idea defining
There are many well-used video streaming services, and creating a copy won’t be practical. Thus, you must think out your original startup idea to differentiate your product from the mass. It’s good to include some unique features and consider a custom user interface.
Business plan creating
It all starts with a technology business plan being prepared. It’s a step-by-step document that details all the strategies and ideas for the new product launch. It’s primarily made to pitch the startup idea to investors, plan the expenses you can count on, and draw up the project implementation roadmap.
Monetization model selecting
The chosen revenue model has a direct impact on the product’s rate of success. Hence, it’s critical to decide on a monetization strategy early to implement the best-fitted one. Ads and subscriptions are considered the most widely-applied ways of streaming service capitalization.
To transmit the video within the laws, you must own the copyrights for specified media content. So, you must schedule a meeting with a content owner to sign the licensing agreement.
Once you’ve done with planning, you need to seek a dedicated team that turns your concept into an eye-catching, well-designed, and profitable asset. When looking for an IT performer, ensure they have practical experience in the media industry. This way, you’ll be assured that you will receive an appropriate solution.
Feature list detailing
This stage is associated with audience segmentation. Knowing your target users will allow you to come up with functionality resonating with their preferences and expectations. For example, functionality for creators will differ from the viewers’ needs.
Video streaming services are about entertainment, relaxation, and learning. Thus, it’s necessary to deliver an intuitive, immersed, and appealing user interface for the project’s success. Keep in mind that the UI/UX design should adhere to the different screen resolutions of the devices applied.
Once the application is made, it should be appropriately verified to ensure a smooth correlation of all the software features and modules. Commonly, QA engineers perform manual and automated tests to ensure the software solution corresponds to the project’s demand and functions as intended.
Advance your streaming solution through various marketing channels to reach a broader community. It’s good to warm up the users’ interests before to ensure your platform won’t be a blank slate on the launch day.
After deploying your solution to the product environment, gather users’ feedback to see what needs to be modified or improved. Your customers are the best beta testers.
We’ve shared some insights on how to initiate your own video streaming startup. However, the development process of such solutions requires substantial preparation due to their specificity: content license, resolution settings for decent streaming quality, bitrate adjustments, video file encryption, and more. Thus, it’s better to apply to an experienced tech partner to develop a successful video broadcasting platform. A professional IT vendor will consult you on the best-suited functionality, help you address common challenges, and build a solution resonating with your needs and budget.