Those days are gone when you have to plan a day from your busy schedule to watch your favorite movies and TV shows. Getting a DVD or CD on rent is pretty outdated now. Live streaming paired with high-speed broadband has transformed the viewing of media and content.
Over the top (OTT) content which earlier reached to viewers via setting up boxes and video-on-demand has managed to create a separate space in the minds of viewers offering exclusive and more engaging content with accessibility on a variety of devices and from almost everywhere. This provides a platform to top mobile app Development Company to build user-friendly apps to give them ultimate viewing experience.
The most recognized live streaming includes Netflix, Amazon Prime, and Hulu which offer subscription on video-on-demand services.
The competition in this area is stiff however if you seek the expertise of a professional Android App Development Company they will come up with a unique idea and feature enriched app helping you to increase customer engagement.
As per a recent study, the revenue of the live streaming app is expected to reach 27 million by the end of 2021. The estimated user till 20204 will reach by 34 million.
What exactly is live streaming?
In simple terms, live streaming is a system that delivers content over the internet to the viewers, giving them the option of watching a film or show of their choice from the library whenever they want.
What are the benefits of Live-streaming over cable TV?
- Convenience- Unlike with Cable TV, VOD offers consumers the convenience of choosing videos from a catalog and watching them at any time and from anywhere without any restriction on the number of times they can watch a movie or movie.
Moreover, users are not bound by long-term contracts as they are with the cable operators thereby allowing them to discontinue a subscription whenever they choose to do. Furthermore, the streaming of live streaming content is not restricted by the user’s geographical location like it is with cable or satellite TV.
- Cost- With cable TV you need to pay the premium at the end of every month and provides them limited content. Live streaming subscribers can get access to unlimited content by paying a one-time amount. In terms, cost lie streaming platforms are must cheaper than Cable TV connections.
- Not dependent on devices- Unlike Cable TV, live streaming allows streaming on all types of devices laptops, and mobile phones to ipads and smart TVs. All that required is high speed-internet Connection
What are the some of features that live-streaming apps should have?
Here are some of the features that live streaming app solution must possess.
- Efficient Subscriber Management- When developing Live streaming apps, it’s essential to simplify the user management process from the registration to more complex processes such as in-app purchases and billing. It includes an integrated payment gateway that makes payment and billing process more seamless.
- Fast Delivery of streaming Content- The live streaming app should have easy to use content management system with easy interface helping users to view the content of their more efficiently. The app should be designed to save money and costs by using a unified metadata management system that auto generate libraries based on their history.
- Multi-platform accessibility and updates– Users should be able to access the app from any device whether its iOS or Android, OTT devices such as fire stick and connected TV apps.
- Automated Marketing- The app should have in-built tools artificial intelligence-driven ones not only help you to grow the audience but also engages users AI-based video personalization and recommendations.
The future of live streaming Concept
Trends point towards video-on-demand using OTT apps is the way of future with more and more customers the cord from traditional TV cable services. However, with OTT video streaming gaining popularity, the ecosystem has been overcrowded.
For Companies to survive in a highly competitive environment decoding the complex consumption and behavioral patterns of the users are essential to develop new strategies and offer products that expand the subscribers are customer engagement.
Points that should be kept in mind while developing OTT Platforms
- Original Content- While live-streaming apps gained popularity due to their extreme and high-quality shows and from multiple channels and networks, there is rising demand and networks, there is a rising demand for original and exclusive content. Both Netflix and Amazon Prime have already started curating content across geographies to meet consumer needs.
- Hybrid Models for Monetization- Live streaming apps have three options when it comes to monetization subscriptions, advertising, and transactions. Successful companies mostly depend on just one of the monetization models. However, going forward they might have to adopt a hybrid model to generate more revenue.
- Mobile dominance- live streaming services are gaining momentum throughout the world. For instance, a viewer watching a show on the TV might switch to mobile from where they left. In some of the countries, there are more users of mobile than TV. So this is a very crucial point that needs to be kept in mind while planning, designing, and developing your app.
Conclusion With live streaming continues to evolve and maturing, OTT apps need to have new planning and strategy for the future ahead whether its management, customization, monetization models that provides a user superior experience.