What Factors to Consider Before Launching a Video Streaming Platform in 2021? Have you ever come across a person that hasn’t heard of video streaming websites like YouTube, Netflix, Hulu, or Amazon? You will rarely come across a person that does not use any video streaming platform/website. Videos are the most consumed content on the internet with many active users worldwide.
Besides the video streaming giants, many start-ups are also being launched around the globe. Businesses are building a vast userbase by providing video streaming services. However, the problem for the latest video streaming platforms is to carve a name for themselves in this competitive era. Read on to know the essential factors for developing an online video streaming platform.
What to Consider for Developing a Video Streaming Site?
To develop a video streaming website/platform, consider the following things:
What type of video content are you planning to provide via your streaming platform? You need to choose an appropriate content niche based on your available resources. Some popular content niches are news, entertainment, education, sports, etc. You can also provide personal content via your video streaming platform. It is better to choose a niche that is relatable to your brand/business. In this way, you can also promote branded products/services via your streaming platform.
Targeted Operating Systems
Besides creating a progressive web application for your streaming platform, you can also create mobile applications. If you want to target a wide audience, prefer making mobile applications for iOS as well as Android users. You can increase the size of your target audience by developing a video streaming solution that is compatible with multiple operating systems.
You will have to select a monetisation model for your video streaming platform. The monetisation model will define how your streaming platform will collect payments from users. Netflix uses a subscription-based model that allows users to get monthly/yearly access to its content library. There are many other revenue models like freemium, ad blocking, pay-per-view, etc. Choosing the right monetisation model will aid in enhancing the ROI (Return on Investment) of your streaming platform.
How to build a video streaming website that complies with the law? Well, you need to obtain the necessary licenses for distributing content via your streaming platform. You can contact the original owner of video content or can contact a distributor. If you are renting content from a distributor, make sure the distributor has the required license.
Importance of Video Streaming Services in the Market
The importance of video streaming services are as follows:
Customers nowadays don’t want to wait for their favourite show as they want to watch it on their terms. They are satisfied with the flexible viewing experience provided by streaming platforms. They can always switch from one content to another on a streaming platform and are not bound to any fixed schedule. You can also provide a high-quality viewing experience to your customers via a reliable streaming solution.
Users can access content for less than USD 50 per month via video streaming apps. Users pay less for accessing content via a video streaming apps. With less costing, users can enjoy a vast content library. The cost of accessing content on the streaming platform is less than traditional cable TV services.
You can show tailormade advertisements or video content to users via a streaming platform. Broadcasters often make video streaming sites to attract specific target customers. Unlike cable TV sets, streaming platforms can provide a personalised experience to the customers. OTT platforms can provide the video content that is preferred by the audience. Advertisements can be strategically inserted into OTT platforms based on customer habits.
You cannot switch off advertisements on traditional cable TV. Video streaming websites can provide an uninterrupted streaming experience to customers. When users can enjoy their favourite show/movie seamlessly, they will prefer streaming websites. Users will spend more time on your streaming platform if they gain an uninterrupted viewing experience.
How Will the Video Streaming Business Grow?
It is the right time to build a video streaming website and enhance your userbase. Reports suggest that the global market of OTT services will be worth more than USD 1,000 trillion by the end of 2027. In 2021, the use of OTT services increased by 115% as compared to that in 2020. Broadcasters are planning to build a video streaming site for providing original video content to customers. OTT businesses like Netflix and Roku have already made it big and are generating huge revenue. The time spent by users on OTT platforms has increased drastically over the years. If you can provide original and engaging video content, you should make a video streaming website without any delay. With the right OTT solution, you can leverage the OTT benefits and make it work for your business/brand. You can take the help of a professional platform provider for launching your streaming platform and capitalising on the trend.
What the Future Looks like for Streaming Services?
The future is very bright for streaming services and there is a vast possibility of seeing new companies. Studies show that an American spends nearly two hours every day on streaming platforms. China and India have also shown substantial growth in the streaming industry. You can create a video streaming website and can have your share in this growing industry. The future looks bright for SVOD (subscription-based) OTT services as they are preferred by customers. The SVOD market’s global revenue will be worth around USD 100 million by the end of 2025. You can also build a video streaming website that is subscription-based with the aid of a platform provider.
More than 80% of internet traffic in the coming years will be for videos. You can create online video platforms and can attract this traffic towards your brand/business. White-label platform providers are helping broadcasters to create video streaming platforms. Launch your streaming platform and build an audience!