Video streaming apps are becoming more and more popular with every passing day and eventually, it will declare an extinction on the television technology. The world is switching to the myriad video streaming apps like Netflix, Amazon Prime, etc. People are cutting out the endless drama and shifting to such web series which are exclusively available on these video streaming apps.
There are millions of apps available in the app market now but without any doubt, Netflix secures its position amongst the most prominent ones. The technological advancements have allowed the installation and usage of this app on almost all kinds of devices spanning from smartphones, tablets to smart TVs. The extent of success of Netflix is easily measurable by the stats like:
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After this immense success, a number of entrepreneurs desire to be in such business and are often pretty curious how much cost a similar app might incur. However to understand the figure you might need a little knowledge about the app market of such apps as well as the features and functionalities such an app holds.
The Market Overview
In the recent times, the video streaming app market has emerged as one of the most powerful and preferred ways of watching online videos. These apps allow its users to watch everything right from the live matches to their favourite series whether on television or on their mobile phones on the go. It has expanded the geographical boundaries and is pretty famous amongst the age group between 18 to 35 years. Netflix and Hulu have conceptualized something and it has trended beyond fifty different brands and have a 40% year on year growth on revenue.
The video streaming apps are pretty feature-rich and the must-have features of such apps are as follows:
The video library should be a mixture of the myriad and diverse content genre mixing along with News and Live shows.
Another imperative feature of your video streaming app is having a watchlist which allows the users to add programs that they wish to watch next. Notification system also needs to there to give a reminder.
This app cannot be complete without a search option. This option should be made available for all age groups and needs to include all the possible genre options in the drop-down menu. Further segmentation as per relevant categories can be explored.
To reach out to greater demographics and have a global presence and to move beyond geographical boundaries the content language should be more global with different language options.
The social element is not only important to make your app shareable and increase the daily active users but also allows you for a smoother onboarding process.
Your video streaming app should have a user profile which gives the provision to the users to manage their entire app like payment, content they want to watch, etc. In case you of adding multiple screens in the app, you need to have a separate section for different users and the same set of functions for each one of them.
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The Cost Of Developing Such Video Streaming Apps
As discussed earlier the estimation of the cost of such video streaming apps greatly depends on:
- The market status,
- The number of features you want to add,
- The number of platforms you need it to support and
- So much on the location your app development partner.
Depending on the features it can be again categorized into simple, medium and rich.
A simple feature app might include user registration, payment gateway, a basic video player, search, gallery, and settings. Again moving on to the medium feature sets it additionally includes features like subtitles, localization. The rich or the complex feature set will include push notifications, option for a chat, reviews, etc.
Another vital factor that plays a deciding role in the number of platforms you want your video streaming app to support. The cost will eventually rise if you shift from Android to iOS or/and then to both these platforms.
However, according to research, such app development cost varies from for Android/iOS is around USD 30K, for support of both the platforms it is around USD 70,000 and for web support as well it is approximately a full USD 100,000.
So if you are dreaming of an app like Netflix it is the appropriate time to make your decisions as per the market status of such apps and you can estimate your budget by brainstorming through the above-mentioned factors.
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References: bacancytechnology, fugenx, businessofapps