Over 70% of the US residents are active subscribers to at least one popular OTT service in the present scenario. While the tremendous fascination for the over-the-top platforms is making new records of popularity, global consumers are steering away from traditional cable connections by leaps and bounds.
From big media companies to budding startups, there is a surging demand for OTT app development in diverse arenas of the entertainment industry. It’s absolutely unavoidable to foresee the futuristic domination of OTT technology over other mediums of digital video consumption.
Table of contents
- Great business opportunities for new entrants
- A profit-driven approach to boost revenues
- A better way to marketize a brand
- Understanding & analysing consumer behavior
- Betterment Of Business Valuation
A recent survey report predicts that the global OTT app market will reach the $120 billion mark by the end of the year 2022 that will continue to grow expeditiously to exceed $200 billion in 2024. No wonder that investing in OTT business models is the best-suited strategy for businesses planning to revolutionize the entertainment industry with mobile apps.
Well, a couple of OTT video streaming apps such as Netflix, Amazon Prime, Hulu etc. have garnered incredible response in the market ever since the day pandemic hit the widespread continents of the world.
In fact, consumers switching to OTT platforms are multiplying in numbers within a matter of days. There are innumerable facts & figures to justify the positive impact of Covid-19 on video streaming apps driven by OTT technology. So, if you’ve been planning to enter the OTT world & waiting for the right time to take a step ahead for full-cycle OTT app development then the moment is here for you!
What Are OTT Apps & What Makes Them So Popular Among Viewers?
The growing adoption of over-the-top platforms indicates its influential role in the success story of entrepreneurs who got filthy rich through apps providing OTT services for varied portions of media & entertainment segments.
Getting back to the point, OTT is referred to as Over-The-Top, a trending concept to get direct access to on-demand video streaming content on any WiFi-enabled device. Though satellite or cable subscriptions are running out of the line, most businesses are looking forward to leveraging OTT technology to make the most out of the best-known revenue generating apps.
However, there are some solid reasons to defend that OTT app development is a rewarding investment to give a competitive edge to your business objectives.
Just take a look at the below pointers that favor how the bright future of OTT platforms can transform your current condition in the digital marketplace:
- The majority of American households opt for OTT services to enjoy multiple video streaming services as a replacement for expensive cable connections that used to cost around $217.42 a month. It’s much more than the collective charges of electricity, water, gas, & other services they avail on a regular basis.
- While it’s nearly impossible to rewind, pause, & start an ongoing movie on cable television, the benefit of OTT platforms serves full content control to viewers with multiple options to customize their video streaming activities in a few taps.
- Since the mobile app space is embracing cross-platform technologies over native app development, the innovators of the OTT business model are focusing on its capability to render uninterrupted accessibility of its content across different devices & platforms so that users won’t miss out on anything.
- OTT app development could be a dream come true for businesses endeavouring to earn money by developing mobile apps. The reason is that maximum OTT app users are always interested to pay extra not only for additional services but also for getting personalized online streaming content with value-added options.
Streaming high volumes of online content in the form of video, VOIP, audio, gaming, messaging, etc. is everyone’s secret to dealing with boredom these days. Hence, OTT app development is the next step to flourish your business with help of experts working remotely as a new normal for software development in pandemic days.
As we move forward with our discussion on various aspects of OTT apps, it’s worth mentioning the exceptional popularity of video streaming platforms among other prominent OTT segments. Almost every aspiring appreneur desires to incorporate OTT with a selection of the best technology stack to grow a digital startup in no time.
Top Benefits Of Investing In OTT App Development In The Present World
It has been a noticeable trend that most business enthusiasts are impressed with a proposal that circumscribes OTT app development around key technology areas that most CTOs must not ignore at this point.
If we talk about the much-known reasons to invest in over-the-top applications, our list is ready to brief you on some key benefits of OTT platforms for your business growth.
#1- Great Business Opportunities For New Entrants
According to a report by Convergence Research, the estimated access revenue from a category of around 90 OTT apps was increased by 35% to generate a profit of approx $29.6 billion in 2020. Interestingly, the value is predicted to reach $30.9 billion in 2021 & $59.4 billion by the end of 2023 which is double than the estimated amount in 2020.
These stats clearly define the reason why OTT app development is a high priority among startups opting for mobile app development services to boost their business. When it seems that the global market is already embracing the benefits of OTT platforms, it continues to gather endless opportunities with ultimate market exposure.
Believe it or not, Americans are spending more than 19 hours a week to stream OTT content!
Some preferred OTT video streaming platforms have emerged as one of the top trending app ideas for businesses for the past few years. The growing fondness for OTT apps led to a revolutionary breakthrough for the media & entertainment industry as most media companies are now ready to invest in OTT app development to amplify their profits down the road. .
#2- A Profit-driven Approach To Boost Revenues
Experts say that OTT platforms are now listed among on-demand apps that received funding & will continue to be in the coming time. Hence, it’s not riskier to invest in OTT app development for anyone who owns an OTT channel to connect with the audience.
OTT apps generate a good chunk of profits from the subscriptions availed by users. Media companies are no more dependent on OTT aggregators or third-party apps to stream their exclusive content with no ways to make subscription-based revenues.
Unlike the idea of launching free apps to make money, the OTT business model stands apart with a rewarding strategy to achieve ever-expanding revenue growth in the long run.
#3- Better Way To Marketize A Brand
One of the crucial advantages of considering OTT app development in your checklist of the latest technology trends in 2021 is augmented brand visibility.
On one side consumers are migrating towards the OTT space, more & more startups & emerging enterprises are set to provide on-demand video streaming services to mark the importance of mobile apps on the other side. However, only a handful of OTT platforms succeed to catch everyone’s eye in the competitive media & entertainment industry.
Businesses shall need to develop a profit-driven enterprise mobility strategy to make the right OTT app development investment. This will benefit you in terms of brand recognition among both B2B & B2C audiences with successful marketing results.
#4- Understanding & Analysing Consumer Behavior
Despite relinquishing the worst mobile app development mistakes, shifting the control of your OTT business model to a bigger content streaming platform is a big blunder that every startup must avoid to collect valuable market insights.
It’s only possible to grab useful data regarding your customers when you have full ownership of your OTT app development content. By partnering with a third-party OTT service provider, the company hosting your media streaming platform will be handling all sorts of critical business data. All these activities will restrict the optimization of mobile app performance metrics with tons of uncertainties in the accommodation of expectations & demands of your OTT app users.
The benefit of adhering to a data-driven setup is imperative to ensure the success of your OTT app development efforts. The best trick to host business mobile apps for OTT services emphasizes the significance of discovering options to improve & grow business by getting better insights into market intelligence.
#5- Betterment Of Business Valuation
No doubt your strategy for time-to-market matters a lot to go ahead with strategic OTT app development. However, small media companies can join hands with big OTT brands to portray their brand in the broader space of the media & entertainment segment. This will simply add value to your brand as well as business credibility.
Hence, business valuation gives one more reason to invest in OTT app development for entrepreneurs aspiring to learn how to pivot their startups & reap the perks of all the hard work.
How Much Does OTT App Development Cost?
Now the most obvious question strikes in every business owner’s mind i.e how much does a mobile app development cost.
Planning for a professional-grade OTT app development is more like a rocket science & resource-driven project indeed. While it brings a bucket full of benefits for businesses, the time & capital needed for building OTT apps is incomparable to the cost of music streaming app development.
Here are key factors that influence the overall pricing of full-fledged OTT app development services:
- Technology stack & supported platforms including Android, iOS, Amazon Fire TV, & Apple TV.
- App Type & complexity involved in the building process.
- The geographical location of the team of developers hired for the OTT app development project.
- The costs of Android & iOS app development varies with time, budget, features, & resources required to meet the prerequisites of the OTT business model
If it’s dilemmatic with the budgeting of your OTT app development project then you must get a guide to decide the right cost of hiring off-shore developers.
Strategize For Result-oriented OTT App Development With Experts At Appventurez!
When the ongoing digital transformation lifecycle is gearing up to reshape the state of the OTT industry, enterprises are ready to go with the latest trends & technologies meant for result-driven mobile app development.
Besides the media & entertainment sector, the demand for OTT app development is scattered across various horizons of tourism, fitness, yoga & wellness, hospitality, and fitness industries. The only name for the most preferred OTT platform is either Netflix or Amazon Prime & it’s not too late for you to be one of them!
OTT media market holds an unmatched potential to capitalize on the growth of emerging media companies. Media organizations, broadcasters, publishers, or whoever intends to join the OTT era must ensure that the technology is in place from the beginning. So, if you strive to present immersive OTT app experiences for your market audience then Appventurez is the right place to explore more business opportunities with this ground-breaking technology & get answers to every question from the globally trusted mobile app development agency.
Q.1- What could be the best business model for OTT app development?
Investing in OTT app development could be a costly affair for startups & SMEs with budget limits. Building an app from scratch may pile up the charges of resources, technology, timeline, and other costs of outsourcing your project or recruiting in-house professionals at any mobile app development company. And hiring a freelancer is not an option as quality is not confirmed with the service delivered.
The right approach to come up with a feasible business model is outlining a strategy for mobile app monetization. One can pick any of these three revenue models, SVOD, TVOD, & AVOD as per the business type & target audience.
Q.2- What are the must-have features of OTT video streaming apps?
The most popular features of OTT apps are:
- Multilingual content support to stream videos in any language
- The search option to discover varieties of content
- User profile to personalize content, watch history, suggestions, payments, & more.
- Watchlist functionality to find relevant suggestions
- Screen mirroring to enjoy streaming on bigger screens
- Social media option to share trending content with others
- In-app purchases for seamless subscriptions
Q.3- How media streaming OTT apps from a specific niche can grow business?
Well, you must be eying on the popularity of Netflix to proceed further with your OTT app development project. It’s okay if you’re determined to get a Netflix-like OTT platform for your media streaming business. But you must first approach a business strategist to get a profitable revenue model as per your business niche.
Co-Founder and VP Mobile Architect at Appventurez. An expert programmer who is passionate and loves to explore emerging mobile technologies. As a leader, he is a perfect match as he is always there for the team to help and guide them to learn and implement smartly and effectively.
⚡️ by Appventurez
Hey there! This is Ashish, author of this blog. Leave your email address and we'll keep you posted on what we're up to.
This will subscribe you to Appventurez once-a-month newsletter. You can unsubscribe anytime. And we promise not to pester you or share your data :)
Hey there, wondering where this article came from? It was produced by some people at Appventurez, a Mobile & Web App Development Company. We are here for solutioning of your technological needs.
Our Latest Blog
Cloud application development is advancing at a breakneck pace in today's fast-...Read more
Gone are the days when staff had to check the bulletin boards or approach manag...Read more