Anand Kumar Mishra
8 Mins to Read
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In today’s digital age, mobile devices have become the focal point of digitization, and people are increasingly turning to mobile apps for various purposes. This shift from personal computers to mobile devices has had a profound impact on the business landscape and has given birth to a significant craze of Custom OTT App Development. One area where this transformation is especially evident is in the world of streaming media.
The transition from personal computers to mobile devices was followed by the advent of mobile apps, offering a user-friendly interface and personalized experiences. This shift has been a game-changer for content creators and streaming experts, opening up new opportunities to engage audiences.
By the year 2022, mobile apps were projected to generate an astonishing $275.30 billion in revenue. This exponential growth underscores the importance of mobile-centric business strategies and the potential for revenue generation through mobile apps.
What Is an OTT App?
OTT, which stands for “Over-The-Top,” refers to applications that provide users with video, audio, and other forms of media content via the internet, circumventing the need for conventional cable, broadcast, or satellite TV services.
OTT applications enable users to stream content on a wide array of internet-connected devices, including smartphones, tablets, smart TVs, and gaming consoles.
As mobile devices and internet-connected gadgets continue to proliferate, OTT app concepts have gained tremendous popularity as a preferred means for consumers to access and relish media content. Recognizable OTT apps in this category encompass well-known platforms such as Netflix, Amazon Prime Video, XUMO, Sling, HBO, and many others.
Benefits of OTT Applications
What do the numbers say?
- The worldwide OTT development market is projected to reach a staggering $200 billion milestone by the conclusion of 2024.
- A remarkable 51 million households in the United States engage in daily content streaming through OTT platforms.
- Individuals are dedicating a minimum of 100 minutes each day to OTT applications, with an average monthly expenditure of $8.53 per platform.
- By 2024, the global OTT app development market is expected to generate over $200 billion in revenues.
- The number of active OTT AVOD (Advertising Video On Demand) users is projected to reach 3.5 million by 2027.
- The number of active users across multiple OTT video download platforms is expected to reach 761 million by 2027.
- A significant 85% of US millennials subscribe to at least one OTT platform, indicating a strong demand for these services among young consumers.
Source: Magnet Global
Types of OTT Apps
When considering building an OTT IPTV app, you have various choices to explore. Some of the types of OTT apps you can create include:
TV Apps: These include Android TV, Smart TV, Roku TV, Apple TV, Amazon Fire TV, and more, catering to different platforms.
Mobile Apps: Build dedicated mobile apps for both Android and iOS to reach users on the go.
Web Apps: Develop web-based platforms to expand your reach through browsers.
Desktop Apps: Create apps for desktop users, compatible with both Windows and macOS.
Must-Have Features for an OTT Platform Application
- Video Library Management: A centralized video library is crucial for maintaining control over your content. It allows you to sort and categorize movies, music, news, and more, making it easier for users to find what they’re looking for.
- Payment Gateway Integration: To offer a seamless user experience, integrating a secure payment gateway is essential. This enables users to make payments conveniently using various methods such as debit cards, credit cards, bank transfers, and e-wallet apps.
- Audience Analytics: Understanding your audience is key to delivering personalized content and increasing viewership. Audience analytics provide insights into user behavior, regional preferences, ratings, viewing times, subscription patterns, and more.
- Smart Search: An analytics-led search system enhances user engagement by delivering accurate search results and personalized recommendations. It helps users find content that aligns with their preferences.
- Multi-language Support: To reach a broader audience, offering content in multiple languages is crucial. This can be achieved through features like subtitles, audio descriptions, and multiple audio tracks, making your content accessible to a diverse viewer base.
- Watchlist: The watchlist feature allows users to curate a list of movies, videos, TV shows, and other content they want to watch later. It enhances user engagement by reminding them of their saved content, encouraging return visits.
- Multiple Content Categorization: Categorizing content based on genres and audience preferences simplifies the user experience. Users can quickly navigate to their preferred content, improving their overall satisfaction.
- Easy Customization Options: Offering customization options for your streaming platform is essential. It allows you to build apps for various platforms like TV, mobile, and web with limited coding dependency. Customization ensures your platform aligns with your brand’s identity and user preferences.
Whether you’re streaming movies, music, news, or other types of content, providing these functionalities can enhance the overall user experience and help you stand out in a competitive market.
Monetization Strategy for an OTT Application
Monetizing your OTT app is crucial for generating revenue. You can consider the following monetization models:
1. SVOD (Subscription-based Video on Demand): Offer subscription plans for recurring revenue.
2. AVOD (Advertising-based Video on Demand): Integrate third-party ads to boost viewership and ad revenue.
3. TVOD (Transactional-based Video on Demand): Charge users for premium content on a pay-per-view basis.
How Much Does an OTT Application Development Cost?
The cost of developing a mobile application can vary significantly based on various factors:
- Features and Complexity of the App
- Size and Geographic Location
- Data Inventory Package for Video Content
- Total Number of Platforms and Devices
- Expected Traffic Management
- Streaming Capabilities (Live Stream vs. On-demand Streams)
- Technology Stack
- Size of the Development Team
- Development Timeline
- Testing and Quality Assurance
- Maintenance and Updates
It’s essential to choose a mobile app development partner like Apponward that offers transparency in pricing and a comprehensive end-to-end solution.
OTT TV app development offers tremendous opportunities for businesses to engage and monetize their audience effectively. Whether you’re a content creator, a brand marketer, or a fitness professional, an OTT app can help you tap into the growing mobile app market and reach a wider audience.
With the right features and monetization strategies, an OTT app can become a powerful tool for your business, delivering tailored content and increasing your brand’s prominence. Consider partnering with experts in the field to ensure the success of your Custom OTT Mobile App.
Got an idea? Contact us to turn that into reality today!