There’s no better time to build an app like Netflix. Everyone is used to binge-watching by now and is looking for alternatives. You can even start a live streaming application for your existing business to keep clients informed and entertained or broadcast your personal training videos.
The possibilities are endless and wonderful!
Why You Should Build an App like Netflix?
Android app development is on rise these days and for that matter, you can even hire android app developer to build an app like Netflix. There are a few reasons to build a live video live streaming app, including:
Video streaming industry revenues are skyrocketing. Revenue in the US for Video Streaming will reach $70 million this year, growing at 11% every year. Outside of the US, revenue is at $32 million every year and growing. The number of users will hit more than a billion in 2025.
Netflix is already streaming in more than 100 million households. Soon, very few households will own or watch traditional television. An audience of that size holds a lot of advertising value for companies.
It’s the Future
About 60% of millennials and Generation Z watch streaming videos every single day. The future is all about streaming. Television and cinemas may not exist in a few years.
How Does Netflix Work?
Netflix started as a DVD-by-mail service in 1997, but soon switched to a webpage with a monthly subscription model. The key to their success was the way they embraced their audience and their needs.
Because of their business model, they can scale up very quickly. They strive to stay:
You can access Netflix on a number of devices, including laptops, tablets, and smart TVs.
Netflix doesn’t just broadcast shows purchased from other networks. They are creating their own movies and shows that are a lot more profitable.
Netflix only shows ads to free account users. Customers are willing to pay more to stream without ads, which encourages premium subscriptions.
Give Customers What They Want
Netflix uses a recommendation algorithm to suggest content to their subscribers based on the information they provide and shows they watch. This helps them create content that appeals to their audiences.
How Does Netflix Make Money?
Netflix makes most of its revenue from subscriptions, basic, standard, or premium. The Basic plan doesn’t include HD viewing and viewers can only view on one screen at a time. Standard accounts give access to two viewers and HD viewing is enabled. The premium subscription allows viewers to watch 4K videos on four screens at a time.
In addition to their revenues paid by US subscribers, they receive international revenues from subscribers outside the US. They also still have a bit of revenue coming in from DVD-by-mail orders!
How to Develop a Movie Streaming App
So how do you create a streaming app? Video streaming app development is profitable, but it is not easy. We will cover the process briefly, and for more details on the video streaming industry, it’s worth checking the article on ToppFlightApps steps to build a streaming app.
Find Your Niche
Decide what content you want to stream. You can stream entertainment, or fitness, or even educational content.
Decide Which Content You’ll Use
Will you generate the content yourself or source it from other networks? Content creation is difficult to maintain without a large network, but licensing isn’t cheap.
How Will You Make Money?
You can choose a pay-per-view option where customers pay for every video they watch or copy Netflix’s subscription model. Alternatively, you can charge advertisers to put ads on your channel.
What Do You Need Technically?
To broadcast HD videos, you’ll need excellent Internet speeds, cloud hosting, and computing architecture suited to broadcasting.
You’ll also need a payment gateway to receive funds from customers. While we’re on the subject of receiving funds—or in other words, revenue—then we should probably mention that with the incoming of revenue comes the outgoing of taxes. With that being said, you will also want to invest in a good tax program such as TurboTax Self-Employed to keep your business in good standing with the IRS.
Before you can build an app like Netflix, you’ll need to develop an MVP to test the viability of the product and how your target market will react to it. Your MVP will allow you to launch with the most basic features and then refine the app afterward.
Find a company that has the right expertise that can help you make your dreams of owning the next Netflix come true.
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