Whether it’s music, video or games, streaming seems to be the way forward for media creators. It’s so popular that the competition is getting a little tight. How do you start a streaming service that has a high chance of success? Which services are best suited for streaming, and how can you make money with a streaming service?
How to create your own streaming service application
Developing a Netflix-style business is not as difficult as it may seem. To do so, you need to perform a few steps as described below.
Step 1: Find your niche
The first thing to do is to decide what content your app will stream to users. To give you an idea of lucrative steam niches, we’ve gathered a few ideas below.
Entertainment. Netflix and HBO have shown us that entertainment streaming services are very lucrative. Audiences are big enough to accommodate new streaming providers.
Fitness. Fitness is another potential niche market for VOD services. People are willing to pay for a subscription to access fitness-related videos whenever they want. In addition, you can add different video categories, such as yoga, dance training or healthy eating, to appeal to a wider audience.
Education. Today, people are more likely to watch “how-to” videos rather than read tutorials and instructions. In addition, you can choose from many sub-sectors, such as magic, cake making, or even origami to appeal to a specific audience.
Step 2: Choose your profitability
Your ultimate goal in developing a video streaming service is to generate significant revenue from it. There are three main revenue models in the OTT market. These are
Subscription Video on Demand (SVOD): This monetization model focuses on retaining customers through a subscription model. Customers can access content on your video streaming platform by paying a fixed subscription fee for a specific period of time, usually monthly or annually. platforms such as Netflix and Amazon Prime Video rely on this model.
Advertised Video on Demand (AVOD): As the name suggests, the main model for profiting from a video streaming platform is here advertising. The advantage here is that customers do not have to pay to access your platform. However, to make it work, you need to get a large user base. platforms like YouTube and Hulu use this method to make money.
Transactional Video on Demand (TVOD): This is the easiest way for customers to make money by paying to watch a specific video. They only pay for that particular video and have no access to others. Platforms like iTunes work on this model.
Step 3: Develop your video streaming platform
Once you’ve decided on all of the above, you can finally move on to developing your video streaming platform. There are three main approaches to this problem.
In-house development: This development model requires you to hire a dedicated team to develop your platform from scratch. However, you must continuously monitor its development. In addition, the cost of hiring developers can be very high.
Outsourced development: Outsourcing can help ensure that you don’t have to go looking for talent to develop your streaming platform. In addition, you can rest assured that experts are handling the work.
Develop with Xmediatv: Xmediatv makes it easy for you to create a video streaming platform. You can develop your platform without any technical skills, or you can use it to host and manage your video content. It also offers features such as adaptive bitrate streaming for a better user experience.
Create a powerful streaming platform
Creating a video streaming platform today will help you get a piece of the market’s explosive growth. You should start the process by identifying your niche and determining your method of profitability.
Next, determine the features you want the platform to have for a better user experience. Finally, determine your model for developing a video streaming platform. With Xmediatv, you can create and manage your platform without any technical knowledge. Contact us today for a demo of Xmediatv.