According to the Allied Market Analysis, the global OTT market is projected to reach $332.25 billion by 2025. There is tremendous scope that lies with the on-demand video streaming app sector as people can stream and watch their favorite content without any interruption. VOD apps offer immense benefits for the customers, making it one of the most preferable choices.
Here are some of the benefits associated with an On-demand streaming app solution
Convenience: Unlike traditional cable TV which has a fixed schedule for operating, the on-demand video streaming app development offers customers the facility to watch videos at any time. The programs of the video streaming service apps are not restricted to the geographical location, customers can stream from a wide variety of libraries and services using VOD apps.
Cost: Customers have to pay a premium amount to watch exclusive movies and shows. With a single subscription cost, customers can watch unlimited videos using the on-demand video streaming app. On top of that, people can download the shows and watch them as per their convenience.
Mobility: People can watch their favorite shows and videos at their own comfort. They no longer need to stick in front of the TV to watch their favorite shows. The video streaming service offers people the option to watch movies and shows on any personal device of their choice.
Features of On-demand streaming apps solutions
Secure digital payment modes: Customers can pay for the service using any of the digital modes available. Credit cards, debit cards, and mobile wallets are some of the popular ways to pay for OTT apps.
High-definition video streaming services: The videos are streamed in high-quality through the OTT apps. Customers can adjust their video streaming services as per their convenience using the toggle option. Even when there is a low internet connection, the video streaming quality will be adjusted to match the current network bandwidth assuring customers an uninterrupted watching experience.
User-centric environment: According to the saved playlist libraries and past video watching experience, recommendations are offered to customers. As per the subscription model, a single account supports multiple users concurrently. For example, a family can have a subscription, multiple users can watch simultaneously using the same account. All of it is synchronized, so the changes made in terms of favorite, watching history, downloads will be reflected when logging in using any of the personnel devices.
Factor to consider while building OTT app development
As per Deloitte Insights reports, customers have over 300 video streaming services to choose from. That is a huge number, in order to stand a chance against the competitive sectors, people have to build top-notch video streaming apps.
Hybrid models of monetization: Earlier the application was based on either of three models TVOD, SVOD, or AVOD. Subscription video on demand is where customers have to pay a one-time subscription fee to gain access to the entire library. For Transaction video-on-demand models, customers have to pay as they watch. The basic or free version of YouTube is based on Advertising video-on-demand.
Earlier most of the applications were following any of the three monetization strategies. Now the times are changing there is a need to follow a combination of models to offer a unique environment. For example, YouTube is a combination of AVOD and TVOD.
Original content: Amazon Prime Video and Netflix have their own production house. They release original content and these movies and shows cannot be accessed from anywhere. This has added an advantage to the popularity of these apps. Being a new contender it is difficult to have a production house, so instead, VOD application development can have their most-anticipated movies and shows premier in their app.
According to eMarketer, digital video viewers for OTT apps in the US are around 235 million. Entrepreneurs can invest in Appdupe’s on-demand video streaming app solutions and gain immense popularity within a few weeks!