Ultimate Guide for OTT App Development – Future Predictions, Cost & Key Features
August 5, 2024
With the evolution of the internet, several streaming services like Netflix, Disney+, Prime Video, etc. are gaining huge popularity among users today that allow them to enjoy content directly skipping traditional channels. OTT apps are becoming a game-changer in the digital age leading to lesser demand for conventional TV channels.
If you want to enter this digital era and create your own OTT app, you have come to the right place. In this blog, we will learn everything about OTT apps, their growing popularity, trends, benefits, OTT app development cost and features.
Rising Demand for OTT Apps and Reasons to Invest
Live-streaming apps are based on OTT (Over-the-top) technology that facilitates devices with internet connectivity to deliver streamed content. OTT is a direct-to-consumer video content platform enabling users to stream amazing materials with outstanding streaming speed letting them enjoy their favourite shows, movies and other video content.
Research by Statista says the number of OTT users is increasing every year and will reach 4.9 billion by the year 2029 and another research by tvScientific says the global revenue for traditional TV is expected to reduce at -0.8% CAGR. This stat shows why entrepreneurs are investing more in OTT app development. Some of the main reasons include-
- Growth in video content production will make OTT app development a great success.
- Higher revenue opportunities through in-app purchases, subscriptions and advertisements.
- Rise in global streaming market value, which is expected to reach $184.27 Bn by 2027 with a CAGR of 20.4%.
Top Features of OTT Services
In this section, we will talk about the important features that will make your OTT app development more successful-
1. Simplified Registration
One of the most important features of OTT apps is the ability to create personalized profiles with a simplified registration process allowing users to easily log in and access different payment options & recommendations.
2. Smart Search
Another feature of an OTT app is the smart search functionality, which allows users to quickly find different types of content based on their needs and preferences for an enhanced overall experience.
3. Watchlist
This feature is important as it allows users to create a watchlist of content they might want to watch later, enhancing user convenience.
4. Payment Options
Multiple payment methods must be integrated into your app enabling users to pay for their subscription plans at their convenience through options like net banking, card payments, and e-wallets, providing more flexibility.
5. Screen Casting
Your app users must be able to cast content from their phones or laptops to their TVs through Wi-Fi connectively offering a seamless viewing experience.
6. Multi-Lingual Support
If you are targeting users across the globe, your app must support multiple languages, expanding its user base and making content easily accessible across different regions.
7. User-Friendliness
The app must offer an intuitive and easily navigable interface, which will ensure a high-quality user experience.
8. Admin Portal
The admin portal is a must as this will enable you to manage, upload, and delete media and user profiles along with tracking different marketing activities within the app.
Cost to Create an App in the OTT Streaming Sector
As we know budget is a huge factor for many businesses, so finding the estimated development cost to create an app in the OTT streaming sector is crucial. We have shortlisted some of the top factors that impact the total cost of building a live-streaming mobile app, which can help you plan better.
Factors that affect the total cost of developing an OTT application are as follows
- OTT app type
- Complexity and features of the app
- Design and development specifications
- App support on multiple platforms and devices
- Number of system integrations required
- Post-app deployment, support, & maintenance
Without wasting further time, let us go through some figures based on these variables. Building an app like Netflix for iOS or Android costs approximately $30k to $150k. For a single app, the development process usually takes 5 to 7 months. Depending on the features discussed in earlier sections like user registration, user profile, content search, push notifications, chats, payment gateway, settings, etc., the cost of the OTT apps will vary.
The simple OTT app with basic features like video streaming, user authentication, basic analytics, etc. may cost around $15k to $50k whereas the advanced app with robust functionalities like payment gateway integration, multi-device support, personalized recommendations, etc. may cost between $40k to $150k. With complex functionalities like VR/AR integration, interactive elements, advanced security measures, etc. the cost may come above $100k.
Other important aspects that affect the development cost are hourly rates and the location of the app development team as developers in different locations charge differently. Ensure that you stay in touch with a development partner who can help you build the best OTT solutions aligned to your needs and budgets. Additionally, you should add basic features first and update advanced features in the later phase to avoid a huge investment in the initial phase.
Final Thoughts
The demand for OTT platforms will rise in 2024 and beyond, which will unlock new revenue opportunities for businesses that are planning to start their journey towards OTT app development. With many successful names like Netflix, Disney+, Amazon Prime, etc. doing wonders in the OTT streaming industry, it can be difficult to beat the competition and build a customized streaming app without the expertise of the right Android and iOS app development company.
Clavax is a great development partner that can help you seize the opportunity and build a next-gen OTT solution tailored to your specific audience’s needs and business goals. With expertise in creating robust and user-friendly platforms, our development experts offer customizable solutions, which ensure seamless video playback, scalability, and advanced features for a top-notch streaming experience. Connect with our team for reliable, high-quality custom video streaming app development services that will engage and captivate your audience.