Want An App Similar To Netflix? Check Out The Budget Constraints here!
Video streaming applications are becoming more and more popular with every passing day and eventually, it will proclaim an extinction on the TV technology. The world is changing to the myriad video streaming applications like Netflix, Amazon Prime, and so forth. People are cutting out the endless drama and shifting to such web series which are exclusively available on these video streaming apps.
There are a large number of applications accessible in the application market now but without any doubt, Netflix secures its situation among the most noticeable ones. The innovative advancements have allowed the installation and usage of this application on almost all kinds of devices spanning from smartphones, tablets to smart TVs. The extent of success of Netflix is easily measurable by the stats like:
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After this immense success, various business visionaries want to be in such business and are often curious how much cost a similar application may cause. Any way to understand the figure you may require a little information about the application market of such applications and the highlights and functionalities such an application holds.
The Market Overview
In the recent times, the video streaming application market has emerged as a standout amongst the most powerful and preferred methods for viewing on the web recordings. These applications enable its clients to watch everything ideal from the live matches to their most loved arrangement whether on TV or favorite their mobile phones on the go. It has expanded the geographical boundaries and is pretty famous amongst the age group between 18 to 35 years. Netflix and Hulu have conceptualized something and it has trended beyond fifty different brands and have a 40% year on year growth on revenue. It is roughly estimated that the video streaming market by 204 will reach to USD 73.90.
The video streaming apps are pretty feature-rich and the must-have features of such apps are as follows:
The video library should be a mixture of the myriad and diverse content genre mixing along with News and Live shows.
Another imperative feature of your video streaming app is having a watchlist which allows the users to add programs that they wish to watch next. Notification system also needs to there to give a reminder.
This app cannot be complete without a search option. This option should be made available for all age groups and needs to include all the possible genre options in the drop-down menu. Further segmentation as per relevant categories can be explored
To reach out to greater demographics and have a global presence and to move beyond geographical boundaries the content language should be more global with different language options.
The social element is not only important to make your app shareable and increase the daily active users but also allows you for a smoother onboarding process.
Your video streaming application ought to have a client profile which gives the arrangement to the clients to deal with their whole application like payment, content they need to watch, and so forth. In case you of adding various screens in the application, you need a different section for various clients and the same set of functions for each one of them.
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The Cost Of Developing Such Video Streaming Apps
As discussed earlier the estimation of the cost of such video streaming apps greatly depends on:
- The market status,
- The number of features you need to include,
- The number of platforms you require it to help and
- Such a great amount on the area your application development partner.
Depending on the features it can be again categorized into simple, medium and rich.
A simple feature app might include user registration, payment gateway, a basic video player, search, gallery, and settings. Again moving on to the medium feature sets it additionally includes features like subtitles, localization. The rich or the complex feature set will include push notifications, option for a chat, reviews, etc.
Another vital factor that plays a choosing role in the number of platforms you need your video streaming application to support. The cost will eventually rise if you shift from Android to iOS or/and then to both these platforms.
However, according to research, such app development cost varies from for Android/iOS is around USD 30K, for support of both the platforms it is around USD 70,000 and for web support as well it is approximately a full USD 100,000.
So if you are dreaming of an app like Netflix it is the appropriate time to make your decisions as per the market status of such apps and you can estimate your budget by brainstorming through the above-mentioned factors.
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