Back when Netflix started, it spent nothing on creating its own original content. By 2020, their production budget crossed $17 billion and reached over $19 billion in 2021. With that amount of money getting injected for content production, the returns must be immense. Besides Netflix, there are many other plays in the market such as Amazon Prime Video, HBO Max, Disney+, and Apple TV+. Who says you can’t claim a piece of that pie?
Here are some eye-opening stats:
- 80% of consumers prefer watching videos over reading articles.
- The global market size for video streaming is estimated to hit $223 billion by 2028.
- 43% of all Americans are subscribed to streaming and TV services.
- By the end of 2022, 82% of internet usage would consist of video streaming.
Since every house has several devices now, the cost of video content distribution is super low. This makes it easier for new entrants to access the market. All you need is a competitive team of developers and a sufficiently big budget.
Don’t worry, you wouldn’t have to go up against entertainments giants like Hulu, Netflix, or Prime Video. You can make your own little streaming service around educational content on topics like e-commerce training, healthcare research, skill-sharing, MSR X6 Software or anything else you’re passionate about. Building a streaming service based on a specific niche increases your success chances.
5 Steps to Make Your Own Video Streaming App
To work on a project for launching a niche-based video streaming app, you can follow these steps.
1. Gather a Developers Team
You’ll firstly need some competitive software developers to bring your new app into existence. If you aren’t an expert in software tech, you’ll need to hire a few experienced individuals and share your vision. The quality of your app has a huge role in determining your success chances, so make sure you work with a high-skill developers’ team and use the right development tools like Stormotion.
2. Decide Your Target Audience
Let’s be honest, you’re not looking to compete with Netflix. You’re only going to start a niche-based video streaming service, right? For that, you first have to decide what your target demographic is. Go through discovery phases to figure out what’s your service going to be all about. It’s important to know the answer to what topics your content will mainly cover.
3. Decide What Platform You’ll Be On
We’re in the digital age, and there are a ton of platforms you could use for your video streaming service. Is it going to be a mobile phone app, a website, or an application for desktop OS or smart TVs? Ideally, you should exist on all of those platforms, but you’ve got to pick a healthy starting point.
4. Decide the Content Availability
Is your service only going to feature your original content, or will it host third-party creators to upload (like YouTube)? Answering these basic questions will give you a clear picture of the functioning model of your video streaming service.
From there, all you need to do is decide on your monetization model, pricing strategy, and launch your service. All the best!