On-demand video streaming apps have become a part of our lives as they offer a plethora of movies and TV shows that lure the audience. The advent of video streaming apps paved the way for several independent filmmakers to present their work to mainstream audiences. The developers use a well-suited technology stack to offer a premium user experience. The massive success of Netflix has inspired several aspiring entrepreneurs worldwide. The world has witnessed the rise of several video streaming platforms in the last decade as the sector attracted several entrepreneurs with multiple monetary streams. If you plan on taking a similar path to establish your business in the on-demand video streaming industry, here is a step-by-step guide to getting started.
Find your niche:
Finding your niche is the stepping stone to establish your business in the on-demand video streaming in this lucrative industry. To give a perspective of the popular niches, here are some of the profitable ideas.
Entertainment streaming services are highly profitable as the consumption is very high. Although there is heavy competition from the pioneers in this industry, the wider audience will seamlessly fetch you profit.
Video streaming apps that offer content on fitness and health is the need of the hour. Since people are having a tough time balancing their work life, they will prefer to subscribe to your services. You can also offer live streaming options for trainers to directly interact with the users on your platform besides your regular fitness-related videos. If you are looking to reach a wider audience, you can also consider adding multiple video categories like yoga, healthy diet, aerobics, cardio, flexibility, high-intensity training, circuit, etc.
People have forgotten the existence of encyclopedias and dictionaries as they prefer to search on the internet. Millions of web pages on the internet offer solutions to the “how-to” problems searched by the users. You can develop an on-demand video streaming app that offers tutorials and instructions as people prefer visual content over reading. You can also consider adding multiple subcategories such as magic tricks, pastries, origami, clay pots, food, etc., to reach a wider audience.
Decide on the content availability:
Now that you have decided the type of content to be present on your app, now you need to ask yourself two fundamental questions.
- Who will be your content provider?
- Can audiences post their own content on your platform?
If you choose to get content from content providers, you will have a plethora of options to choose from. However, before posting content, you need to acquire a proper license to telecast it to the mainstream audience. Here is how you can proceed with it.
- You can choose to rent a movie from an authorized distributor by acquiring appropriate licenses.
- You can also choose to contact the copyright owner directly.
You can also choose to get content from either source as it depends on your business goals and budget constraints. If your business based in the US, you can contact one of the following authorized distributors:
- Motion Picture Licensing Corporation (MPLC)
- SWANK Motion Pictures
Choose your monetization model:
Here are the three popular monetization models in this niche. You can choose the one that best suits your business model and goals.
The pay-per-view monetization method has been in existence before the advent of on-demand video streaming apps. It is a straightforward pricing scheme in which the users have to pay for each video they watch on the platform. This strategy is now commonly used to broadcast virtual events, trade shows, conferences, concerts, sports, etc.
Advertising can be a great option to boost your overall revenue. You can charge other brands for advertising on your platform. Ensure that the user does not feel overwhelmed by the placement of ads.
The subscription model is being used by almost every on-demand video streaming app in the market. You must take steps to ensure that new content is released regularly on your platform. The users can choose to pay a monthly/quarterly/annual subscription to access the content.
Study the requirement for your app:
As your platform’s video content will be of high quality, you need to balance the performance characteristics to offer a seamless user experience. Get a flexible cloud hosting platform to add content to your platform without any hassles dynamically. Since the architecture of every Netflix clone script is complex, it demands your utmost attention.
Improvising the security of your platform:
You must ensure that your content streaming service is secure from unauthorized access. Token security will prevent access to your videos for any third-party services, and domain restrictions can help to lock content to a specific geographical boundary. This feature comes in handy when you deal with licensing disputes. You can also choose to add a watermark to your content as it adds an extra layer of security.
Optimizing the payment gateway:
There are numerous payment solutions globally. You can choose one of the popular solutions listed below. Consider your geographical location and business model before making a choice. These are premade UI components that can be effortlessly customized to your business needs.
- PayPay payments pro
Develop your MVP initially:
Before launching your app in the mainstream market, it is recommended that you launch an MVP version of your app. It can be helpful to clarify the functional and non-functional requirements, set timelines, optimize the user interface, etc. Some of the common elements that go into developing the MVP version of an app include user registration, profile, subscription, primary payment gateway, search box, push notifications, user feedback, etc.
Optimize your app based on user feedback:
With the data from the user feedback on your MVP, you can learn about your target audience’s likes and dislikes. Now that you have the feedback based on their real-world experience, you can optimize your app appropriately. You can also gather feedback from your target audience from the following channels:
- Email survey
- Social media
- Beta testers
As you are set to develop an app like Netflix, ensure that your app’s features and functionalities cater to the world-class audience’s expectations. Choose a niche and tech stack for your business and adapt the top-tier business strategies in the industry. Stick to certain industry-specific requirements and integrate user-centric features on your Netflix clone app.