Let’s take a recap of how the paradigm shift from personal computers to mobile devices has brought a more significant impact on the business economy.
Well, let’s go down memory lane…
Back in time, what were the options people had for watching their favorite content? There was one T.V., and the whole family sat and watched similar content.
Soon, with the benefit of the internet, people had the privilege of watching their favorite content on YouTube. After that, with the invention of mobile phones, everything changed. Yes, people migrated from their T.V. & P.C. to their phones to watch their favorite content.
Somehow, people gained a sense of freedom; they enjoyed the privilege of watching their favorite show without any third-party intervention. The only reason that seemed the barrier was the limited internet connection.
Today, with unlimited internet access, audiences want a similar experience. The content makers jabbed this opportunity. They clearly understood that people love to watch their favorite content on their phones instead of television. Hence, that gave rise to the OTT platform.
What are OTT apps?
A platform where you can watch video content using the internet rather than the traditional cable or satellite distribution methods.
Marketers understood that the best way to reach the targeted audience was through OTT app development. Hence, if one has excellent content to offer to the audience, no channel is as powerful as the OTT.
You can make OTT Apps for the following platforms. For instance,
- Broadcast Media
- Film Making
- Fitness Professionals
- And Much More!!!
Yes, uploading the video on YouTube might work, but the benefits OTT app offers are far better in terms of reach, flexibility, and monetary ways too. Have a peep at how many hours people spent on these OTT apps.
Know more: Hulu Business and Revenue Model
Average Daily Time Spent With Subscription Over-The-Top (OTT) Video in the United States From 2018 to 2021
Without any doubt, the lockdown has led to a spurt in people watching the content on OTT platforms. Moreover, the ad markets have seized the opportunity to reach larger audiences that were impossible for them with the realm of traditional marketers.
Now, if you want to know about OTT development, you should be well aware of the current trends and opportunities in the market. Spare a few minutes and update yourself about whether an OTT App Development could fetch you lucrative results?
Back in time, the only option for people was to watch content through TV. Sadly, here is the reality of cable connections today. Read what a researched article has to say.
So what were the top reasons for people to shift to the OTT platforms? Let’s quickly explore!
Top 3 Reasons Why OTT Are Better Than Cable
Do you want to watch “Money Heist” at 2 AM on Tuesday? That’s your prerogative — OTT isn’t going to stop you.
|Previously, people had to remember to tape something to watch it later or check for the timings of repeat telecasts constantly.||With the list of OTT platforms, viewers are no longer in the time frame, and creators are not bound in the time slot.|
|With the cable connections, people were forced to sit in the corner of their homes and watch their favorite shows.||Thankfully, people now enjoy the freedom of watching their favorite show wherever they wish to.|
|The old times when HBO used to dangle with the very top premium channel package. You weren’t getting anywhere close to ‘Sex and the City’ or ‘The Sopranos’.||People are loving the flexibility of OTT apps. They have to just pay once and can watch all their favorite shows anytime.|
As a result, the OTT platform development is gaining huge popularity by catering to entertainment-hungry audiences and successfully fitting their hectic lifestyles.
With the graph and the difference, you are now confident that the future of OTT App development is promising. Now let’s dive into what are some of the opportunities in the market for OTT Application development.
What Are the Opportunities of OTT App Development?
A study finds that the average person spends more time on OTT apps than driving, socializing, or other pastime pursuits.
The OTT Platform Will Continue to Expand
Surprisingly, the percentage of internet users watch video content on their devices daily.
Well, people are mostly consumed with watching anything they find interesting on their phones. On the other hand, over the past 8 years, the growth of OTT application development has been massive. Today, the OTT platform has become the dominant channel for video consumption.
The point is you have to grab your audience and serve them with an OTT platform that caters to their needs. As shown in the graph, people are always consumed watching videos on their phones. Your only job is to provide a medium through OTT app Development that grabs the audience’s attention.
Understand, that people are already accepting the video content; your only job would be to divert their attention to your OTT app development services. Many OTT developers have understood this simple formula and are already taking advantage of this opportunity.
The Markets of OTT Apps are Lucrative
As shown in the graph, the projected growth of the OTT services market is predicted at around $156 Billion, which is a whopping figure for any growing demand.
If someone decides on OTT Application development, then the future of the OTT platform seems promising. Therefore, now is the right time for anyone to enter the market.
Suppose you have two types of investments in the market. One is earning you a fair minimum amount of profit. Conversely, the other asset is growing at an exponential rate and fetching you great returns.
Now again, you have some money to invest. Where would you consider investing?
A smart option would be investing in the growing market. There is no doubt we all want to gauge maximum profit from the market. Therefore, the above figures, which explain the growth of OTT development, are a great idea to think about.
It’s even astonishing to understand that this OTT application development can earn you an insane amount of money. Let us explain to you.
Over-The-Top (OTT) Video and Mobile Revenue Worldwide from 2010 to 2026 (in billion U.S dollars)
Markets are ready to pay huge amounts of money to showcase their ads on the OTT platforms. Several reasons have benefited their business. They are as follows:
Reaching the Niche Audience
Previously, markets had to adapt the traditional way of showing ads. Hence, even if the target audience was below 18 years, people of all ages watched the ads.
However, with the OTT development, your ad dollars can reach a much more targeted audience. Therefore, they love OTT apps more and more.
When marketers decide to include OTT platforms in their overall marketing strategies, they increase the viewer engagement volume. Marketers redirect their audience through this platform. They showcase their ads on the radio, TVs and the OTT is a new addition to the market.
Save your Bucks
By spending on OTT platforms, ads can make your invested money worth it. The OTT platforms smartly show the ads to the targeted audience only. Therefore, the ads are only shown to people who are likely to be interested in your ads. So, it saves time & money by eliminating people who are never interested in buying your product.
We hope you got a basic understanding of why many businesses are investing in OTT app development. Now, you might be positive that you can invest in OTT Application Development. But again, let us warn you, how would you compete against the other app ideas?
So how would you compete against the apps that are launched for the OTT? You have to give your customers something unique. Also, what your competitors have not served them yet.
In the next section, let’s explore the future opportunities that can work great for you.
Introduce Social Media Components in OTT Application Development – Seize the Opportunity
Interesting Fact: OTT viewers spend an average of 24 minutes per session deciding what to watch
We all have cameras in our phones, right? Then why do people still download Snapchat?
Interesting, isn’t it?
Yes, if you can market your application well, the buyers are ready to take whatever you serve them. Only one thing, whatever you are serving should be interesting.
When you go for OTT application development, the new thing would be integrating social media components into your application.
Understand, people spend hours looking for a good movie. Yes, you too consume hours to decide what to watch, don’t you?
So why not solve your, our and people’s problems? Won’t it be amazing to integrate features that allow the user to get suggestions from their friends? Read reviews written by their friends and family.
Also, you can allow the user to make a list of the best horror movies, suspense movies, or action ones. The list can be shared on other social media accounts.
Moreover, the interesting feature of adding an extension allows one to watch the content with friends and family. So anyone can start, play or pause the ongoing show.
Integrating the social media components in your OTT platform seems like the need of an hour and something that the users would be interested in downloading.
Now, let’s get into the crucial part of how to build an OTT platform.
OTT App Development
Here are the ways of OTT app development
1. Develop from Scratch
You take full responsibility for your OTT platform by developing your app from scratch. Also, it would be your sole responsibility for your app’s performance, customer support, and content.
However, this method takes a long time to launch and proves quite expensive.
2. A white-Labeled OTT Platform
An affordable and time-frame-friendly option that allows you to own an OTT app. In short, it is the copy or look-alike of one of the existing apps. Unlike the first option, it takes less time and money to develop this application. Many companies are providing white-label OTT solutions.
Also, you can add the missing features of the original app in the clone application. Companies believe that it’s a smarter choice to pick a white-label solution and fabricate it as per one’s needs.
The next section will update you about the costing part of the application and also let’s end the debate of OTT app development.
OTT App Development Cost & Should You Build One?
OTT: A Dynamic Arena With Surging Viewers’ Engagement
After reading through, you might want to know how much it costs to develop an application. As we discussed earlier, creating an application from scratch would cost you around $45,000- $60,000.
However, getting a white label solution of the OTT App would cost you much lower than around $35,000-$45,000.
But again, we stand on one important question: what would be a wise choice for OTT App development?
Without any doubt, we can say that yes, it is the right time for your OTT App Development. OTT platforms attract the heaviest traffic for the sole reason that they are the habitats of viewers.
Moreover, the OTT TV apps allow you to watch the same content on the TV through these apps. Many businesses are now starting with their personal OTT apps as they have realized the opportunity of this market.
Also, as we discussed, the OTT market is bound to grow at a much faster pace. Therefore, it’s the right choice and time for OTT app development.
Why Are White-Label OTT Platforms Becoming The Top Most Choice?
Well, a white-label option makes it much easier and cheaper to build OTT platforms. The platform gives you at par benefits of developing the app from scratch. Also, it has been a top choice for many businesses who want to enter the OTT world.
Many businesses are choosing the Netflix clone solution as it is one of the most successful platforms. We don’t say it, but the results show positive growth.
You can get more information about Netflix Clone App Development by reading the blog. Also, you might want to know why we are bragging to you about a Netflix clone app solution. There are many other platforms available in the market. Let us explain to you which is the best streaming platform in the market.
We hope you are clear about what is the most chosen platform by the people in the market. Therefore going for the best clone solution in the market can fetch you the best results.
Over to You!
If you are someone who still is in doubt regarding OTT app development then talking to our experts might solve your doubts.
Connect with our team, we have been in the business for almost a decade and we understand your queries. Let’s talk.