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More and more television viewers are changing their preferences from regular cable television video streaming app viewing. This type of television viewing allows the user to watch TV shows and movies that are already being broadcast, but the user has missed them for some reason. Consequently, it is also called on-demand television viewing.
Hulu and Netflix are two such streaming applications that allow the user to watch television "on demand," anywhere and everywhere with the aforementioned devices. Another advantage is that the consumer pays less of a subscription fee to watch selective TV channels, rather than paying more money to the cable company and watching an entire package of TV channels. In this article, we will make a general overview of the functionality of popular video streaming apps, as well as learn how to develop your own.
Video streaming market overview
According to the American Motion Picture Association, last year the global video streaming app audience grew by 26% and exceeded 1.1 billion people. This dynamic is commonly associated with pandemics and lockdowns, but this is only partially true. The pandemic is over while video streaming app companies are still recording growth in traffic. For example, WarnerMedia, which owns HBO, had 70% of its users preferring the online service over cable back in March.
Online video streaming app audiences are growing beyond lockdowns. This is evidenced by the fact that video streaming app viewers are actively moving to mobile apps, meaning they watch movies even when they don't have a home TV or laptop.
According to estimates by Grand View Research, the total revenue in the segment of live streaming app development, including streaming services such as Youtube and Twitch gaming, increased by 28% over 2020. In the previous 5 years, it grew in the range of 22% to 30%. In other words, digital content consumption is a fundamental trend, not just a pandemic effect.
Another peculiarity of the video streaming app development market is that its main players are not direct competitors. For the most part, the battle for audiences is between classic content providers (film and TV) and new ones (streaming video), and subscribers on digital channels are not strictly tied to one service. For example, half of Netflix paid users have parallel subscriptions to Disney+ and Hulu, and more than 60% have subscriptions to Amazon Prime.
How to develop a live streaming app like Hulu
Hulu is an American live streaming video streaming app originally conceived as a series aggregator, owned by NBC and Comcast. It is now owned by Disney. The name was taken from Chinese and has two meanings: pumpkin and interactive recording. It positions itself as a premium company. Over 13 years, 38 million people have become regular customers of this video streaming app.
Hulu is the only video streaming app in the U.S. market, which provides access to content from major television networks. Hulu also has an agreement with some record labels and can broadcast music videos and concerts.
Hulu's rich functionality attracts many users. In particular, its success is due to the following video streaming app development features.
Today, the Hulu video streaming app is more than just a movie library. A subscription provides access to TV channels, TV series, show selections, and much more. Of course, there are no miracles and users have to pay extra for the full set of features by purchasing a more expensive subscription. The convenience here is that users can do it all in one video streaming app.
Another plus for Hulu video streaming app is the ability to stream on a variety of devices. A good video streaming service has apps for smart TV, PC Android, and iOS. It is not even necessary to watch movies on TV. With good mobile Internet, users can watch shows and movies on the go or while traveling.
Even if the user travels to the middle of nowhere without network access, a Hulu video streaming app subscription allows subscribers to save content to their device and watch it offline. Users can simply download whatever they'd like to watch and not have to worry about the connection.
TOP 3 live streaming app examples developed by Perfsol
Let's take a look at several video streaming app development projects by Perfsol. This company specializes in live streaming app development.
Allego is not just a video streaming service, it's your very own corporate YouTube. This video streaming app platform provides sales enablement strategies and success videos. The platform allows business owners to train their employees, stream live videos, and much more.
Camugo is a video streaming app development service for video production automatically in any sport with immediate processing without human intervention. Thia video streaming app development service allows users to stream sports events, record them and look at the team's performance and moments that need to be improved from several camera angles. Users of this video streaming app development service can perform game analysis during live coverage using CAMUGO's built-in drawing tool.
TOP 3 recommendations to reduce the cost of video streaming app development
There are two ways of optimizing the cost of video streaming app development: to reduce the video streaming app development budget and reduce the risk of overspending. Let's look at the specifics of both video streaming app development approaches.
Ordering live streaming app development from a company located far across the ocean, you can cut the cost almost in half. For example, the live streaming app developers from Eastern Europe and particularly Ukraine combine low prices per hour of work with the highest quality of video streaming app development performance.
The longer the video streaming app development project is, the more money you have to spend on it. Working with an experienced video streaming app development team you can significantly reduce development time and hence budget. As the experience of the Perfsol video streaming app development company shows, this factor is often crucial for the successful completion of the video streaming app development project on time.
Giving up non-key functionality
Even a seemingly simple feature can turn out to be expensive to implement, but not critical to the project. You need to identify the key functionality and assess the cost and importance of the secondary. As a result, decide what you want to avoid and what you want to keep. You can first implement MVP - a minimum viable product that will have a set of only necessary functions. This way, with less cost, you can understand whether it is worth developing the project further.
Video streaming app development services are convenient tools for watching TV, movies, and shows. Often, in addition to video content, they also provide access to audiobooks and podcasts. Many video streaming app services have convenient video streaming apps for mobile and desktop operating systems and provide the ability to save content to your device for further offline viewing. It isn’t difficult to become the owner of such a service and make some profit. Enlist the support of a reliable video streaming app development partner and development will go like clockwork. Contact Perfsol video streaming app development company now and we'll start creating a new market leader together.