The increase in Smartphones and Smart TV usage has boosted the number of subscriptions for VOD services across the globe. These smart devices enable the users to view the streaming videos on any mobile devices which eventually helped in the growth of VOD market.
According to a study, the revenue of the VOD global market is projected to increase by 10.17% with a volume of USD 126,548 million by 2025. With an array of VOD models and various platforms to try its business prospects, video on demand app development is also growing simultaneously.
Before we learn the steps to develop a VOD app, let’s learn what is VOD and it’s market and challenges.
What is a VOD App?
A VOD or a video on demand app is a software media application system where the users can select any video available in the system to watch at any given time. The users can watch the videos on any remote device as long as the device has the app downloaded. Also, it has both network access and a subscription to view the videos.
The VOD app enables the user to either stream the video or download it to watch it later. Access to the video library is procured through a monthly or yearly subscription. The VOD apps allow flexibility and the choice to watch the videos of your choice. Moreover, watching videos on VOD streaming platforms can be achieved at a lower bandwidth making it reachable for more users.
Such flexibility has naturally increased the demand for such apps and subscriptions that people are willing to invest in the video-on-demand applications and their development.
Why Invest in VOD App Development – Market & Stats
The business prospects of the VOD industry is huge as more and more developing economies of the world are seeing a surge in internet usage and the market of smart devices that help with video streaming. Now is the time to invest in VOD application development as it is one of the fast-growing business sectors.
If you look at the market analysis, it shows that the economically and culturally diversified Asia Pacific region is the one that is expected to have the highest growth with respect to the market and consumers. The countries in this region are also investing hugely in this industry as well. On the other hand, North America is expected to be the largest video-on-demand market with an increase in the number of consumers, more VOD content, and suppliers. Europe, Middle East and Africa regions are also not lagging behind.
The increase in demand for video content is partially because of the pandemic and is another reason to make an investment in VOD related apps. The current leading category that has a higher demand for on-demand videos include education & training, live sports, and media & entertainment. Each of these categories has the potential to stay for longer and generate higher demand as time goes by. The flexibility to view these videos on multiple devices and platforms is also a huge factor that has pushed the VOD app development business to a new level.
Benefits of Developing a VOD Platform
The video streaming app development is a growing business as the number of consumers are on the hike with each passing day. There are several factors why people prefer this platform. Here are the top reasons why one should make a thematic video on demand platform.
They generally give an ease to use and convenient viewing experience for the users as it allows them to stream the videos at any convenient time from anywhere in the globe. They no longer have to adjust their schedule to match their favourite movies or matches, instead, they can stream the videos when they are ready to.
People prefer low-cost platforms where they can get maximum benefits. Here content owners within their built platform can make it economical and give unlimited access to the video content from the library as well. It is also not tied up to any providers so it has no geographical barriers to be worried about.
The adaptable grounds are seamlessly more, since these customized platforms are accessible from any device with internet access and specified apps in their devices. Remote access to these platforms is a greater driving force that attracts more users. This is where the maximum capitalization must be done and invest in some user-friendly video on demand platform development.
VOD website provides a variety with the type of videos that are streaming. The videos will be categorized into movies, TV shows, sports, fitness, etc. Each of these categories may also be further subdivided for easy access making it more effective and functional.
5. Passive Income
Earn your day-to-day revenue in the best way where you can instantly provide a pathway to acquire new customers not only for content originators but also for those who use the space to launch their videos as well. The subscription options provide passive income month after month or on a yearly basis.
6. Stay Ad Free
Constant showcasing of ads in between the movies is sure a major downside of television viewing and that of the other popular video streaming platforms. This removes the anticipated obstacles and helps with streaming videos making it ad-free.
Must Have Features While Developing VOD Application
When you set out to start developing a VOD application there are a few features that you must add to the app which will help the users and the content makers to get maximum benefits.
- 100% Customizable: The platform must be customizable for the benefit of the creator to develop its own monetization models for maximum ROI as per the business demands.
- Whitelabel: The Whitelabel solution ensures that the streaming platform provided will be completely under the ownership of the creator.
- Video Player: A high-quality in-built video player that can retain the video authenticity and make it compatible for all platforms which will be highly convenient for easy viewing on multiple devices and platforms.
- Reliable Video Hosting provision on the cloud with secured hosting of the videos increases the overall power of your streaming platform.
- Progressive Web App to help deliver the content on the web and other native apps to have an app-like experience from anywhere. Additional features such as push notifications and smaller app size would make it a hit among the users and produce more user engagement as well.
- Multiple Revenue Models such as subscription video on demand, transactional VOD, third party ads or server ads with the option to disable or engage them are good choices for revenue generation.
- Analytics: Flexibility to see the analytics to make necessary changes in the content creation and management helps to improve the quality of the content as well as its delivery process. It will eventually help to increase traffic and engagement.
- Security is important with an end-to-end encryption DRM system, SSL Certificate, with the added advantage of geoblocking to block the content in certain specified areas.
- Video Marketing is found to be more effective than email marketing. The VOD streaming platform must provide the opportunity to generate video emails that help to increase the user engagement rate and the overall business value.
How to Get Started to Build a VOD App?
The next step is to build a website for video streaming to entice your viewers with top videos-on demand and this checklist helps you to pave the way for how to build a VOD platform.
- By finding the ideal niche on which you can create quality content, design a business model.
- The next step is to find a solution provider like CONTUS VPlayed and pay at a one-time cost which will be completely owned by you.
- Customize the added features in your kitty to suit your business based on what customers are actually expecting. Also, ensure to customize the layout according to your business and brand.
- Ensure that the videos are compatible to stream on multiple platforms as well as on remote devices
- Find out the best monetization model that you can work with.
- Pay attention to the content management and security of the system with the necessary tools.
- Add features such as analytics to monitor the engagement rate and other progress of your videos to analyze them periodically & make necessary changes.
- Set up the on cloud hosting and make the videos live and available after ensuring the security features.
VPlayed solution is an ideal option to start your VOD app or website as it comes with all features to make the perfect video streaming platform with added advantages of customization and security.
How Much Does It Cost To Develop a VOD App?
The cost of the app development for VOD depends on various factors. The main factors include the type of app, app platform, app maintenance, etc that would together make the cost higher. To know the exact cost with other things that you need, you can reach out to the sales team of VPlayed & you could get assured with valuable assistance.
On a custom VOD solution such as CONTUS VPlayed, one can easily develop an app or website at a much lower cost. Here it does not follow the fixed rate instead the cost depends on various features that are included to have a customized platform for their dearest customers.
The video-on-demand market is steadily growing at a faster pace with the simultaneous growth of the VOD app development industry. The market shares and statistics heartily supports investment in app development. Moreover, video-on-demand broadcast solutions help to reap benefits for both the content creators and users by approaching economical video-on-demand solutions. They come with all the necessary factors that would make it possible for a low-cost website or app development and get maximum benefits through distinctive monetization models.