What are streaming services in 2023? First of all, these are platforms with tens of millions of viewers. Such indicators will be the envy of any news channel, not to mention third-party sites. Today we will talk about the potential and specifics of streaming platforms. To begin with, you should answer the question, “what is a stream?”.
What Is a Video Streaming Website?
Streaming services is a very loose concept. If you describe them in general terms, these sites offer access to copyright content. The clearest examples of such resources are Youtube, Netflix, Spotify, and others. But you say, “What then is the difference from online stores offering to download a movie, for example?”. The difference lies in the fact that there is no need to download anything to your device. You only need a permanent connection to the Internet.
Streaming also lets you record content directly without downloading it from your device. In addition, streaming platforms often offer the opportunity to broadcast live and communicate with the audience. This is often true in gaming, but sometimes lectures and other events use similar technologies.
Streaming services can be divided into “on-demand” and “live.” The difference between them lies in the preservation of content, so first, you can view the content uploaded by someone at a convenient time. In the second case, the viewer can only watch the broadcast.
Speaking about the technical specifics of creating and consuming content, it’s worth mentioning an essential part of a streaming website – functionality. We’ll single out the core features of the video streaming platform in the section below.
Video Streaming Website: MVP Features
The must-have features include the following:
- Managing personal information
- Payment system.
- Home page.
Each of the above features must be given attention!
This feature may seem simple, but it’s the first step to start benefiting from video streaming site functionality. Creating a profile for a new user is a fundamental process. That’s why it’s essential to provide an easy and smooth sign-in registration process. Additionally, users can be asked to specify their interests and the specifics of the content in advance.
2. Management of Personal Information
This feature is required to give viewers more control over their personal information. With its help, the users will be able to modify their basic info as well as have access to their playlists, viewing history, favorites, and more.
3. Search Flow
The search algorithms will help consumers to find the desired content. It is desirable to make it more flexible so that the user can adjust his request – by date, popularity, etc.
4. Payment Details
The payment system also deserves special attention. The fact is that all streaming services involve certain financial injections. This can be the funds of both the users themselves – for a premium subscription, for example – and the advertising of companies. So naturally, the payment system should be simple and reliable. It will make it easier for users to pay and make it impossible for any fraud or threat to lose money due to technical problems.
5. Home Page
Last but not least, we have a home page. Its creation should be given special attention since the users spend most of the time out there. The home page should be simple, convenient, and functional. It displays relevant video content to consumers and can be customized to users who are already signed in.
The feature list isn’t limited to the functionality mentioned above. There are a lot of tricks and possible tools you can add to your own video streaming website.
Video Streaming Website Development
The development of any software solution is a complex and multifaceted process. It is essential for you not only to make a working frame but also to interest the user. So let’s take a closer look at the development stages!
Determine your USP and niche
It’s not a good idea to copy other people’s work or try to “kill” the leader all at once. First, you need to determine your Unique Selling Proposition (USP) and decide on the niche – each product has its buyer.
Work out a Business Plan
Start with analyzing popular platforms such as Youtube and Twitch to define their strengths and limitations. Study the specifics of the market and consider a business model.
Produce Licensed Content
Streaming platforms need to provide original and unique content. If your product differs in quality and theme and is generally uncommon, your service will be noticed. Just remember that the content must appear regularly. Otherwise, your platform will be similar to others.
Make the Interface Comfortable
When creating an interface, be guided by the user’s feelings. If the UI is overloaded, then it should be simplified. Then, potential users will only have to deal with the functionality briefly. For example, wondering on how to build a live streaming app, it’s essential to take care of a unique and eye-catching design because it is the first thing users pay attention to.
Organize an Advertising Campaign
The advertisement is the engine of the trade. Focus on the features of your service and negotiate with the owners of third-party platforms (not competitors). Streamers are also great for advertising. Just try to invest wisely. An expensive advertising campaign for a young streaming service may not bring the expected result.
Run a “Beta Test” of The Platform and Analyze The Feedback.
Before the official launch, it’s critical to organize a trial run. It will allow you to identify service issues, understand the interests of your target audience, and receive feedback.
A few words about reviews! Always rely on the reaction of your audience. Try to weed out users of “yours” from “strangers.” After all, you can monetize only the target audience. Now, let’s see how you can generate money with a video streaming website.
After all, the primary intent of creating a digital solution is to generate profit. Streaming platforms are no exception. Let’s analyze the development stages in more detail!
The most common example of monetization on streaming platforms is a subscription. It provides unique content or “makes life easier” for the user. For example, a Youtube premium subscription allows users to watch ad-free videos or listen to music in the background.
Additionally, it can provide access to watching TV shows/movies. The clearest example of such a system is Netflix. It is enough for the user to pay a monthly subscription. In return, they will get access to a gigantic, constantly updated library of films and series.
As you already understand, the principle of subscription is to simplify access to content for the user. But the advantages of a premium subscription do not end with the display of ads. For instance, the user can access unique content on some platforms for a small fee. This is often true for music platforms like Spotify, but a similar feature has recently appeared on Youtube.
Advertising remains a crucial source of income for streaming platforms to this day. Nothing is easier and more effective than showing small videos before the video starts. But, keep in mind that the advertising may annoy the viewer more. Though, your platform will get paid for displaying the ad itself.
Displaying ads can be used to raise the popularity of a premium subscription. It can create conditions for the following situation:
The user has the opportunity to consume all content for free
You show the ads to viewers and interrupt their browsing
The user is motivated to sign up for a premium subscription
You can achieve these results only if your content is really irreplaceable.
The solution for buying digital, non-downloadable content is less popular than the two above, but it exists. Its brightest representative is Google films, which allows users to either purchase or rent a movie. Unfortunately, this system enjoys little popularity since, in this field, Google competes with many online movie theaters. But if you plan to sell original licensed content, you can consider this revenue stream.
Whatever model you choose, what content you distribute, always remember that it is better to entrust the creation of such multifaceted and complex projects to experienced companies. We recommend trusting companies with a reputation and a portfolio. Then you are more likely to get a working and profitable platform.