OTT applications have become of the most favourite ways to watch TV shows and movies. By 2027, the OTT revenue is expected to surpass $476 billion with almost half of income received from advertising.
For businesses and startups looking to break into the lucrative market with OTT applications, two common options exist – create a custom platform (the best solution so far) or lease OTT application. In this post, we outline the process of building an OTT application from scratch – focusing on the key stages of OTT app development.
Choose Your Niche
The first step of the plan is to define your target audience and the type of content you’re going to deliver – would this be sports, entertainment, education, or another niche? This decision is foundational, as it will guide your content acquisition strategy and influence user engagement.
Content Acquisition and Management
Once you have defined your niche, the next step is to acquire and manage content effectively. This involves securing rights for distribution, digitizing content for streaming, and implementing efficient content management systems (CMS) to ensure a seamless and intuitive delivery to your audience.
Choose the Revenue Strategy
You need to define how you’re going to make money from your OTT app. There are several monetization models to follow to make your OTT app bring you the well-deserved profit:
- subscription-based (SVOD) – users pay annual or monthly fee to access the content;
- advertisement-based (AVOD) – content is free provided you leave space for advertising;
- pay-per-view (TVOD) – involves choosing and paying only for the content users want to watch;
- freemium – users can access some content for free while having to pay for premium content;
- hybrid: a combination of several monetization models.
Get Your App Developed
The third stage is where your OTT application starts to take shape. The development stage is not about coding itself. There are a few additional steps to take to let your OTT app see the world.
- Design of intuitive user interface (UI);
- Development of basic and premium features;
- Testing and refinement;
- Launch on the App Store and Google Play Store.
The most important is to find a team of vetted developers with enough proficiency and, unparalleled expertise. Luckily there are companies like Perfsol that offer full-cycle development services pairing tech excellence with a tailored approach.
Pro Tip: Start with MVP
Begin your development journey with a Minimum Viable Product (MVP) – a product with a minimum yet sufficient set of features to deliver value to your audience. An MVP approach allows you to launch with essential features and gather user feedback prior to investing in advanced functionality. This feedback is invaluable for making improvements and adding features in the future.
Market and Promote
No matter how good your app is, it needs effective marketing to reach its audience. The final stage of building OTT app is to introduce it to the world. Generate a buzz around your app – develop a comprehensive marketing strategy that includes social media, content marketing, SEO, and partnerships. Remember, consistent and engaging promotion is key to user retention and growth.
Building an OTT application in 2024 is a multifaceted process that requires careful planning, strategic decision-making, and ongoing engagement with your audience. By following the plan provided, you position your OTT service not just for a successful launch, but for sustained growth and relevance in the competitive TV industry.