Wishing to create a successful app like Netflix? If you nodded to yes, then you are at the right place. In our proceeding paragraphs, we will explore the platform’s diversity, why the app is gaining popularity, and how to create one.
So, without further ado, let’s get started.
Why is Netflix gaining popularity?
Binge-watching is a new fact that has grabbed millennials’ attention. Today viewers wish to get hooked to something worthy of their attention, and the desire is well-addressed by Netflix. This platform is drawing viewers from across the world, as its services are available in more than 190 countries. Known to provide the world’s leading subscription service to watch movies and TV episodes on the same platform; it allows streaming of rented and licensed content on Blu-ray discs and DVDs via email.
One of the surveys conducted by Netflix states that 61% of the participants said they binge-watch regularly. You would also like to know that by 2025, the global video streaming market is estimated to be worth over $125 billion.
Closure look at Netflix
Netflix, the video streaming industry leader, has started its journey in 1997 as a DVD-by-mail company. Today Netflix has more than 118 million paid subscribers, out of which 67.1 million subscribers are from the United States and Canada. However, you cannot expect this level of public recognition to happen overnight. It took more than ten years for Netflix to stand at the present position.
Wondering how Netflix did that? Let’s dig a little deeper.
Reed Hastings and Marc Randolph, founders of Netflix, launched a webpage in 1998. The platform soon changed from a ‘Pay per rental’ to ‘Monthly Subscription’ model. Then in the mid-2000s, Netflix focused on online streaming services, and yes, they made it. 2007 was the year when Netflix finally introduced the streaming service, which we know today. Netflix revenue is estimated to be 2,015.6 crores USD in 2019.
Benefits Netflix offers to its Users
Netflix’s value proposition has four essential elements discussed below:
- Accessibility: Netflix delivers video across different operating systems, platforms, and devices. With this approach, the company is maximizing its fan base. Subscribers can enjoy their favorite video content via tablets, browsers, and other devices.
- No ads to interrupt: Users who have availed the premium subscription enjoy the online video streaming without ads. While the ones using the free account will be showed ads. Well, no one would like to get interrupted amid the playing video. Hence, the users buy a subscription.
- Original content: Netflix’s users enjoy all-new original content on the platform. The company broadcasts third-party publisher’s shows and exclusive programs. Besides, users may find some in-house shows which aren’t available on other platforms.
- Recommendation algorithm: It is another value offered by Netflix. As the platform has thousands of available shows, the recommendation algorithm helps users find relevant content and enhance viewers’ engagement.
Netflix generates essential revenue via subscriptions. They offer three types of subscriptions plans, which are:
Users can choose any of the plans as per their requirements.
Step-by-step guide to creating an app like Netflix
Find your niche
The very first step is to decide on your niche. Some of the profitable niches are mentioned below:
The above three are the trending niches that can give you long-lasting business benefits.
NOTE: ‘How to’ videos are evergreen.
Checkout content availability
Once you have finalized the niche, decide on content availability. Figure out whether you want to create your own videos or would like to use other distributors’ videos. In case you are willing to work with video distributors, you must get a license for public performance. There are two ways to manage either you rent a movie from the authorized distributor with licenses or contact the copyright holder. Worry not; both the choices are legit.
Choose the monetization model
There are three monetization models you can choose from:
- Pay-Per-View: As the name suggests, in this pricing scheme, viewers will pay for each video to watch. This model is best if you want to create a platform for trade shows, sports events, concerts, etc.
- Advertising: In this model, you can charge other companies for running advertisement videos on your platform. Well, this strategy will become fruitful only when your platform becomes famous.
- Subscription: This is the model of how Netflix makes essential money. Your subscribers will be charged as per the selected plan. For example, if you offer 3 months’ subscriptions, your subscribers will renew their subscriptions after 3-months to continue using your services. When subscribed, users will get access to the content. Make sure to release new content on a regular basis.
Pay attention to video streaming app requirements
If you want to make the most of your app, you need to check out its performance. Have a look on the following performance characteristics:
- Internet Speed – Internet Speed matters a lot in a video streaming app. To stream a standard definition movie, you require an internet speed of more than 2 Mb/s. But to stream HD, 3D, or 4K, the internet speed needs to be much higher.
- Network connectivity – A video streaming platform isn’t easy to grow overnight, but you can expect it to grow in the future. To achieve the same, you must integrate a content delivery network (CDN) to your service. The CDN can broadcasts videos to subscribers via a server network.
- Security – To develop a successful app, make sure your content is protected from unauthorized access across user devices. To ensure proper safety, consider the following points:
- Token security: It prevents access to the videos of a 3rd-party source without your approval.
- Network background: It provides 24*7 content availability and monitoring, even in the case of server failure.
- Domain restriction: It locks content to a specific domain. This feature doesn’t allow other users to see the embedded link in the source code and prevent it from inserting it into another website or platform.
- Watermarking: It offers an extra level of live stream security. This will highlight the rights to your content, etc.
- Payment gateway – For better user experience, it’s essential to provide your subscriber with various payment options. It’s better to use the popular payment solutions to ease your customers’ payment gateway.
NOTE: Do not forget to develop an on-demand streaming service MVP
The last step in our bucket is to accumulate user feedbacks. To do it in a better way, define your process. Like first look, how your customers are reacting to the existing features. Then take the next step to ask them what features they would like to have. This will help you in understanding users’ perceptions, and you can improve your app experience. You can use social media, email surveys, or pools to gather feedback.
Netflix is one of the leading media industries. The subscription-based model has helped the company to grow its presence.
If you are looking forward to developing a successful video streaming app, let apps like Netflix be your role model. Once you have a clear visualization of your app, you can start the development process. If not possible, consider hiring one of the best mobile app development companies to bring your idea into reality.
Panacea Infotech is a mobile app development company with the intention to help your business grow leaps and bounds.
Contact us to discuss your project.