Netflix and Chill! I’m sure you have heard this is the common phrase from most of the millennials and Zen G. Days are gone when you have to fight with your sibling to watch ‘The Simpsons’.
Apps like Netflix have made Binge-Watching common among users across the world. More and more start-ups and business owners are investing in the development of OTT platforms. The reason behind their popularity is that you can watch anything at any time and on any device.
The report shows that, the global video streaming market is estimated to reach USD 330.51 Bn by 2030.
Netflix is the leader in the video streaming industry, this is not surprising as it has 118 million paid subscribers. There are about 55% million subscribers alone in the US.
This data shows that the International growth rate which is up 11% in the fourth quarter compared to Q3. This is why many entrepreneurs are willing to invest in this sector. There is no doubt that OTT apps have opened many growth opportunities in this lucrative segment.
With this blog, you will get insight into everything about Netflix and how you can build an OTT app like Netflix! So Let’s Go!
Netflix Business Model: Most Popular OTT Platform
Before you start building an app like Netflix, know about its business model this will give you an idea of how you can give better services to your audience. By studying this model, you can create OTT app with the help of an OTT app development company.
However, Netflix uses a subscription-based business model, where users have to pay a monthly fee to access its vast library of content. This helps them in global expansion and helps the company to scale up.
Here is some key aspect of Netflix’s business model includes:
Algorithm-driven recommendation system
Netflix’s unique selling point is an algorithm-driven recommendation system that suggests users based on their viewing history and preferences. Many ott app development companies integrate this feature to increase user engagement and retention.
Creating original content
It is more focused on creating original content by producing shows and movies. This strategy has enabled the company to differentiate itself from competitors and maintain its position as a market leader in the streaming space.
Another key aspect of Netflix’s business model is data analytics to optimize its operations and improve user experience. The company tracks user behavior and engagement metrics to identify trends and make informed decisions about content acquisition, production, and distribution.
Now you can discuss these key aspects with an OTT app development company and build an app like Netflix.
Netflix monetization Strategy
When you create video streaming app you‘ll require a monetization strategy to generate revenue. Netflix’s monetization strategy includes three subscription monthly plans for the USA includes:
The basic subscription plan includes $ 9.99 per month in this plan users can watch movies and TV shows on laptops, mobile phones, and smart TV. Note that this plan doesn’t include HD viewing and has one screen at a time plan.
It cost around $157.49 per month with this price users can watch full HD videos on two simultaneous viewings.
The premium one can cost around $19.99 with this plan users can watch 4k videos on four screens at the same time.
We have discussed Netflix’s business model and its monetization strategy shows that the OTT platform development has increased in the past few years. With this Netflix’s competitors have increased with time and also provide original content that gives tough competition to Netflix.
Here is the list of top competitors of Netflix such as:
|Hulu||Hulu is a popular streaming service that offers a wide range of TV shows, movies, and original content.|
|Disney Plus||It is a subscription-based streaming platform that offers a vast library of Disney, Marvel, Star Wars, and National Geographic content.|
|HBO Max||A premium streaming service that provides a large selection of movies and TV shows from HBO and other networks, as well as exclusive original content.|
|Amazon Prime Video||Amazon Prime Video is a subscription-based streaming platform that offers a broad range of TV shows, movies, and Amazon original content.|
|Peacock||It is a streaming service launched by NBCUniversal, offering a mix of current and classic TV shows, movies, and original programming.|
|AppleTV+||Apple TV+ is a subscription-based streaming service that offers original content produced by Apple, including TV shows, movies, and documentaries.|
Now you have seen the competitors of Netflix you can easily create OTT video app and build an app like Netflix. But wait, before you start investing in this segment it is recommended to know the Netflix-like app development cost.
Important features to include in an OTT app like Netflix
When you create a OTT app for android make sure you include the necessary features so that your app will gain success in a short time. Here are some important features that you must include in your OTT app like Magisto:
User registration & profile management
User registration and profile management are crucial features when you start developing an app like Netflix that allows users to create an account, manage their personal information, and access their viewing history.
Another important feature that helps users quickly find their desired movies, TV shows, and other content by typing in keywords or using filters.
Payment gateway integration is essential to provide users with a seamless payment experience while subscribing to a streaming service.
This is the most prominent feature when you start OTT app development, watchlist feature enables users to bookmark the content they want to watch later, making it easier for them to find it again.
User loves this feature that allows them to like share, comment, and rating to interact with each other and share their opinions about the content they watch.
Screen mirroring or screencasting
Screen mirroring or screencasting is a useful feature that allows users to cast their content from their mobile device or laptop to a larger screen like a TV.
This is essential for streaming services to cater to a global audience and offer content in different languages to make it accessible to a broader user base.
How you can build an OTT app like Netflix
Now you know the essential features you can start your Netflix clone app development. It is not a complex process with the steps given below you can start creating an app like Netflix.
The first and foremost important thing to do is market research, this will give you an idea about what content your audience needs and the faults in your competitor’s app.
Choose the tech stack
After doing the market research, you’ll get to know about important features that you must include in your app and the importance of the tech stack. Although choosing the right tech stack will save you time and money.
Decide on a monetization model
We have already discussed the Netflix monetization strategy, now it’s time to decide on a monetization model, you can choose between three methods of video monetization which include:
- Hire a team of developers
After deciding on features and monetization, it’s time to hire a team of developers, hire UI/UX designers, expert developers, and a team of QA, and business analysts. With a team of experts, you can achieve success in less time.
Start frontend design
While developing an app like Netflix makes sure your UI/ UX designer creates a lucrative front of the app. This will increase your client retention rate and be loved by users for providing a user-friendly interface.
This is the most crucial part of the process; the developer will provide the functionality to the entire app. All you have to do is maintain proper communication with the team so that they can understand your app requirements.
When the app is developed, it’s time to test the app to check for bugs and errors. The team of QA and developers will test the app and rectify the errors.
Deploy and maintenance
With the completion of the app, you can deploy the app and launch it in the market. To maintain the longevity of the app in the market you have to invest in maintenance & support services.
How much does it cost to build an app like Netflix?
The cost of building an OTT app like Netflix can vary widely depending on several factors, such as
- Developer’s location
- Platforms (iOS, Android, web, or all)
- Tools and technologies
However, according to industry estimates, the cost of developing an app like Netflix can range from $50,000 to $250,000 or more. This cost includes various stages of app development, such as planning, design, development, testing, and deployment.
Moreover, ongoing costs such as server and maintenance costs, content acquisition, and licensing fees should also be considered. These ongoing costs can vary depending on the size of the app and the scale of operations.
It’s essential to note that building an app like Netflix is a significant investment, and it’s crucial to work with a reliable OTT development company and have a clear understanding of the project scope and requirements to ensure its success.
It’s not a big deal, to build an app like Netflix at the current time. Subscription-based models are gaining popularity among the user, which makes them a lucrative business opportunity for many entrepreneurs. While developing an OTT app make sure you hire a reliable mobile app development company that brings your idea to reality.
We hope that with this blog, you can get insight into Netflix and now you can easily start your OTT app development.