Why You Should Invest in OTT App Development?

The entertainment industry is witnessing a massive transformation with the rise of Over-the-top platforms and high-speed internet. In fact, buying DVDs and Blu-rays is slowly becoming a thing of the past.

Entertainment businesses have also understood this shift in consumer demand and started to invest in OTT app development. In fact, the concept of OTT has opened up diverse business opportunities for different industries such as news, education, travel, lifestyle, etc. In this blog, we are going to learn why you should invest in Over-the-top app development.

What is an OTT Platform?

In simple terms, an OTT platform is a video streaming space, where the users/subscribers can watch video content. It depends on an internet connection rather than a traditional cable or satellite distribution technology.

These platforms have become a golden gate of opportunities for content creators around the world. The easy accessibility of Over-the-top platforms from various devices such as computers, smartphones, tablets, and smart TVs has made these platforms very popular among users. Netflix, Hulu, Prime Video, and HBO Max are some prominent examples of successful OTT platforms.

Many entertainment companies are reaching a prominent mobile app development company for effective OTT app development. There could be multiple benefits of developing an OTT platform.

How OTT Content is Delivered?

The amazing accessibility of OTT platforms is one of the major reasons why it is so popular among users. The users only need a decent internet connection and a supported device to access Over-the-top content. Plus, there are multiple payment methods to ensure maximum flexibility for the users. 

• Mobile Devices

Smartphones and tablets are the most popular devices used for streaming OTT content. Offline downloading of content is also available on these devices.

• Personal Computers

It is also possible to access OTT platforms from a web browser and desktop-based application.

• Smart TVs

These internet-connected televisions have full-fledged versions of OTT apps for easy media consumption. FireTV, AppleTV, and Roku are some great examples of smart TV options.

OTT Platform App Development Market Overview

According to a report published by Fortune Business Insights, the international Over-the-top market had a value of $42.6 billion in 2019. Furthermore, it is estimated that this value will reach $86.80 billion by the year 2026. There might be a compound annual growth rate of 14.3% during this period. The Covid-19 global pandemic also hugely contributed to the growth of OTT platforms. People preferred watching content on OTT streaming sites instead of risking themselves by visiting the theaters.

If we talk about the total device shares in the global OTT platforms, then smartphones dominate other devices by having a market share of over 47%. This greatly shows the huge potential of mobile app development for an Over-the-top platform. 

Reasons to Invest in OTT App Development

These are some most noteworthy reasons for you to consider OTT platform app development; 

• The Skyrocketing Growth

The internet has become a vast space for media consumption. Plus, access to the internet is now possible with almost any device. Thus, the overall consumption of videos has also increased in recent years. People around the world love to watch video content on their devices whenever they are free. The improvement in data connection speeds is also responsible for the rising popularity of Over-the-top platforms.

Above all, YouTube has become the most popular streaming platform with tons of interesting content. OTT platforms have also become a great source of consuming content online. Popular OTT platforms like Netflix, HBO Max, Hulu, Disney Plus, and others had been investing in OTT app development at the right time to enjoy today’s astonishing industry growth.

Despite having so much competition in the OTT industry, people still love to consume content from different Over-the-top platforms at their convenience. According to Magnet Global, an average OTT user is consuming 100 mins of content on OTT apps on a regular basis.

Therefore, you can have the assurance to engage your audience with interesting and engaging content on your OTT platform. You just have to invest in quality OTT app development and add content that satisfies the interests of your users.

• Create Constant Revenue Opportunities

The rise of the smartphone revolution has helped in the growth of the OTT industry. For this reason, the OTT platforms have been generating good revenue around the world. Despite having a rescission-like situation, OTT platforms have shown good potential for generating revenue for businesses.

The increase in adaption to the OTT platform has helped businesses to grow their user base and revenue over the years. Above all, you have recurring subscription holders who will guarantee a continuous flow of revenue for your business. Plus, there’s only an initial investment in setting up the digital platform, after that there’s almost no cost to maintain such an OTT platform.

Moreover, you have different revenue generation opportunities through different methods like subscriptions, merchandise, ads, etc. Thus, by having a diverse business model, you can assure both audience engagement and content generation.

• Better Convenience for the Audience 

Convenience is everything in today’s hectic lifestyle of working-class people. Thus, investment in OTT app development makes sense, when you want to provide easy accessibility and convenience to your users. In traditional media consumption, it takes time for the users to buy or rent DVDs or BluRays. Cable TV is also becoming irrelevant with repetitive content and obsolete technology.

People want instant convenience to access digital content on the go. By developing applications for multiple platforms and devices you can provide this convenience to your users. Having a prominent mobile app development company by your side can ensure that your app scales perfectly on different devices and platforms.

Thus, by having your OTT app compatible with more devices, you can also ensure more subscribers to your service. 

• Cost-Effective Solution for Media Consumption

Movie buffs have spent thousands of dollars on collecting DVDs and BlueRays. These physical mediums of storing digital content will also degrade over time. However, this is not the case with OTT platforms. The users can easily access their favorite digital content anytime and anywhere by just paying a monthly subscription fee.

They have the complete freedom to access thousands of movies, TV series, live sports events, documentaries, and other shows with the same subscription. Moreover, the subscription models are also very flexible with payment on a monthly or on yearly basis. Thus, Over-the-top app development makes it a more cost-effective solution for media consumption for users.

• Superior Sound and Image Quality

We are living in the world of 4K, 8K, and 3D video technologies. Plus, there has been a massive improvement in sound technology and SFXs. The technological advancements in Television sets, smartphones, and tablets have increased the user expectations to have a stunning content viewing experience.

Traditional cable TVs are still lagging behind the innovative digital technology available today in the market. Businesses with good OTT app development are able to ensure content quality with superior visuals and sound effects. This makes the viewing experience more fulfilling and enjoyable for the users.

The video and audio quality on OTT platforms like Netflix and HBO max are life-like. Thus, they are able to ensure the next-gen content consumption experience. Moreover, you can also provide the option to your users to adjust the video and audio quality according to their preferences. Thus, they have the option to choose between quality and data consumption rate.

• Host Original Content 

By becoming a successful Over-the-top platform, you can also produce your own original content for your audience. This can create massive anticipation, new viewership, and definitely diverse revenue generation opportunities from digital content. Moreover, hosting your own original content can solidify your position as a leading OTT platform.

• Better Actionable Insights

The value of digital data about the users can’t be ignored. Traditional content consumption mediums like cable TV or theaters might not be sufficient to provide insights about the users. However, working on quality OTT app development will give you complete access to critical user insights to better optimize your content and engagement strategy.

Instead of depending on the analytics provided by the third-party platforms. They can rely on their own generated insights. Gaining access to these pieces of information might not be possible without having custom OTT platform app development.

• Better Connection and Engagement 

An OTT platform can help you create a direct communication channel with your audience. In fact, it is always a better option for brand consistency, harmonious advertising, and more control over your design. Ultimately, this helps you to build better connections with your audience and engage them for a longer duration. This might not be possible with traditional means of content distribution where everything is controlled and managed by third parties.

• Better Marketing Opportunities

When you consider OTT app development, you are able to ensure better marketing opportunities and augmented brand visibility. Since you have complete control over your Over-the-top platform, you can launch innovative marketing campaigns through push notifications and encourage the users to engage with your platform.

With the help of a prominent mobile app development company, you are able to achieve better brand recognition among both B2C and B2B audiences. You can have more viewership by developing your own OTT platform, while you can also attract more content creators and producers.

Drawing Comparison Between OTT and Cable TV

Let’s compare some key features of each medium of content consumption; 

Why Shouldn’t I Invest in YouTube Instead?

So far, we have drawn a comparison between traditional cable TV and Over-the-top platforms. However, you might be having doubts as to why you shouldn’t invest in YouTube instead of OTT app development. These are some considerable justifications to explain why investment in OTT platform app development is better than YouTube;

1. Complete Control Over the Platform

YouTube is known for having tons of strict community guidelines, which must be followed by the content creators and channels. Thus, relying on YouTube might create a serious threat to your content quality and monetization strategies. You have to abide by the rules and guidelines of YouTube to remain relevant on the Platform. Whereas, OTT app development gives you complete control over the platform and your content to build custom user experience, audience, monetization, and brand presence.

2. Ad-Free Experience 

Watching YouTube is getting more and more annoying with the increasing number of ads on the content. Thus, the majority of the viewers don’t like ads on the content they consume. OTT platforms can run their business model by relying on subscription services, one-time purchases, or other monetization strategies. Moreover, you will have complete control to either limit or entirely remove the advertisements from your platform. A prominent mobile app development company can help you achieve more targeted advertising and control over your sponsors.

3. Direct Reach to the Consumers 

Investing in Over-the-topapp development could be the ultimate option for you to reach your target audience. In fact, you can directly reach them without any intermediaries like YouTube and promote your premium content. The users can also provide immediate feedback through direct engagement and help you revise your strategies. Therefore, investing in OTT platform app development is a wiser choice.

4. More Freedom to the Consumers 

Consumers now have more power over the content that they want to consume. In fact, OTT platforms enable people to pay only for the content and services. Moreover, the OTT platform provides better pricing strategies to take part in the market. Whereas, with YouTube, the users are compelled to watch annoying ads. 

OTT App Development Cost

It is quite hard to estimate the exact development cost of developing an OTT platform. There could be multiple internal and external factors which might affect the total app development cost. Usually, it takes somewhere between $25,000 and $60,000 to develop an OTT platform like Netflix, Hulu, or HBO Max. Moreover, it would take three to six months to complete the development of a custom OTT app. In contrast, it would only take 3 to 5 days to develop a ready-made solution. Therefore, the OTT app development cost depends on various factors.

uTrack: A Fine Example of OTT App Development

uTrack is an on-demand OTT platform developed by MobileCoderz. We have put our best efforts to develop this app with the best performance, interactive features, stunning UI/UX design, and technology stack.

The results of our OTT app development have been extraordinary and uTrack has received tons of positive reviews on both Play Store and App Store. The vibrant color scheme, innovative features, and a huge selection of content grab the attention of the users and improve the navigating experience.

OTT App Development with MobileCoderz 

MobileCoderz could be the best reliable partner to ensure high-quality and reliable OTT app development. We have expert app developers, designers, QA professionals, and project managers. Together, they can help you build a successful OTT platform that generates revenue and engages the users. Above all, we are known for providing a client-centric development approach to our clients. This helps them to gain complete control over the project and make immediate changes to the development process.