The corona pandemic has made people switch to online video platforms for learning and entertainment. When it comes to video streaming websites, the stats would amaze you. Let us have a look at them.
The video streaming market size worldwide was $59.14 billion in 2021. Looking at these stats we can predict the increase in the number of video streaming start-ups is going to rise like anything.
In 2020, Hulu, one of the growing video streaming websites saw a massive rise in paid subscribers, which was $41.6 million.
With the increase in the number of people using smart devices for entertainment to shopping etc, the need for digital media for entertainment is going to rise faster. So, if you are thinking about leveraging this lucrative opportunity, you can also launch your video streaming website with a perfect roadmap to video streaming website development.
This blog will help you know how to build a video streaming website, the technology stack used, features to be included, monetization strategies to follow, and the approx cost for development.
About Video Streaming website
It is an OTT platform that helps users to watch their favorite movies, shows, etc. You can access these apps from almost any device having internet access and a multimedia facility. Some of the popular on-demand video streaming websites are :
- HBO Max
- Amazon Prime
It is not enough to just start a video content website with different functions and features as there are so many unique functions to be considered for your website. For instance, you should allow the users to download their favorite movies and enjoy watching them offline too.
Ways To Monetize Streaming Website
This is one of the main monetization strategies to be used for video streaming websites. You can offer monthly or yearly subscription plans to the users.
The subscription plans vary with each website like
- Subscription plan for Hulu – $5.99 per month and $70.99 per month for Live TV with no ads.
- Amazon Prime Video – $8.99 per month or $12.99 per month for all prime services offered by Amazon that consists of Prime Video
- Disney – $7.99 per month and $79.99 per year for the services
This strategy is adopted by Google Play Movies. Here the users don’t need to buy a subscription and can just pay for a single view. This approach is ideal for movie streaming.
It is one of the amazing strategies best suited for on-demand websites, for example, YouTube. To build a video streaming website, you need to place ads all through the video
You can also launch no ad plans. Here, Hulu offers a basic plan for $5.99 and a no ad plan for $11.99.
Essential Features For Video Streaming Website
Listed below are the basic features to be integrated into your video streaming website.
- User Registration & profile
- Web Push Notifications
- Content Search
- Reviews & ratings
Advanced Features for Video Streaming Website
- UHD content
- Screenshot ban
- Gathering insights
Steps To Follow For Video Streaming Website Development
To build a user-friendly, user-centric, and functional live streaming website you can follow the steps given below:
1. Determine USP and niche
Make sure you focus on USP – Unique Selling Proposition to compete and gain more sales.
2. Create a plan and choose a suitable monetization model
Create a business plan that helps you reach your goal. To stick to your goal and gain profits, make sure you select the right business model to generate revenues.
3. License your video content
Do not overlook the legal elements of your project. Make sure you license video content which can be done by signing an agreement. You can also attain exclusive rights for certain films.
4. Hire a team
To accelerate the process of live streaming website development, you can hire a reliable development team with relevant experience in the field.
5. List the main features
At this stage, make sure you focus on the target users for your website, for example, admin, video creator, and video consumer, and also determine different types of video streaming platforms. This will help you list the features accordingly.
6. Build a user-centric UX/UI design
The ideal way to grab the user’s attention is to create an impressive and user-friendly design for your video streaming website. Focus on coming up with a unique style, user experience, and responsiveness on multiple devices for design.
7. Focus on video streaming platform promotion
Promoting your video is essential so that users know about your website. You can promote it through different marketing strategies like paid advertising, SMM, SEO, content marketing, etc
8. Test Before You Launch
You can launch your website after testing it to ensure the website is error-free and bug-free. Testing helps you eliminate the minor issues to launch a fully functional website.
9. Collect users feedback
Once you launch your video streaming website, do not forget to collect feedback to know the areas that need improvement.
Technology Stack for Video Streaming Website
Let us have a look at the tech stack that can be utilized for streaming website development.
- Frameworks: socket.io, Node.js
- Database: Oracle, MySQL
- SDK and API: AWS, Wowza, Twilio
- Cloud hosting: Amazon EC2
- Cloud storage: Amazon S3
- JS libraries: WinJS, React
Estimated Cost For Video Streaming Website
The estimated video streaming website development costs depend on different aspects like :
- Customization of tech-stack
- Back-end administration
- Team size
- Location of the tech-team
- Website design and development services hired
Well, a lot of other factors determine the actual cost of video streaming website development. To get the right assistance on video streaming website development and know the exact development costs, connect with WebFox, an expert website design and development service that helps you build a video streaming website with relevant features and functionalities to compete in the digital media market.
The entire development of a video streaming website is not an easy task to accomplish. It needs you to focus on multiple aspects. To know the process of creating a streaming website like Hulu, Disney+, Prime Video, etc, you need to understand the details of creating a sophisticated back-end model, establishing a video streaming server, and hiring a dependable website development company.
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