Setting foot into the live video streaming business |
Posted: April 14, 2021 |
With the start of this decade, we've been seeing video streaming on verge of booming, where pre-produced videos and live streaming video are making a huge pace for them in the technology-rich market it is assumed that by the end of this year live streaming video will make a majority of the growth, not only it can support any kind of business but is the biggest revolution the market would witness.
The Novel Coronavirus has given video streaming app development company a massive shot with live streaming videos, the statistics have been soaring high and are expected to go on more in the upcoming days, live streaming videos are connected with quarantine and work-from-home regime, events that were expected to be in person, now are available online, thanks to the live video streaming.
What is Live video streaming?
Live video streaming is the live broadcast of all the actions occurring in one place, it means thousands of people can watch the videos in real-time without being physically present at the place of action. Gamers are the most frequent users of live streaming. Social media platforms like Facebook and Instagram allow people to show their activity in real-time.
Getting into the live streaming video business
There are N-number of ways to build your business around videos, the most obvious example is direct sales. However, videos can be used to promote products, shows, concerts, etc. According to a study, a company that uses live streaming grows revenue 49% faster. In order to start a live streaming video business, you need to have a streaming application first, and for that, you need to find a developer or simply a video streaming app development company that will simply develop an application according to your requirements. However, businesses tend to hire a video streaming app development company that will cut short the hustle of finding a developer. Before hiring a developer or video streaming app development company you must know that your app can connect only two users at a time or with a mass audience. There are two types of connections
-User to User (Skype) -User to a mass audience (Facebook, Zoom, Instagram, etc)
The profit or downfall of a video streaming business majorly relies on the best suitable revenue model it selects. OTT platforms like Netflix, Amazon Prime haven't nailed the market overnight it took the right revenue model to do so. Below are the top four revenue models that can be adopted:
In SVOD, a monthly or yearly membership plan is required to watch the videos, it offers unlimited access to the videos in HD quality, access to more than one user using the same login credentials, offline downloads, and many more. Examples: Netflix, Disney+ Hotstar, Amazon Prime, HBO GO, etc.
Using TVOD users can just pay for the content they want to watch rather than paying for the whole. Depending on policies, this content either can be accessed for a limited period or can have permanent access to the same. This model works best for content like live sports streaming, concert streaming, etc. Example: WWE streaming app
AVOD is one of the least applied but most popular business models. Streaming services offer free access to the videos but have ads now and then in between the video. However, three Advertisement models are supported here:
Example: YouTube
It is the amalgamation of the above three models. Streaming services offer value-added services to convert their free users into paid users. Example: YouTube Premium
However, there are several ways via which you can start a live streaming video business. You can simply hop on to YouTube, where you can find hundreds of videos suggesting better ways to start your live streaming video business but as the race goes you may face credibility issues, well, this can be a benefit too as you can start your channel and publish N-number of tutorials of the same.
ConclusionLive streaming is augmenting day by day. More people are switching to online platforms to watch shows, videos, and events. Moreover, streaming can also be used as an independent business tool if you develop your app. Choosing the right niche, and revenue model can lead you to improbable success. Try reaching out to experienced developers or a video streaming app development company that can mold your application according to the need of the market.
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