In 2020, the global OTT market size was estimated at $38,77 billion. The researchers predicted that it would grow to $139 billion in 2028. According to their estimations, the OTT market CARG will be 17.7%.
What influences the growth? Internet penetration, Smart TVs, smartphones, 5G infrastructure, and original content are going to boost the market and expand its capabilities.
If you are still not sure whether to build a video streaming app or not, let’s dive deeper into the industry overview.
Video Streaming Industry Overview
During the COVID-19 pandemic, online video streaming services like Netflix and HBO became more popular than ever. The pandemic ended, but these services are still on the rise. Such a demand occurred due to high-quality images, availability on different platforms, and advanced internet infrastructure.
Depending on the platform, the market is segmented into smartphones, laptops, tablets, Smart TVs, and others. As researchers say, there is a demand for Smart TVs with features and functions across the world, and it is increasing. The smartphone market share dominated the OTT market in 2019 and is expected to prevail due to 5G and new smartphone models. The adoption of tablets and laptops is growing as well.
The multi-platform capabilities are profitable for content creators. The more devices you can reach, the more revenue you will generate.
Inspired to create your streaming app?
Streaming is a method of delivery when live or recorded content is transmitted through the Internet to an end user’s device. A streaming application is software that allows viewers to access content without downloading it on a device.
Types of Streaming Applications
The format of video streaming can vary. When you decide to build a streaming app with Setplex or another online video hosting platform, you should define what type of video streaming application you want.
VOD stands for Video-On-Demand streaming. The video content is stored on servers. Thanks to that, viewers can request a video at any time. The video will be delivered to the user’s device via the Internet.
VOD streaming makes it possible for people to watch videos without downloading them on gadgets or buying CDs and DVDs. VOD services are equipped with features that allow viewers to watch videos however they want — pause, resume and rewind. What viewers like about VOD services the most is that they can binge-watch content as long as they want.
Popular examples of VOD:
When you are creating a live-streaming app, you should be ready for tough competition. There are Twitch, Periscope, Livestream, Clubhouse, and giant social media services with built-in live streaming functionality — Instagram Live, Facebook Live, YouTube Live, and Twitter Live. If you want to be in the same row as they are, you need to come up with unique features or concepts.
The live streaming app transmits videos in real-time, without being recorded and stored like VOD content. The viewers receive the content at the same time as it is being created.
The term also refers to multicast streaming — the content creator, or the streamer, sends information to many viewers simultaneously.
The majority of VOD streaming services offer content that viewers cannot find on television. When consumers cut the cable or satellite television cord, they stop watching their favorite TV shows and series.
That’s the reason why huge companies like Hulu or YouTube TV added TV live broadcasting plans to their services. People can still watch their favorite shows, and they don’t need cable anymore. Viewers use an internet connection, which is much easier, cheaper, and more flexible.
The concept of audio streaming is similar to VOD streaming. Such services also offer a library of music content that people can access whenever they want.
Consumers can listen to music or podcasts without downloading them on their devices. Music streaming app development is less complicated, and audio records require less space on servers.
Examples of audio streaming apps are Spotify and Apple Music.
How to Create a Streaming App Like Netflix in 5 Steps you can read in a full article on Setplex blog
Start Building Your Apps Today.
Take your IPTV/OTT platform to the next level with the support of the Setplex team. You’re ready for your platform to take off. Have an expert call you today to see how quickly your apps can launch and your service grow. Contact Setplex.
Originally published at https://setplex.com/blog/ on November 23, 2022.
Top comments (0)