The global OTT market is expected to reach US$ 141.17 billion by the end of 2021 and with a CAGR of 16%, it’s expected to reach US$ 257.37 billion by the end of 2025.
For any content creator, those numbers are a great incentive to launch an OTT app. In this piece, we discuss how much a content creator needs to spend to launch his/her OTT app.
Before we get into the costing, here’s a brief explanation of five must-have features an OTT app requires, by looking at successful apps like Hulu and Netflix. These are besides the content, which as you know is the most important aspect of your channel.
1. Registration, login
The most imperative aspect of an OTT app is registration and login. You must have an easy and simple registration process. Once the user logs in, you should allow him/her to pick whether they want to stay logged in or whether they want to be prompted to key in their password each time.
2. Simple payment gateway
If you’re offering certain content for free and charging for the rest, make sure your payment gateway is simple and easy to use. You can also give the user a chance to auto-renew the subscription to keep their experience simple. This also helps earning dollars as people may not be using the platform but yet will be paying for it.
Make sure you offer this around the clock and in different languages. You’re going to have users logging in from different time zones that also speak different languages. So, make sure the support team is in place to help them with regards to any issue. Consumers are extremely quick to rant about a bad experience on social media, so make sure there’s no reason to complain!
4. UX and UI
We spoke about the user experience with regards to customer support. What’s more imperative is the user experience and interface within the app. You can track what content your customer is consuming and then offer similar content to get them to spend time on your app and binge-watch.
Allow a suggestive search on your app, as many a time the devices the user uses are not typing friendly. In this case, also provide voice search as that’s the easiest way a consumer can search for your content.
That said, now it’s time to dive into and discuss how much does it take to build an app with these capabilities.
Cost of building an OTT app
Like anything else, the cost of developing an OTT app also depends on your requirements. It can start at as little as US$ 5,000 for an app with limited functionality. Keeping Netflix or Hulu as a prime example of what one must aspire to be like, it could cost anything between US$ 20,000-40,000.
Does that seem like a lot? Don’t’ worry, we have ways to help you monetise your OTT app.
How to create your OTT app?
With the price in, if you’re wondering how you can create your OTT app. We’ve got the answer to that. Instead of hiring a group of techies, outsourcing it to a partner like Enveu could be the way to go. This means that you take care of your content and we take care of the rest. We can build an OTT app from scratch and help you grow your content and get the worldwide reach it deserves.
Our team will take care of all the behind-the-scenes action and help you launch that trustworthy OTT app!
Sounds interesting and want to discuss this to learn more?