Television has become a bygone as the on-demand video streaming apps are trending. Such apps cater to the users’ needs as they can stream the video content anytime and anywhere. Quibi is a mobile-centric video streaming platform that was launched in August 2018.
Its target users are a younger demographic. It is the pioneer in offering short series and movies. In 2018, it raised $1 billion in funding from Hollywood studios, TC companies, telecommunications companies, technology companies, banks, and other investors like The Walt Disney Company.
In 2019, it sold out its first-year advertising inventory, which amounted to $150 million. Even though the span of the Quibi app is less, it is more convenient and got more views than the other video streaming service apps like Netflix.
Reasons To Invest In Video Streaming App Development
Video streaming apps are witnessing stupendous growth in recent years. Notably, the demand for such kinds of apps is rising to a greater extent. As per a recent study, 51% of Americans are using this app, and they spend almost 100 minutes per day streaming videos.
Let’s take a look at a few of the statistics of the on-demand video streaming apps.
- In 2019, almost 182 million Americans have subscribed to video streaming service apps.
- By the end of 2021, the net value of this industry is expected to rise up to $70.50 billion. There is a projection that its net worth will increase to $129 billion by the end of 2023.
- According to the research conducted by the Interactive Advertising Bureau, it is revealed that 47% of the users have watched live videos instead of watching old & recorded videos.
- Almost more than $90 billion was spent on creative video content in 2018 and will rise to $100 billion by the end of 2023.
These statistics and estimations indicate that there is a growth in the video streaming industry. This paves the way for startups, business people, and entrepreneurs to plunge into this remunerative industry with an on-demand video streaming service app. Read on this blog to get to know about developing an app like QuiBi.
The Must Have Features Of The Video Streaming Apps
The app should be integrated with various choices of registration so that it will be convenient for the users to prefer the way of registration they wish. The onboarding process should not be tedious.
It would be better to offer both the manual and automatic way of registrations. They can sign up with the app using their social media accounts. This saves time and never lets them lose their patience over registration.
The Behaviour tracking feature helps to know which video content the users are more interested in. It is based on the searches and videos they have watched so far. With these data, the app will recommend some of the video content that the users might like. As a result, it will help to promote the video content and get views from the users.
Depending on the network connection of a user device, the quality of the video will be decided. In addition to this, users can change the video streaming quality.
Recommendation algorithm (AI)
As Artificial Intelligence is integrated into the app, the recommended content will be displayed on the home screen. This recommendation is based on the rating and reviews of the video content. The most popular and highly-ranked video content will be at the top of the home screen.
Quick Steps on How To Develop A Video Streaming App Like Quibi
Find your niche
The first thing you have to decide is what video content your app will stream. You can consider streaming videos related to entertainment, fitness, and education. Then, it would help if you had answers to the following questions.
- Would you use video content from distributors?
- Would you like to create your video content?
If you want to use video content from distributors, you have to get a license for public performance. When you are planning to create your video content, associate with the studio, which is the rightful holder for particular content.
Select the monetization model
The video streaming platform has a good prospect. You can expect a considerable amount of return on investment. Consider the standard monetization strategies like advertising and subscription. Also, you can include other strategies, unlike other video streaming apps.
Determine the video streaming app requirements
The functionality of the app is mainly based on the feature-set integration. Never miss out on the basic features of the video streaming app. To make your unique and get a more user base, include appealing & user-friendly features. In addition to this, you have to consider some of the performance characteristics like internet speed, cloud hosting, network connectivity, security, and payment gateway. This helps to make your app perform well.
Reach out to a mobile app development company
The last part is that you have to approach an app development company. Join hands with us and discuss your business idea. We help you to develop a mobile-only streaming app like Quibi that suits your requirements. Upon finishing the development and testing stage, the app is ready for deployment.
How Does A Video Streaming App Like Quibi Work?
As Quibi is a mobile-only streaming app, the users can watch the video content only on smartphones. So, this app can be downloaded from Google Play Store (Android) or App Store (iOS). Once the users download & install the app on their smartphone, they can stream the video content as per their wish upon subscription. The Turnstyle feature in the app will allow the users to stream two copies of any show at the same time. The video content is designed with viewing formats that will be better suited for mobile users and commuters.
Cost Estimation Of Developing The Quibi Like App Development
Like other video streaming apps, developing a Quibi like app depends mainly on the features and functionality. Also, it relies on the app complexity, app size, app development company’s location. Technology stack, and app platform. Let’s have a look at the charges based on the countries.
- United States – $50 – $250 per hour
- Eastern Europe – $30 – $150 per hour
- India – $10 – $80 per hour
Typically, the app development cost will be estimated based on how much time has been sent by the app developers.
Common Monetization Strategies To Generate Revenue From An App Like Quibi
Subscription Video On Demand (SVOD)
In this revenue model, the users have to pay a subscription fee for streaming videos. Let the users who wish to avail of the subscription plan by paying monthly.
Transactional Video On Demand (TVOD)
It is similar to the previous revenue model. In this, the users do not have to buy a subscription plan, they can make payment based on the number of video contents they stream. This seems to be a beneficial plan for the users as they have to pay only for the watched videos.
Ads Supported Video On Demand (AVOD)
You can allow other companies to run video advertisements on your app. This revenue model is only effective when your app becomes popular among users.
Why Do You Have To Opt For A Quibi Clone App?
There are two popular ways you can opt for while developing a video streaming app like netflix. One conventional way is developing from scratch. This is a time-consuming process and requires significant investment.
The other modern approach is developing using the Quibi clone script. It is a readily available video streaming app solution that facilitates you to launch your app instantly. In addition to this, it is customizable, scalable, white-label, and reliable. As there are many benefits of the Quibi clone app solution, most entrepreneurs find it more useful when they plunge into the remunerative video streaming industry.
In a nutshell,
With a rise in demand for video streaming apps, there is a huge opportunity for you to mark your place in this profitable industry. Hit the market with the Quibi clone app.