All You Need to Know About Building an On-Demand Streaming Platform – The ongoing COVID pandemic altered life in many ways. Ever since the quarantine — demand for streaming services has increased to new and unprecedented heights.
According to some estimates, users spend 32% of their time on streaming services such as Netflix, and Hulu, and unsurprisingly, this number has increased to 54% after the pandemic hit.
Needless to say, the demand for a streaming platform has never been more rampant.
If you’re just getting into basics Before we proceed to get into the details of building your very own on-demand streaming platform, we’d like to clarify that the scope of a streaming platform is quite broad.
Instead of limiting the scope to platforms such as Netflix, Spotify, and Amazon Prime, it would only be fair that we take into account services that offer sports events, cooking shows, and much more.
Moreover, a plethora of streaming services just goes to show that the possibilities are quite literally; endless. If your business produces any video or audio content, you could easily integrate it into your streaming service. However, if it’s new grounds for you, a service provider like Stormotion shows you how to launch a streaming platform without setbacks! With that said, here are some things that you need to focus on while you’re building your on-demand streaming platform.
Let’s face it. If you wish to prioritize your user’s experience, you need to take into account the fact that a huge portion of your users won’t have access to a stable, high-speed internet connection. Needless to say, internet connection plays a key role in online streaming service, and impacts the speed of loading.
With a poor internet connection, users will be forced to wait for hours on end for their content to buffer, which makes for a poor experience. An easy way to resolve internet connectivity issues would be to offer video content in various qualities, optimally, from 240p-4K, which would make for a much more pleasant experience.
While building your streaming service, it is of the utmost importance that you take into account the content that you’ll be hosting. If your streaming platform has content that shouldn’t be accessed by viewers under 18; you should notify your viewers or listeners about it.
One of the best ways to implement age restrictions on your service would be to ask for the user’s age at the time of signing up, or alternatively, you could mark content with tags such as 13+, 18+, and so on.
Once you’ve come up with an idea for your streaming platform, the next question that you need to ask yourself is this: How can I make money? Let’s be honest. For any business to survive, it is important that you formulate a monetization model that is uniquely suited to your business’s needs and requirements. There are three basic monetization models that most streaming services follow, which include the following:
Out of all these monetization models, the one that is used most commonly among streaming platforms is a subscription-based model, and for good reason. Unlike pay-per-view or an advertising model, a subscription model ensures a consistent influx of cash and is much cheaper for the user as well.
Running a streaming service is serious business. While your platform is in the development phase, it is crucial that you run tests that allow for any security bugs and flaws to be fixed. Cybersecurity, both during and after development, should be one of your biggest priorities since it protects your user’s security and privacy.
At the end of the article, we would like to emphasize on the importance of doing your research before committing to a single streaming platform. A well-made streaming service can take a lot of effort and time to perfect, but at the end of the day, it is definitely worth it, and is a solid step for the expansion of your business.
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