If there is one virtual entertainment platform that continues to innovate and grow, it has to be Netflix. Having begun its business operations in August 1997, the American OTT giant has capitalized on its early mover advantage. Besides that, it added 4.4 million new subscribers in the 3rd quarter this year. With the on-demand video streaming industry reaching greater heights, the market conditions are ideal for entrepreneurs. You can come out with a customized video streaming app like Netflix.
Aspects to consider before launching a video streaming app
- Regional competition – Undoubtedly, Netflix is a global phenomenon with a reach across 190 countries. The California-based entertainment platform is fresh from the success of Squid Game. The Korean-based series has been ranked at the top for 29 days.
Likewise, techpreneurs must focus on the production of local content and eventually make it an international blockbuster. Interestingly, Netflix is planning to expand its production unit from 45 to 50 countries by 2022. With around 213 million subscribers, it is aiming to attract 1 billion broadband households with this move.
- Concentrate on Kids – For instance, Netflix has a separate genre named Children and Family movies. Digipreneurs can entice kids with content related to animation and adventure, comedy, dramas, fantasy, science fiction etc. You can convince parents to purchase monthly subscription plans and their little ones can watch a variety of documentaries, feature films, original productions, and TV shows.
- Expand to multiple categories – While Netflix is known for its prowess in subscription video-on-demand (SVOD), it is venturing into different sectors now. The Los Gatos based platform is earning more revenue stream from merchandise sales and video games. In the long run, this will help Netflix to survive the intense competition in the live streaming industry.
How can entrepreneurs diversify their business? They can analyze the data of users, understand their preferences and tastes, and introduce eye-catching offerings. A combination of Artificial Intelligence (AI) and Intellectual Property (IP) will help in fulfilling this objective.
Entrepreneurs can study the quantitative and qualitative information of users, produce engaging content, and distribute it via streaming instead of original programming. Moreover, licensing branded merchandise and games would help in interacting better with the target audience. The products and associated services can be modified based on the average revenue per user (ARPU) and the time spent by movie buffs.
Explore the lucrativeness of the Netflix clone script
The pre-built video streaming solution contains features and functionalities
similar to Netflix. Entrepreneurs can deploy the state-of-the-art OTT platform within just a few days. Flexibility is guaranteed as brand elements such as colours, graphics, logos, names, and themes can be modified as per the business requirements and market trends.
What are the innumerable revenue streams available?
- Subscription Packages – Currently, Netflix provides 4 subscription plans, Mobile, Basic, Standard, and Premium. The American platform has cleverly differentiated its entertainment packages. This is because there are variations in device support, video quality (HD and Ultra HD), and the number of screens. Besides that, premium members have the freedom to change, cancel, or renew their subscription plans anytime from anywhere.
- Sale of branded goods – E-commerce is the next big thing in the digital economy. Importantly, Netflix has set up a digital store where movie buffs can purchase exclusive merchandise. They can pre-order individual products and collections. Entrepreneurs can partner with artists and graphic designers for selling off custom hoodies and shirts.
This will fetch them income in the form of delivery fees, gross merchandise value (GMV), packing fees, and transaction processing charges. Film enthusiasts can track their orders on a real-time basis and contact the 24×7 help centre if they face any problems.
- Production of movies – “Original content” is the main focus of Netflix now. It has set up both physical and virtual production facilities. Entrepreneurs can entice directors and producers to share their stories with the whole world.
Advanced technologies like Augmented Reality (AR), LED in Camera, Virtual Reality (VR), and Visual Effects (VFX) will help aspiring filmmakers manage pre-production and post-production phases.
Besides that, volumetric capture will help in recording 3D depth maps. Directors can use cameras with a 2D projection, scan different landscapes, give them a 3D modelling effect, and the scenes will come out attractively.
Digipreneurs can divide content into different categories like animation, features, series, and unscripted. The titles can be classified based on factors like production complexity and the technical effort it takes to release a movie.
Consequently, tools will be accessible for filmmakers who are interested in producing low-budget movies. Cinema lovers can pay a certain fee to watch shows and TV series.
What are the key features of a Netflix clone?
Social media login facilities – Users can instantly sign in to the Netflix like OTT platform by syncing their email addresses and social network accounts.
Create Profile section – Individuals can set up their profile in a quick time. They can open an account, add their family members, and watch a limitless number of series and shows.
Download option – Offline watch is a highlight that users will benefit from. Members can download their favourite series and shows on their devices and see them without the Internet.
Help Centre – Premium members can contact the 24×7 help centre to resolve issues. They can share their queries via email, live chat, and phone. Trained support executives will solve problems related to changing of passwords, device streaming problems, privacy, renewal of subscription plans, and updation of email addresses and payment methods.
Sharing of instant notifications – Cinephilias would receive updates about new releases and upcoming episodes. They can check out the preview of these movies and TV shows and watch them anytime on their devices.
What’s the cost of creating a Netflix clone App
The budget of developing a platform homogenous to Netflix depends on the choice of Content Delivery Network (CDN), hourly wages paid to the mobile app developers and website designers, kind of front-end and back-end tools, the time devoted, and the type of premium and standard features.
Wrapping Up
Above all, Netflix is changing how the world views content. Talented entrepreneurs can also strike gold in the OTT sector. You can connect with an app creation company and get hold of a Netflix clone app.