Live video streaming platforms are becoming more popular and in demand. The industry is one of the fastest developing and has a market share estimated at $534.37 billion by 2030. The industry's value is impressive, and the global streaming app usage last year exceeded 548 billion hours. Video streams deliver services in the following industries: entertainment, education, and gaming. Fitness, government, and retail are just a few. This broad consumer base allows for the stable and rapid growth of the live streaming market.
Live streaming apps have taken over the mobile market in the past few years. The rise in online viewers and pandemic lockdowns has made global live streaming the most popular category of applications. The top ten most-used non-gaming apps in consumer spending in 2021 were video streaming apps. Mobile live streaming apps are gaining popularity rapidly because their rapid growth.
Current State of Livestreaming App Market
The video-streaming market is more than just lofty projections. It has shown great promise for business owners and entrepreneurs.
These data-based trends show the potential of live streaming apps.
- Livestreaming apps surpassed the social market by nine times year-over-year. This is a 40% YoY increase compared to 5% for all social apps.
- Livestreaming is used by 65% of US app users.
- In 2021, entertainment live streaming apps saw a record $2 billion in consumer spending. This is a 33% increase in year-over-year spending.
Livestreaming is on the rise thanks to smartphone penetration, eSports growth, and video accessibility.
What is Live Streaming Application?
Apps that broadcast live streaming video are mobile apps that allow you to record, share, and stream live video content.
Technology can be used to live stream as a real-time bridge between influencers and their followers.
Apps are the most popular communication medium, so live streaming technology can work together to foster strong communication.
Live video streaming apps have revolutionized entertainment, influencer, and business marketing. They also allow people to interact online in a more natural way. These live streaming apps are very popular with users:
- Facebook Live
Facebook Live is not a new social media app. Twitch, however, is a popular platform for gamers to stream their gaming sessions. Douyu, a Chinese version of Twitch with many active users, is also available.
Types of Live Streaming Applications
You will find many streaming apps in the app stores.
You must be familiar with the types of video streaming apps available in the market if you plan to create a streaming app for Android.
Video on Demand Apps
VOD apps, which allow users to enjoy a new, relaxed experience while watching movies, series, and shows in the high-quality streaming quality, were born. Many platforms are available today, including Hulu, Netflix and Disney+, Apple TV, Amazon Prime, Apple TV, and Apple TV.
Audio Streaming Apps
This type of application allows you to consume online audio content. This could include audio content, podcasts, voice-overs, and lectures. Spotify is an example of this. Spotify streams music and podcasts without downloading.
Video Streaming Apps from TV Providers or Networks
Individual networks or TV providers can also provide video streaming apps. These include HBO NOW, Starz streaming, and Showtime streaming. Instead of paying for premium channels in a bundle, as was the case previously, users can now access each premium channel individually.
One user can use multiple services at a time. Statista reports that 84 percent of Netflix subscribers subscribed to Amazon Prime Video in the United States. Over 50 percent also subscribed to Hulu. Netflix was the most popular service. Most Netflix users also subscribed to Amazon Prime Video, a top choice.
Building a Live Streaming Application in 6 Easy Steps
This part will be about the live streaming app development process. Here are 6 steps to help you create a live streaming application.
Define Your Audience and Their Needs
It is not a good idea to base a live streaming app on assumptions. Instead, it's important to understand the needs and opinions of the users who will use the app. To identify potential problems early, you should plan and conduct interviews with users.
Early feedback will help you to build the app. You may also be able to secure your first beta user group.
Pick Your Team
The second step to product success is to hire the right software engineers for your live application. Modern hiring markets are vibrant. They offer three main options for hiring: in-house development (outsourcing), freelance hiring, and contract hire.
Freelance is not geared towards long-term collaboration. You can either set up a team of developers on-site or outsource your tech tasks. The second option is cheaper and easier to manage. European outsourcing companies can help you hire mobile developers who have been vetted at $50 an hour instead of the $150 for US-based developers.
You will need to create a strong infrastructure if you want your platform to attract millions or thousands of users. Users can access content quickly and without interruptions, if they have the right resources. Although a dedicated server is a great place to start, we recommend investing in a CDN such as AWS or Cloudflare. Content delivery networks reduce the load on hosting servers and make content more accessible to all users around the globe.
Build and Test Your MVP
There are many ideas you could have for your live streaming app. However, creating a live-streaming app is the best way to see if it works. An MVP is an app that contains only the most essential features. It is simple and allows users to provide feedback.
You have all the resources and expertise you need to develop your platform. The UI/UX design will take much time. It will be difficult to distinguish your streaming service from others, given the number of popular streaming platforms available. It doesn't matter if the service is intuitive, user-friendly, and easy to use. You can always change your design later. It will take several months to develop. Although it might seem like the most difficult development challenge you have faced, setting up data transfer and networking functionality can be done with the right knowledge.
Release, Maintain, Improve
All the effort and time spent on discovery, MVP development, and testing has finally paid off with your product launch. But, this is only the beginning. After the live streaming app is launched, you can begin to analyze your users' behavior. Most of the most important insights are usually discovered at this stage. It is important to consider them, test and then implement the best functionality.
Cost of Developing Live Streaming Application: The Key Takeaway
The app features include integration of customers, distribution and business rules. Content management costs between $225K and $725K. Asset management, metadata enrichment, and asset management start at $375K. Migration and storage incorporation cost $150K.
It is not easy to develop a high-quality streaming video app. It all depends on what features you choose to include and the OS that your app runs on. You can expect to spend between $140K and $420K on front-end and back-end development.