Reinvent the video streaming segment with an app like Quibi
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 gets more views than the video streaming service app 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 a video streaming app like QuiBi.
General features of the video streaming apps
Onboarding process
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.
Behavior tracking
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.
Streaming quality
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.
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