Video streaming services have been highly transformed in the last 10 years. Viewers are no longer expected to adjust their routine for their favorite shows. Various video streaming platforms like YouTube, Netflix, and others allow users to access multiple shows at their convenience.
Netflix had 277.65 million subscribers in Q2 2024, and YouTube is expected to reach 2.85 billion users by 2025.
Here’s a look at the features you need to integrate if you create a streaming website.
Learn the cost breakdown of building an online video streaming platform from scratch.
8 Top Features of a Video Streaming Platform
With more options, viewers’ expectations are reaching a peak. Now, they not only want to have a high-quality video streaming service but also demand a hassle-free viewing process. With such raised expectations comes great responsibilities for those wanting to build a video streaming platform.
If you want to build a video streaming app, you need to include the given features to meet viewers’ needs and to overcome the competition in the market.
1. Intuitive User Interface
The purpose of this feature is to make app navigation easier for your viewers. A neutral navigation flow and simple, transparent design form the foundation when you create a streaming website.
Appealing imagery, content categorization, and navigation hook viewers to the app longer.
2. Seamless Video Playback
Seamless video playback is a basic expectation viewers have from an online video streaming platform. Users with paid subscriptions demand high-quality videos, smooth video streaming, and short buffer periods. Think about it – isn’t that what you’d expect as well?
So integrate adaptive streaming technology and be open to getting in some advanced streaming features. The option to save for viewing offline adds to viewer convenience, and you get better recognition!
If your platform has the feature of live streaming like YouTube, you should prioritize low latency transmission.
3. Content Personalization and Recommendation
This is a recent addition you must keep in mind if you want to build a video streaming platform. With advanced machine learning capabilities, you can study the viewing patterns of individual users and create a personalized recommendation list.
You must have seen this on Netflix or Spotify – you get recommendations that are in line with your likes, and it keeps you on your binge for longer!
Recommendations not only increase viewership numbers but also hook users longer on a video streaming platform.
4. Multi-Platform Compatibility
Digital devices are on the rise, and people often stream on multiple devices. Hence, one of the key features when you build a video streaming platform should be multi-screen compatibility.
Users lose interest if transferring their viewing experience from one streaming device to another is not smooth. Consider the variety of screen sizes and resolutions from the initial phase of developing a video streaming platform.
5. Monetization Strategies
Your video streaming platform cannot be a key player in the market if you don’t have well-defined revenue systems from the app.
Look for other revenue options such as subscription plans, ad-free content, and pay-per-view content.
6. Robust Security Measures
As a subscription-based business model, you will often have customer data retained in your app database. Therefore, end-to-end data encryption is a fundamental feature to be adapted to your video streaming platform.
Conduct regular security assessments, reduce customer data touchpoints, and secure methods of authentication to eliminate existing system weaknesses.
7. Social Media Integration
Social media is a game-changer, and that cannot be overlooked.
Integrate it into your video streaming app to reach more people. Let users share their content easily and offer social logins for a smooth signup. A solid social media strategy with engaging campaigns can boost your app’s popularity and attract more users.
8. Analytics and User Insights
Continuously upgrade your video streaming app by leveraging analytics. Use tools to assess user behavior, content ratings, and feedback. Regularly review KPIs to guide branding, updates, and marketing efforts.
This approach ensures your app stays relevant and adapts to evolving user preferences.
Cost to Build Your Video Streaming Platform
The online video streaming platform market size is rapidly growing. It is expected to grow to USD 842.93 billion by 2027. Therefore, the cost to develop a video streaming platform is high today, but the budget will depend on the scope and size of your specific project.
1. Cost for Storage and Hosting Your Streaming Service
Under this set of factors, you must invest in delivery networks, which could base storage solutions and servers to handle the user data load. The cost to build a video streaming service will vary based on the number of users and the size of your app.
2. Investment Required for Implementing a Set of Features
You must add specialized features to stand out in the growing competition. With every new and advanced service that you add to your video streaming platform, it will increase your investment.
Depending on the complexity, the cost will range from tens of thousands to millions.
3. Developing Costs for the Technology and Backend for Streaming Service
Significant investments go into developing the backend infrastructure and required technology to process large data sets. This will be the highest section for the cost distribution in building an online video streaming platform.
4. Cost of Custom Animation, Design, & UI/UX Elements
Enhancing your streaming service with custom animation and UI/UX elements boosts engagement but can be costly. To manage expenses, use existing templates and work with budget-friendly designers.
5. Developer Cost
You need app developers to create a great performing video streaming platform. This cost will vary depending on the experience, location, and skill of the developer. You can cut down on the budget by outsourcing this. Go for project-based hiring or freelance developers.
Conclusion
Growing competition and changing buyer demand are directing a video streaming platform to be more flexible and faster. Content providers and end users are highly benefited from this movement.
Knowing the cost breakdown and the alternatives of investment will help you in building a streaming platform. A careful choice of integrating features will help you adjust investments according to your budget.
