While some years ago the digital space used to be more text-based, now visual content, including both images and videos, is occupying leading positions.
Instead of reading news, many of us prefer to watch news channels on YouTube or other platforms.
Watching movies is often a more popular choice than spending time with a book, magazine, or any articles on the internet.
This trend is one of those that are pushing the development of video solutions of different types.
Thanks to the progress in the tech space, today it is possible to transmit not only pre-recorded content.
Video streaming has entered the game and now allows users to enjoy absolutely new experiences by joining various events online in real-time without the necessity to visit the location where these events will take place.
The number of people who regularly use video streaming platforms and apps is continuously growing. As of 2023, the global user penetration rate is 16.9% and it is expected to reach the level of 20.6% in 2027.
If you are planning to build a video streaming solution, it is highly recommended to study the ongoing market trends in order to deliver a product that will attract users’ attention.
It is also important to work with real professionals like streaming developers at Cogniteq or other reliable companies.
Good experts will not only create an app based on your requirements but also help to enhance your idea.
What are the key trends that you need to be aware of before developing your video streaming solution?
Growing Competition And Increasing Requirements
The number of video streaming services and platforms is climbing higher which can be viewed as one of the main boosters for the progress made in this sphere. Users now have a choice.
That’s why companies staying behind such services need to do their best to make their offers more appealing than others.
Though such a situation may become a challenge, especially for those businesses that are just starting their journey, in general, it should be viewed as a positive tendency.
The higher the competition is, the more advanced solutions are available on the market.
Demand For Podcasting And Audio Streaming
To cover a wider audience, you can enrich your video streaming with audio content-related functionality.
People do not always have the possibility to watch videos but very often at the same time, they can listen to the offered content, especially if we are talking about audio formats that can be a good option for background sound.
Flexible Business Models
It is obvious that any company that launches a software product (and a video streaming app won’t be an exception in this case) wants to monetize it.
When it comes to streaming platforms, there can be different options like advertising and sponsorships but also, it is possible to make money by introducing subscription fees.
Here, you should carefully plan this point in order to make sure that the offered option will be affordable and convenient to your target audience.
It is recommended to introduce different subscription plans that will provide various possibilities to users and will open access to content of different types.
You can also create premium offers for users who want to be among the early birds and watch exclusive videos before others can do it.
User Experience As The Core Value
A client-centric approach to doing business is not the latest innovation as it has been here for over a decade.
That’s why if you are going to start a video streaming business, you also should take it as the top priority for developing your strategy.
While building your solution and thinking about the way people will interact with it, user experiences should be always taken into account.
It means that not only functionality but also a wide range of other things and aspects will matter.
You also should take care of smooth and straightforward navigation, user-friendly interface, personalization, quality of content, seamless payment transactions, easy access to different types of content, compatibility of your app with different devices, and various bonuses for attracting and retaining users.
Final Word
As you may have noticed, all the trends that we’ve enumerated clearly indicate that the quality of such solutions is increasing.
And it is absolutely true not only about video streaming platforms and the stability of their functioning but also about the quality of the delivered video content and its value.
Of course, tastes and interests differ (that is one of the reasons why you should clearly define your target audience) but when you already know the niche that you will work in, you should pay attention to the quality of content that you are going to deliver.
Every year users are becoming more and more demanding and this trend could be viewed as a good chance for companies to introduce really cool video streaming solutions and modernize their already existing ones.
Ella Marcotte
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