Given that the live streaming market is expected to reach $224 billion by 2028, it makes sense that you would want to participate in this profitable sector. However, creating a live video streaming application is difficult and demands careful planning.
The best platform for streaming content is one of several considerations that must be taken along the road.
How Do Live Streaming Apps Work?
Live-streaming apps, as the name suggests, let users simultaneously capture and transmit video. These apps have become more prevalent in recent years because too fast internet and sophisticated camera technologies.
Live video streaming applications have boosted influencer marketing, entertainment, commercial marketing, and online communication.
Interesting Stats on Live Streaming
- Between April 2019 and April 2020, the live streaming market expanded by 99%.
- By 2020, China will have 600 million users of live streaming.
- Eighty percent of US consumers prefer live video to blog posts.
- As of Q2 2021, 8.99 billion hours had been spent watching live streaming content across all streaming services.
- The viewing rate of live streams is 10–20 times higher than that of on-demand videos.
- A third of Generation Z, 34%, has expressed interest in live streaming, particularly on social media.
- Businesses that make use of video features increase income 49% more quickly than non-video users.
Three Different Live Streaming Apps
You must be aware of the types to which a live streaming app belongs before you begin to design it. Here are 3 popular categories of live streaming software.
- Live Broadcasting Apps
The most well-known kind of live-streaming apps are probably those for live broadcasting. Users of the app can stream live recordings of audio and video to viewers who have access to the stream. A large number of internet influencers and celebrities have been born through these apps.
Twitch, YouTube Live, Livestream, and Periscope are all well-known live streaming applications.
- Audio Streaming
With video removed, all that remains is an audio streaming app. You can listen to audio that is being delivered in real-time via the internet using an audio streaming app.
This group includes Apple Music, Spotify, and Pandora.
- Video On Demand Streaming
This kind of live streaming tool enables users to plan and get their preferred TV programs whenever they want online. Hulu, YouTube TV, and Amazon Prime Video are popular VoD apps
Steps to build a Live Streaming App.
Step 1: Define Your Audience and Their Needs
You shouldn’t design a live streaming application based on conjecture. Instead, you should find out what the app’s actual users’ wants and preferences are. Plan and conduct user interviews to find problems as they arise.
When creating the live app, the early feedback will direct you in the appropriate direction. Additionally, you might already have your first set of beta testers.
Step 2: Select Your Monetization Methods
In the end, you’ll want to make money off the live streaming app, and here are the top 3 ways to achieve it.
Pay for users to download the app if it is a paid app.
Freemium apps are those that are provided with some features only available to those who pay.
Run advertisements on the app to earn advertising money.
A product using just one monetization mechanism is uncommon, though. Due to its stability and safety, it is typically a mixture of two or three.
Step 3: Use a dependable platform for live streaming, hosting, and storage.
The next step is to choose the platform that will be most effective for hosting, streaming, and storing the content. It’s not always a good idea to go with the cheapest supplier.
In the beginning, you could get away with sacrificing quality for money, but as users and traffic increase, it becomes clear that the inferior performance is there. Users will abandon the app if it continues to offer sluggish streams or low-quality videos.
Step 4: Produce Outstanding UI/UX Design
You must develop a fantastic UI/UX for the app in addition to selecting a workable streaming platform.
Technology is simply one component of a successful live streaming app‘s formula. You need a fantastic user experience to stand out in a highly competitive market. As a result, you’ll need to spend money on the app’s UI/UX design.
A clean interface frequently performs better than a crowded one.
Step 5: Build and test your MVP
Creating a live-streaming app is the ideal method to test out any of the dozens of ideas you may have for your live video streaming service. An MVP is a stripped-down version of the software that just has the functionalities it needs to run. It’s easy to use and makes it simple to obtain user feedback.
Step 6: Release, Maintain, and Improve
Your time and effort spent on discovery, testing, and MVP creation have culminated in one satisfying result: the launch of your product. However, this project is not yet complete. As soon as your live streaming app has launched, you should start monitoring user behavior’s analytics. Usually, the majority of the significant insights are revealed at this phase. Therefore, it is crucial to consider them, test what works, and incorporate it into the functionality that already exists.
Features That a Live Streaming MVP Must Have.
You’ll require the following fundamental features to create an MVP for a live streaming app:
User sign up/sign in: A straightforward registration form is provided for users to sign up for an account and log in to the app using their credentials.
Live Streaming: A live stream can be recorded and aired to viewers who have subscribed to the user’s channel or to the general public.
Search: Users can utilize the search bar to look for information based on topics, popularity, trends, channels, locations, or interests.
User profile: Display to friends and subscribers the user’s contact information and profile image.
User gallery: A place to save and arrange saved videos on a user’s profile.
Commenting/Rating system: Live streaming apps that have a commenting or rating system thrive on social interaction. Consequently, it’s crucial to incorporate a commenting/rating system so that viewers can provide input on the video.
Features That Would Be Nice For a Live Streaming App
You may construct a live streaming app with these features to enhance user experience once you have an MVP that the people like.
Social sign up: Users may join up using their social media accounts with just one tap, saving them from having to fill out time-consuming forms.
Extended user profile: Include additional fields like interest, preferences, location, and personalization in addition to the default name and profile image.
Extended streaming features– You might think about including extras like filters or screen sharing, which open up additional creative ways to use the service.
Chats – Including a chat feature enables the streamer to interact in real time with the viewers.
Extended search features: Increase the number of searchable parameters using the expanded search features. Users can, for instance, look for films nearby by setting a certain search radius.
Feed: Include a more interactive feed so users can more easily customize the kinds of content that are presented.
Subscriptions: Introduce different sorts of subscriptions and provide people easy access to manage them through the app.
Recommendations: Show users related content based on their interests and viewing history in the recommendations section.
Notifications: Allow the app to notify the user via push notifications when intriguing material is being streamed.
How Much Does It Cost To Build a Live Streaming MVP?
There is no set price and no such thing as a free live streaming app. The amount spent, the number of hours required, and the complexity of the design all factor into the price of creating a live streaming app or MVP.
An app for live video streaming typically costs between $26K and $48K to develop. Remember that it represents the total for just one platform. Get ready that you need to pay more if you want to create both Android and iOS apps.
How Appinlay can help you with developing a live streaming app?
Your platform’s potential audience is its only constraint. Appinlay Pvt Ltd, places your IPTV/OTT app on all major stores, including Smart TV, enabling customers to access your service from anywhere and growing your user base. We make your ideas a reality. If you’re also looking to cash in on this lucrative opportunity, Appinlay Pvt Ltd, can assist you by offering a wide array of live sports stream app development services that deliver top-notch capabilities to stream interactive on-demand video content like live sports, TV, movies, web series, and more. We also create the top music streaming software, which enables uninterrupted listening to your favorited songs.
(Read now: Health App Developer Android Ios)