The inflation of video consumption in digital format has driven the global video streaming market across the world. The upsurge in the number of smart devices that are capable of consuming digital media has made consumers more options to consume on-demand video content.
Many video streaming apps like Netflix have gained special attention among the audience as they offer more convenience and customization. As the market is huge and there is a wide scope for OTT platforms, aspiring entrepreneurs are trying to study the business model of Netflix just to make a Netflix clone.
If you are seriously planning to build a Netflix clone then you need to understand how popular is Netflix and why we need to replicate it.
How popular is Netflix?
- Netflix has the largest subscriber count and in Q2, 2022, the company announced that it owns more than 220 million subscribers worldwide.
- As of 2020, subscribers are spending more than 3.2 hours in video streaming which is 6 billion collective hours per month.
- During the Pandemic, Netflix gained additional 15.5 million subscribers in the first quarter of 2020.
In June 2021, users have downloaded Netflix mobile apps for Android and iOS more than 16.4 million times.
- Netflix alone holds 16% of the global video streaming market.
Why do we need to build a Netflix Clone?
Though there are many leading and popular video streaming platforms, Netflix gained the greatest credibility among consumers. We need to find out the crucial aspects that make Netflix more commendable in the market. This will help us to rejuvenate our thoughts and will make us realize why we need an app like Netflix.
Cross-platform compatibility is the greatest advantage of Netflix. Subscribers are allowed to watch their favorite content via smartphones, browsers, tablets, and any other internet-connected devices.
AI and ML integrated
Netflix has integrated the latest technologies like AI and ML that will assist in analyzing consumers’ preferences. The platform can suggest videos as per the subscriber’s interest.
This is the most required feature that any subscriber would prefer and Netflix has never annoyed its audience by delivering content with ads.
The Success of Netflix would have fine-tuned your business vision and made your mind to create a video streaming app. Let us check out some cost-effective steps to build a Netflix clone.
Steps involved in developing a Netflix clone
Set your target audience
It is not necessary to build an app that will satisfy each human in the universe. You can filter your audience and this will help in making the Netflix clone. You can be more specific on what type of content your app should have.
Find Content source
Content is the key factor that will attract more visitors to your platform and will retain them as subscribers. The source of content can be from other content distributors or even you can create your content.
Select the platform
Developing an app like Netflix is a challenging one. It is always recommended to start with an MVP (Minimum Variable Product) which will offer you the minimum needed features. After getting customer feedback, you can include additional features.
Streamline revenue sources
There are three basic revenue models that every on-demand video service platform will work on.
Users will pay for each video they want to watch. This revenue model can be preferred if your platform delivers any concerts, trade shows, or conferences.
Advertisement Video On-demand (AVOD)
You can allow third parties to have their ads in between the video and can charge them accordingly.
This is the revenue model that Netflix currently uses. Users can subscribe to the plan of their choice and the subscription can be monthly or yearly.
Going live is the main step that needs more attention. You need to choose the hosting platform and the recommended one is cloud hosting. The cloud platform will give instant access to the content and give enough space for data storage.
Promote your brand
Branding is very essential that will get more traffic to the platform. All your target audiences are active on all social media platforms. You need to focus on each channel and promote your brand and get genuine leads that guarantee better conversion.
Things to consider while creating a Netflix Clone
You should be clear about the process that is involved in developing a Netflix clone. In addition to it, you may need to consider a few key points that will help you to compete with other leading video streaming apps.
- Design the app with an elegant user interface and make it SEO-friendly.
- Offer multilingual and multiple currency support if you plan to cover more countries.
- Make it device compatible as 70% of subscribers use their mobile for viewing videos.
- Select secured payment gateways for your platform.
- Allow customers to have social network sign-in for easy connection
- Rely on good network connectivity that will enhance user experience.
Choosing the perfect app development company to make a Netflix cone
Hope you have gained enough knowledge about building an app like Netflix. Now, is the right time to enter the market with a top-notch, multifaceted video streaming app. If you are worried to find out a reliable app development partner, appkodes can make your dream come true. We have a team of technology experts who can develop a customer-centric, scalable, and customizable video streaming app like Netflix. We offer a cost-effective and best-in-class solution that can meet your requirements and will assist you to meet your audience with a fully-functional video streaming platform.
Join hands with the most trusted technology partner, Appkodes, and acquire a pocket-friendly application. Why wait for more? Build a Netflix clone and stand alone in the market. Our support team is eager to assist you in achieving your business goals. Feel free to contact us.