If you hadn’t noticed already, the world of streaming services has exploded of late, and it’s no longer just the usual suspect eating up the market. Netflix is receiving competition from all angles, with new streaming platforms appearing each year.
Entrepreneurs and streaming enthusiasts may be wondering if they can grab a slice of the lucrative streaming pie.
Below you can learn more about the types of streaming services and their potential, as well as what a streaming site needs to be successful, and the costs and monetization opportunities of making your very own streaming site.
Defining a Streaming Site
A streaming website may refer to either on-demand streaming service, live TV streaming, or live streaming service.
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On-demand streaming services are platforms that provide the user with a specific type of stream at the click of a button, such as Netflix, YouTube, and Amazon Prime Video. Live TV streaming is a service that streams TV shows and movies constantly, such as Hulu Live or the Kodi Fire TV Stick.
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Lastly, a live streaming service is a platform that provides a live stream by creators away from TV stations, such as Twitch which is renowned for gaming content.
Sometimes there may be an overlap between the categories. For example, YouTube can fall into all three categories depending on the nature of its use.
Are Streaming Sites Profitable?
If you do any market research on share trading regarding Netflix or other streaming providers, you’ll soon realize the probability of these businesses. It is now estimated that the streaming services industry is worth over $70 billion.
Not only that, data suggests that more users are open to trying different streaming platforms, and the most prominent providers are not as dominant as they once were. For example, Netflix themselves are now experiencing stiffer competition from Disney Plus, Stan, and others.
What Features Does a Streaming Site Need?
Making any type of streaming site means creating one of the most complex and sophisticated websites possible. It must action a wide range of features while also handling large amounts of data and users at the same time.
Here are seven essential features you need to include when building a streaming website:
You won’t be able to grow your user base without creating a feature for them to make an account in the first place. Extensions of this feature are a way to recover lost passwords and to provide accounts with different permission levels.
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Personal Data and Linking
Make it possible for all users to add personal information to their accounts. And it is wise to make it possible to link their streaming account to other social media accounts – even pull data from these sites with permission.
Each user should be allowed to tailor their user experience and account visibility via a selection of settings.
Arguably, the essential feature is to allow live broadcasting from the site. This should include all the bells and whistles incorporated into video editing, including location settings, comment sections, etc.
The broadcasts should include a real-time chat function that enables viewers to interact with the content in real-time.
Make it possible for users to search videos and profiles across the whole platform, just like you can on YouTube.
Followers or Subscribers
Create a function that allows users to follow or subscribe to specific content and channels, creating a web of regular users across the site.
How Can I Monetize a Streaming Website?
The first step of monetizing a streaming website is to pack it with good content. If you provide on-demand content, then this will be down to you, but if you provide live streaming services, this will be down to your users who become content creators.
The latter should occur naturally as more creators join your platform. Only by providing good content can you attract an audience, and you need this audience to tap into the four main ways of monetizing a streaming platform, which are:
Using various subscription packages to provide additional features and benefits to creators and users.
Inserting automated adverts into the streaming website and within individual videos is one of the most profitable ways to monetize a streaming site. You can also monetize by getting people to pay extra to go add-free.
Premium features that enable creators to access sophisticated data about their audience can benefit all parties. It creates another revenue stream for the platform and also helps creators to grow their channels and own subscribers.
Some broadcasters want to reach a larger audience for specific events and use streaming sites to do exactly that. Some big sporting games have been shown live on YouTube as a marketing technique by the broadcaster. They sometimes even pay the platform to display their content to a whole other audience.
How Much Does It Cost to Make a Streaming Website?
There is a reason we decided to explain the monetization opportunities before we discussed the costs to make a website. Creating these types of sites requires hiring a lot of talented developers and tech-savvy professionals, meaning the overall cost can be eye-watering.
The number of hours needed to make a quality streaming site can be estimated as:
Project management – 275 hours
Back developer – 250 hours
Front developer – 200 hours
Administration support – 50 hours
Design services – 150 hours
Framework integration service – 50 hours
Quality testing – 350 hours
The hourly rate of these professionals and services can differ, but a conservative middle ground would be around $75 per hour. The number of hours needed to make the streaming site is estimated at 1,325 hours, equating to:
1,325 hours x $75 hourly rate = $99,375
Yes, it will take almost $100,000 to create a working streaming site. Thus, most entrepreneurs will require investment or loans to get a project like this off the ground. Highlighting monetization potential should help.
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- 1 Defining a Streaming Site
- 2 Are Streaming Sites Profitable?
- 3 What Features Does a Streaming Site Need?
- 4 How Can I Monetize a Streaming Website?
- 5 How Much Does It Cost to Make a Streaming Website?