There is an assumption that once you develop an app, you are bound to become rich overnight. Well, it is not completely true. It takes a lot of strategic work before getting there. And the most important factor to it is selecting the right way to monetize your video streaming app. Understanding how people way will want to spend their money on your app. You need to ask yourself a few questions to ensure that you have an understanding of your app and people’s needs.
- What is unique or different in your app?
- What is your ultimate goal?
- What is your target audience?
- What features do you have the customers will pay for?
- How are you planning to scale your operations in the future?
- Understanding the competition and their strategies.
When you figure out the answer to these questions, you will be halfway there to achieve your goals. Here are some of the best mobile app monetization strategies that can help you get there.
Best Mobile App Monetization Strategies
The mobile app monetization strategy is directly dependent on the development process of the app. Knowing how and what you want has to be implemented in your app as a solution. It is necessary to take into consideration all factors that we discussed above. You have should backup plans in place in case things don’t work out as planned. Numerous monetization models can be combined during the development process or after its release. Here are the top 3 monetization models.
1. Paid Video Streaming Apps
It is no secret that paid video streaming is what comes to mind more naturally when it comes to monetizing an app. It all goes along with great features, smooth functioning, and a seamless design to support the cause. Once you have all these points covered, you are well set to set a price that will earn you good money and feel satisfactory to the user paying for the services. Another major plus is that users have to pay upfront to watch the videos which are good as the app store free per download is 30%.
Most people are ready to pay for the services as long as they are priced right. For example, Netflix has had trouble getting into the Indian market as the price seemed a bit high to people compared to the value it offered. Whereas Disney+Hotstar has thrived due to its reasonable price along with Amazon Prime. Netflix had to revise its strategy and come up with a common ground to provide users with what they want at the right price. The Rs 199 plan by Netflix seems to be doing the trick but is still not showing the growth which other apps have. Disney+Hotstar is 999 per year and Amazon Prime is at 1499 per year which makes Netflix the costliest among the three.
It is not just about price but content that comes along with it as well.
2. Freemium Model
It is a model where you can provide a combination of free and premium services. It is one of the best models as customers can download the app and watch some content to decide for themselves whether they want to pay for the premium content or not. In a way, you can call it a win-win for both sides. There are different ways in which this is practiced. Some apps offer trial periods for certain days whereas others have different content altogether for both segments. It is also called subscription based where premium users have access to complete services. Numerous apps follow this model. Some of the most popular ones are Youtube, Amazon, and Instagram is moving towards it as per the rumors.
In other words, you need to create a product whose initial features are soo good that it attracts users to invest in the premium version. It is a great way to monetize your app without risking the loss of potential users. Some of the top examples of the Freemium model are Hulu, Disney+Hotstar, and SonyLiv.
3. In-app Purchases
Generally, people have a clear idea about what they want before the video streaming app development process sets in motion. It is all about selling your product to the user and it doesn’t mean that you have to charge them for downloading and using your app. You can choose an alternate option which is allowing them the right to purchase a certain video or rent it along with the free content. Youtube which is one of the best video monetization platforms is following this model along with various other top apps.
Must-have Features in your Video Streaming App
- Registration - Always have an easy registration feature. Allowing users to access your service easily using their email or phone will make it a pleasant experience for them and growth in customers for you.
- Profile - Be very careful about how much information you ask for from the users. Some users are not comfortable sharing their information. It should mostly be limited to Name, Username, and Subscription plan. The profile picture should be optional.
- Access Permission - Getting the right access permission which you can use to enhance the viewing experience.
- Streaming Feature - Video streaming apps such as Disney+Hotstar provide a real-time messaging feature. Instagram also has a similar feature to Insta Live. It is up to you to decide whether this feature will be right for your streaming app.
- Search Feature - It is one of the most important features to have. Allowing the users to search the app based on genres, popularity, language, etc will make it easier for them to use.
- Video Quality - Allowing different video quality streaming options. The world has reached 4k and 8k resolution, but not everyone has the device to watch it in. Allowing different resolution options at reasonable prices is a good option.
- Paid Subscription - Taking the various points discussed above, it is best to create at least 3 paid subscription options. Allowing users to select the number of screens, resolution, or freemium/premium options is necessary.
- Offline Content - Allowing users to download the content to watch later is a must. It will not only gain users but retain them as they will have to renew the subscription to watch the downloaded content as well.
Conclusion
Developing a video streaming app and monetizing it is no different from creating any other app. It has the same basics which include planning, budget, and a key sense of understanding the audience. This is will help choose the right features. Once the app is launched, its performance and reviews will help you decide the future path to take and changes to make. Sometimes it is the minor changes, while it can also require you to give it a completely fresh look.
Being one of the top mobile application development companies, we can help you understand the market and create the project based on your requirement for the best possible outcome which includes development process and monetization. Contact us!
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