When people think of the term “Over-the-Top'' (OTT), there is one platform that automatically comes to their minds. It is none other than Netflix. The American platform is a pioneer in on-demand entertainment and was launched in August 1997. It added a whopping 3.98 million paid subscribers in the first 3 months of 2021. Importantly, Netflix pocketed a whopping $7.16 billion in revenue from January to March this year. Its income grew by 24% when compared to 2020.
How movie buffs benefit from this new feature introduced by Netflix?
Undoubtedly, more people in the world use Android than iOS. The Netflix platform now allows millions of Android users to partially download and watch movies and TV shows. This is a highly advantageous feature as movie buffs can watch their favourite stars in action before their download is completed.
In case of Internet connectivity issues, users can postpone their downloads and continue watching their preferred TV series. Moreover, Netflix will launch the same feature for iOS users soon.
How will the global OTT market grow in the future?
The global Over-the-Top (OTT) industry will surpass a humongous value of $1039.03 billion by 2027. It will grow at a high annual rate of 29.4% for the next 6 years.
Positive factors like better Internet connectivity, closure of theatres due to Covid-19 lockdown measures, an increase in disposable income of the consumers, and rising smartphone usage will boost the number of subscribers and revenue for a Video Streaming app like Netflix.
Why must entrepreneurs build the Netflix Clone App?
Owners of the customized Netflix clone script will pocket hefty revenue by offering different subscription plans (Basic, Mobile, Premium, and Standard) to users. Besides that, entrepreneurs will earn income from content licensing fees, publishing of targeted marketing campaigns, and transaction processing charges.
They can attract millions of film enthusiasts by offering features like cross-platform compatibility, discounts on subscriptions, high video resolution, an offline download option, screen sharing, and a variety of genres).
Wrapping Up
Unquestionably, Netflix is growing faster than its competitors. With a series of star-studded releases lined up this year, it will become a stronger OTT platform. Hence, aspiring entrepreneurs can dominate the booming online entertainment industry by developing a Video Streaming app like Netflix. They can collaborate with a competent app development company to get the best business results.
