Over-The-Top (OTT) is gaining more popularity now. However, the credits for that goes to an American platform. Netflix started this trend in August 1997. The California-headquartered platform has become the numero uno choice for documentaries, movies, TV series, and shows. Cinema enthusiasts can purchase monthly subscription plans and watch engaging content anytime and anywhere. Entrepreneurs keen on reshaping the entertainment experience can begin Netflix like app development.
Some must-know stats about Netflix
- 4.4 million new subscribers joined Netflix in the third quarter this year. This indicates the preference to watch blockbuster shows and engaging web series. Interestingly, 4.3 million paying users outside Canada and the USA have bought subscription plans.
- Local content is the main focus of Netflix now. It has set up production units for releasing flicks and web series across 45 nations. In specific, the subscription-based video-on-demand (SVOD) platform will concentrate on 5 nations, Brazil, Denmark, India, Italy, Mexico etc.
- Netflix is all set to profit from content in 2022. The Los Gatos-headquartered platform will earn around 20% in operating margin. Therefore, this will help the American platform boost its retention rate across several markets.
- The market capitalization of Netflix has surpassed $286.55 billion. This has made it the biggest OTT platform in the universe. Moreover, it will pay more attention to transparency. This is because stats about the engagement rate, watch time, success rate of titles, and top-ranked series (multiple seasons and long episodes) will be shared.
- Overall, Netflix earned $7.84 billion from July to September 2021. Production of new and jaw-dropping content has helped the subscriber count from 209 million to 213.6 million.
- Despite intense competition in the on-demand video streaming sector, Netflix is still on top. Wonder how? It has a higher number of subscribers than giants like Disney+ and HBO Max.
- The average revenue in memberships (ARPM) and the addition of new paying subscribers have increased in 3 markets, Asia-Pacific (APAC), Europe, Middle East and Africa (EMEA) and Latin America (LATAM).
- The robust financial performance of
Netflix has helped its share price too. Investors who put money on NFLX
stocks listed on the NASDAQ exchange have earned high returns. This is
because the earnings per share (EPS) and the diluted earnings per share
(DPS) has increased by $0.22 respectively in the third quarter of
2021.
Video streaming app like Netflix: Easy way to mint money
Subscription Packages - Movie buffs get a lot of
benefits by buying an entertainment plan. They can cancel/ renew it anytime and
see content across genres without any ads. Therefore, this ensures non-stop
entertainment sans interruptions.
Can users adjust the entertainment plans as per
their devices and video quality? Yes, they have 4 options in their hands,
Mobile, Basic, Standard, and Premium. Each plan is priced differently. Hence,
cinema enthusiasts can access features like multi-screen watch and see an
unlimited number of movies and TV series in HD, and ultra-HD.
Moreover, they can adjust the video resolution
and see their favourite stars on their smartphones, laptops, TVs, and personal
computers. Above all, entrepreneurs can adjust the pricing based on the
purchasing power of the audience and the target market.
Sale of merchandise - Unquestionably, people love shopping online. They get advantages like access to a variety of products, convenience, discounts and offers. Likewise, you can set up a digital storefront and entice cinephiles with different collections.
Customers can order costumes worn by award-winning actors and actresses and also buy fashion accessories like hoodies, shorts, sweatshirts, and T-shirts.
Techpreneurs like you will pocket gross merchandise value (GMV) depending on the number of products sold, order cancellation charges, delivery fees, registration fees from retailers, and transaction processing charges.
Subsequently, users can access features like a filter and search mechanism, live tracking of orders, multiple payment gateways, and a 24x7 help centre.
Gaming - While Netflix is acclaimed for its prowess in video streaming, it is entering a new industry now. Guess what? It is none other than gaming. Premium subscribers can increase their adrenaline by playing challenges and tournaments. They can shoot targets, crack puzzles with cards, and compete with fellow gamers to win titles.
Moreover, you can levy a certain fee on non-premium users. The charges can be modified based on the type of the device (PC, laptop, phone, and tablet). Gaming enthusiasts will have to enter their unique ID, process the required payment, download the game on their devices, and exhibit their skills.
They will receive advantages like ad-free playing, automatic sign-in mechanism, easy choosing of difficulty levels, flexible switching between profiles, a state-of-the-art tab to check scores, and the absence of in-app purchases.
DVD Rentals - Importantly, Netflix began its business by
renting DVDs to customers. Has it been continuing this practice now? Yes!
Accordingly, it offers a DVD subscription plan for more than 2 million users.
Users can rent discs of popular blockbusters by paying either for the Standard
or Premier monthly plan.
Likewise, you can also get additional revenue by
charging an extra amount for Blu-Ray discs. Besides that, cinephiles will
receive the ordered DVDs in a quick time. Moreover, you can levy delivery fees
and packing charges depending on the location of the customer and the mode of
transport used.
How much did Netflix mint by renting DVDs? It earned $9 billion by
renting DVDs from January to September this year. Subsequently, the user base
of the American streaming platform has crossed 190 countries.
What factors influence the cost of creating a Netflix clone app?
Numerous aspects will determine the expenditure of developing a Netflix like streaming platform. It depends on factors like -
- Choice of basic and premium features included in the
Netflix platform.
- Extent of customization needed by entrepreneurs.
- Kinds of programming languages and web frameworks
used.
- Hourly and weekly salaries paid out to the mobile app
creators and website developers
- Time taken to create the Android and iOS apps.
Besides that, an app development company will provide
post-deployment services. Entrepreneurs like you can avail of solutions like
the addition of premium functionalities, API integration, legal compliance,
organizing digital marketing campaigns, and the up-gradation of the content
delivery network (CDN).
Wrapping Up
Looking to leap past your rivals in
on-demand video streaming? You can kickstart Netflix
clone app development by approaching an app creation enterprise now.