Before we get started, here are a few current market statistics on OTT video app development that you must be aware of:
- The revenue of the OTT video segment is anticipated to reach around $275.30 billion by the end of 2022.
- This revenue can project at a CAGR of 11.60% and result in a projected market volume of $476.60 billion by the year 2027.
- Moreover, in a global comparison, a significant part of the revenue is generated by the US, standing at a current figure of $119,100.00 million in 2022.
- And we look at the user penetration; the percentage of users in OTT will soon increase from 42.9% in 2022 to 53.0% in 2027.
This exhibits how the OTT (Over-the-top) platforms and apps such as Netflix, Amazon Web Series, Facebook, YouTube, HBO, Apple Tv, and similar streaming services have brought unbelievable engagement to every household.
Therefore, If you are a business owner about to invest in OTT app development , you already have a revenue-generating field to get maximum potential revenue out of your audience.
However, before you get started, it is essential to get hold of the OTT app development cost and OTT video streaming app development features and factors that impact your budget. This will help you align your marketing strategies with the current on-demand streaming services staying under a budget.
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OTT App Development Cost and Time Estimate
To give you an overview of the OTT app development cost, a rough ballpark estimate will come down to a range between $150,000- $300,000 and above. This range might extend with increasing features, complexities, and customizations.
Similarly, the typical timeframe to craft a full-fledged custom OTT application ranges from 9 to 15 months and above.
The final estimation of your OTT app development cost and time also comes down to various other factors, such as:
- The number of features you add to your OTT app
- The number of platforms you decide to launch your app
- Tech stack you choose for your OTT platform
- Design approach
- Size and geographical location of your partnered OTT app development company
How about we discover every factor in detail to make your OTT app development cost estimation process easier?
Factors That Contribute To The OTT App Development Cost and Timeframe
If you are new to the concept of OTT app development and need more or no idea of the OTT improvement process, it is suggested to partner with a trusted OTT app development company with relevant expertise and pertinent skill. Make sure you decide carefully to get the most out of your app development budget.
- OTT app features and complexities
Now, a custom OTT app will carry features and functionalities aligned with your business needs. However, there are a few must-have OTT development features you must check out to stay in the market trends. Features like:
- Multilingual content
- Social features
- Watchlist
- Customized user profile
- In-app purchases
- Screen mirroring
- Payment integration etc.
These features will help you connect and interact with your customers on a personal level and keep user engagement high within your OTT app. Remember, the more features you integrate into your app, the higher the development cost.
- OTT app development platform
Contrary to popular belief, Android OTT app development is an expensive route than iOS app development. One of the primary reasons behind the higher cost is that the Android platform is highly fragmented, which means your development team might require more time to develop different versions of Android.
On the other hand, when it comes to iOS, the platform is regulated on a strict basis and needs negligible fragmentation.
However, you also have the option to choose a cross-platform OTT app platform to reach a broader user base. This will directly lead to a higher cost than single-platform app development.
- OTT app development tech stack
Developing a custom OTT app is a complicated and time-consuming process that requires an experienced professional team to work on technical aspects. Here is a general overview of the tech stack used in OTT app development:
- Amazon Web Services (AWS)
- Google Cloud Platform Services (for cloud integration)
- Javascript-based frameworks such as AngularJS, ReactJS, Express, and Django for frontend and backend development
- MySQL, PostgreSQL, AtlasDB, MongoDB, etc., for databases.
- Adaptive Bitrate Streaming technology for streaming media and delivering a seamless viewing experience regardless of internet bandwidth.
- OTT app development company
The total OTT application development cost heavily depends on who you choose for your business app development. There are multiple choices available – a proficient OTT platform development company, a local team, an in-house development team, or a freelance OTT app developer.
However, when it comes to quality and cost efficiencies, an experienced outsourced OTT app development company can work wonders for your business app. OTT app development services specialize in crafting high-end applications with top-notch customized features and functionalities that speak your brand voice.
Now that we are familiar with the factors determining how much it costs to build an app, you can effectively calculate the cost of your OTT application development using a formula by industry experts.
OTT App Development Cost Estimation Formula
The app development cost estimation formula involves the amount of time (in hours) taken in the OTT app development process multiplied by the billable hours of the resources spent in the entire development process.
As shown below:
UI/UX design hours + platform app development hours + backend server hours * developer hourly rate
Wrapping Up
While this article helped you estimate the approximate cost and time of your OTT app development project, you can get in touch with an experienced ott development company to attain an accurate cost breakdown as per your project requirements. We hope you get a great app.
