Consumption of content in real-time is becoming more and more demanded by users. Recent insights indicate the substantial rise in the demand for online streaming solutions- their market value is projected to be equal to $223.98 billion within the next six years.
Such successful forecasts define that the development of software for live streaming is a path to stable, solid income obtaining. Yet, this process is pretty challenging and may be complex for parties striving to implement the qualitative product. Let’s reveal the hints, peculiarities, core, and advanced functionality, as well as costs, estimate for online streaming platforms together in this article.
Analysis of Live Streaming Software Demand
To prove the demand for online streaming products, let’s give some statistics: this domain has developed by 99% from spring 2019 to spring 2020.
Aside from this, the summarized amount of hours users spent using a globally- used platform for online streaming, Twitch, is 9.3 billion. Such indicators are driven by the audience of the age ranging from 18 to 34, for whom streaming platforms have come in handy.
We may state that such statistics are pretty promising, so your future streaming platform has all chances to gain a vast number of dedicated users.
Existing Models of Online Streaming Solutions
To begin with, we want to outline the concept of streaming platforms in general. Streaming solutions refer to platforms that allow watching content online, happening in real-time. Streamers deliver the content via the net, so a stable connection to the Internet is a vital part of getting access to the video transmission. Nowadays, there is a range of such platforms’ models, so afore getting to the product architecture, it would be reasonable to get acquainted with them in more detail.
This type is devoted to consuming musical content online without the need to save it to a gadget. SoundCloud, YouTube Music, and Spotify are bright illustrations of this model.
Expanding the acronym, we get video-on-demand streaming, which means the conditions of use are similar to the previous model – the consumption of content without the need to download, but we are talking about visuals. In a prevalent amount of cases, access to the content is ensured after charging the set fee. Netflix is a bright example among the other market giants.
This model represents the real-time channels watching. The demand for such platforms is conditioned by the fact that this model has replaced conventional TV for a big part of the audience. YouTube TV’s concept is the instance of TV online broadcasts.
Implementation Roadmap for Online Streaming Products
Let’s now consider the key phases essential build software for the streaming software successfully with no obstacles and challenges:
Select a technical vendor
The primary stage is hiring the appropriate technical vendor who will conduct proper research of your project concept as well as the streaming industry and architect the product according to your specific requirements. We highly recommend taking a look at one of the most thriving tech hubs, which is Central or North Europe, in particular Estonia. Software engineers from this country will deliver a top-notch performance requiring adequate costs in contrast to other regions.
Select Content Delivery Network
The more demanded your platform gets, and the higher the audience coverage is, the bigger the workload gets. CDN is a solution that is essential to deliver a stable and smooth experience to the users of your future platform. It is also worth mentioning that such excellent scalability implies extra expenses. The hired IT provider is your dedicated assistant in appropriate CDN picking.
Consider the repository
To avoid delays and ensure a stable stream providing, it is worth thinking over the environment where you will keep your content. Cloud infrastructure is a great choice in terms of this question.
Create the interface
During this stage, you, accompanied by the UI/UX team, should set the requirements for the design and create its mockup. After that, you accept one of the several options delivered by designers or ask for certain modifications. Try to make it clear, user-friendly, and intuitive for the users.
Implement the functionality
Software engineers architect the Minimum Viable Product (MVP), which comprises integral functionality. This model is a great way to deliver rapid deployment and cut down expenses for platform building.
Verify the solution operation
To check if the solution works correctly without issues, Quality Assurance engineers run numerous tests applying manual and automated approaches. In case there are any issues detected, they are eliminated prior to the launching process.
Gathering the initial audience is the key to recouping development costs as quickly as possible. Analyze your target audience and pick the most relevant communication channels with them. To attract attention to your platform, you may opt for the target advertisement offered by the great diversity of social media platforms.
Core Features to Implement
The following range offers a list of the potential functionality worth implementing within your product. We’ve divided the list into two groups: indispensable features and supplementary ones.
Essential functionality elements
- Signing in
- Personal details
- Payment gateway
- Broadcasts range
- Chat section
- Content transfer
- Authorization with existing social media accounts
- Donations making
- Video quality settings
- Filtering system
- Comment section
- Screen displaying
Calculating Costs for the Streaming Platform Architecture
The following estimate includes only the costs specifically for the implementation of the platform, not taking into account the costs of design, testing phase, business analytics, and so on. We only provide approximate deadlines for each feature for a better guide:
- Registration: 33 hours
- Personal details: 35 hours
- Search: 37 hours
- Reminders: 20 hours
- Chat: 72 hours
- Payment gateway integration: 63
To get an approximate final price for a streaming product, you must multiply your IT vendor’s hourly rate for technical services by the amount of time spent on development. However, maximal accuracy is possible only when applying to certified Business Analysts who will research your requirements and deliver a detailed estimate tailored to your specific case.
Streaming software is a complex solution. This fact is conditioned by the need to transmit the content eliminating delays, securely and smoothly. Yet, an experienced software development partner will ensure a flawless product following all the canons of high-quality streaming services.
Yuliya Melnik is a technical writer at Cleveroad. It is a web and mobile app development company in Ukraine. She is passionate about innovative technologies that make the world a better place and loves creating content that evokes vivid emotions.