People love watching TV and one of the most enjoyed programs on televisions are, live streaming or what we call live broadcasts.
Now, live streaming covers everything from sports events to important announcement or live premiers. And with the popularization of mobile phones, live streaming solutions are growing that much popular.
Well, this has led to a lot of broadcasting related businesses to explore streaming solutions. And if you are someone who want to invest in the same or at least consider it, this blog is for you.
Here, we shall be discussing everything starting from live streaming market statistics, and how to develop one for your own business. Therefore, with this said, let’s get right into it:
Live Streaming Solutions Market Statistics
Well, if you are considering live streaming solution, it’s a good idea to explore the market. Let’s see”
The global live streaming solutions market was valued at around USD 10.71 billion in 2020 and was projected to reach USD 52.03 billion by 2026, with a CAGR of approximately 28.1% during the forecast period.
North America held the largest market share, while the Asia-Pacific region was expected to witness significant growth.
Key best live streaming solutions in the market included IBM, Microsoft, Kaltura, Brightcove, Adobe, and Akamai Technologies. The market for streaming solutions is expected to grow much larger in coming years.
Moving on, let’s see what live streaming solutions are, and why are they so popular among the users across the world.
What are Live Streaming Solutions And Why Are The So Popular?
So, what are live streaming solutions?
Well, as the name suggests, live streaming solutions refers to the technologies that allows broadcasters to telecast an event in real time (few seconds of delay at most based on various factors).
There are different technologies are play when it comes to live streaming, but today, we shall be focusing mainly around web and streaming application development.
Reason being that people have moved past Televisions in traditional sense, today, majority of use smartphones to consume any kind of content, including what we once viewed on TVs.
Moving on to the popularity part, so, why the heck are live streaming mobile apps and websites so popular among users?
Well, the reason behind popularity of streaming solution is, the ease of access it provides as well as the real-time broadcasting appeal at much cheaper expense to user.
This is something that a lot of businesses enjoy too as 360 streaming solutions are much easier to maintain then putting down the line physically. Well, this is one of the wonders of industry 4.0.
In any case, this is the reason why live streaming solutions are so popular among users. This begs the question, should you invest in live streaming solutions i.e. create one for your business? Let’s answer this question in the next section of the blog.
Should You Invest in Live Streaming Solutions?
Whether you are interested in enterprise video streaming solutions or streaming solutions for sports, there’s one question everyone asks: should you invest in live streaming solution?
Well, the short answer to this question is. YES.
The follow up question will be why should you invest in live streaming solution? Well, let’s look at the same below:
Growing Demand Among Users
It goes without saying and it’s evident enough that live streaming solutions are growing very popular among the users across the world.
After all, just look at the size of OTT apps in the market and the numbers of users subscribing to them, reaching billions.
And this brings us to our next point, which is:
Revenue Generation Opportunity
With billions of users interested in live streaming solutions and actually paying for them, the industry’s revenue is skyrocketing.
Platforms like Netflix and amazon prime videos are generating billions in profit. Even smaller platforms are making millions.
And this is one of the big reason why you should invest in live video streaming solution for you own business.
Easier to Build With, OTT App Builders
Lastly, one of the top reason to invest in OTT streaming solutions is, how easy they are to create.
With the right OTT app builder, you can build your own live streaming solutions within few months. And start attracting users to your platform.
Now, if you are someone who wants to create transcoding and streaming solutions, let’s see how you can do just that in the section below:
How To Create Live Streaming Solution?
So, how do you create a 360 streaming solution? Well, this is no rocket science, but it’s not a piece of cake either!
You see, developing an OTT app or live streaming solution can be simple enough once you understand the process behind it.
Thus, to make it all that much easier for you, we shall be discussing the entire media streaming solution development process here:
1. Come up with idea
2. Market research
3. Cross-check idea
4. Create a plan
5. Hire mobile app developer
6. Design the app
7. Back-end development
9. Deploy the live streaming solution
This is the process for making live streaming solutions. And with this out of the way, let’s look at the cost in the section below.
Live Streaming Solutions Cost
So, how much does it cost to build OTT app or live streaming solution?
Well, the live streaming solutions building cost can range anywhere from $10,000 to $150,000 depending on the specifications of the projects.
For instance, a simple project might just cost you 15,000 dollar while a complex ESPN level app might cost you upwards of $150,000.
Therefore, if you want to learn more about the cost for your specific project, it’s highly recommended that you consult an OTT app development company who can help you with the same based on your project specifications.
With the increasing popularity of live streaming solutions across the world, there are many businesses who are looking to elevate their broadcasts with the technology.
If you are one of these, the blogs discussed all you need to know about the same. And with this out of the way, we have concluded our blog.
Q: What are live streaming solutions?
A: Technologies enabling real-time broadcasting of video and audio content online.
Q: How can live streaming solutions benefit my broadcasts?
A: Reach larger audiences, engage viewers in real-time, and track performance with analytics.
Q: What broadcasts can benefit from live streaming solutions?
A: Live events, webinars, conferences, product launches, sports events, gaming, education, and entertainment.
Q: What features should I look for in live streaming solutions?
A: Reliable video delivery, adaptive streaming, branding options, audience engagement tools, social media integration, analytics, and user-friendly setup.
Q: How do I choose the right live streaming solution?
A: Assess your needs, compare providers based on features, pricing, and user reviews, and consider trial periods or demos.
Q: Are live streaming solutions expensive?
A: Costs vary based on providers, features, broadcast scale, and support. Pricing can be tiered to accommodate different budgets.