7th, Sep 2020

Live Streaming Platform Development- A Brief Insight

Currently, the digital world is in the boom of live streaming. It has gained immense popularity. Let us help you understand how live streaming has become a hotcake. Look at the statistics given below:

  • 96% of people stated that they’d watched an explainer video to get information about a particular product or service
  • 9.3 billion hours have been spent on watching Twitch, which is the largest live streaming platform all over the world
  • 79% of buyers have admitted that a brand’s video has influenced them to buy a piece of software or an application
  • Live videos on social media drive 1200% more shares than simple texts and images

Everybody should understand that it is not easy to build a feed, stream content, and earn from it. Thousands of streamers are waiting on the live streaming platforms to compete with you. However, for every boom, bust appears, and it is inevitable. As an outcome, we can see how difficult it has become to get recognition on these platforms. Moreover, the presence of advertisers is indicating:

  • Their influence on content creation
  • Changes of payment structure in an unfavorable manner
  • Less stable incomes

If you want to operate a live streaming platform successfully, you should start from scratch. If you hire the best digital marketing agency in Kolkata, they will develop a compelling live streaming application for you. Still, please learn how to build such a platform. This knowledge will help you determine whether your hired company is doing it in the right way or not.

How to Build a Live Streaming Website?

We will describe a process that you should follow in real-time to let your website host your streams, sell your videos, and build a tight-knit community.

  1. Pick a Suitable Platform

You need to select a platform on which you can build your streaming website. Always remember, the functionalities of your site will depend on this platform. You need to pick one among these three options:

  • Do it yourself (if you are a technical person)
  • Hire a reputed digital marketing company that deals with live streaming website development
  • Use a video-monetization platform

The decision will depend on your goals, requirements, and budgets.

  • Select Your Business Model

Your live videos are nothing but your products. Two business models are available to you with which you can provide your target audience with these products:

  • Transactional Video On Demand (TVOD): with this option, your users will pay for accessing individual streams
  • Subscription Video on Demand (SVOD): with this option, your users will subscribe monthly and pay to access all your live streams.

The second option can be a better choice as it-

  • Adds most value to your customers’ experience
  • Offers a stable and predictable income
  • Enables scaling process to measure the growth
  • Utilize Your Previous Live Streams

You need to make your library full of previous streams as it adds a sense of depth to your platform. This will significantly benefit new users. This way, they can be convinced that they invest their money and time in an adequately streamlined platform.

  • Create Your Streaming Schedule

Through live streaming, you will be providing your target audience with an emotionally-driven experience. People should b waiting for the moment when you’ll switch the camera on and start building. People love live streaming because it makes them a part of the experience. Hence, create a streaming schedule and share it with your users. It will help them reach you whenever you are streaming live.

  • Give your Site a Touch of Customization

 Several streaming sites are live and that’s why you need customization to make your site stand apart from the rest. Website templates can be customized where many tools are present, such as branding, color schemes, header images, copywriting, video thumbnails, etc. Each of these segments can be customized.

  • Provide a Free Trial Offer

It has been found that 52% of people who signed up for free trial have been immediately converted into subscribers. Hence, if you want to increase the chances of subscription, you should offer free trials.

  • Build Your App

If you are determined to take your live streaming website to the next level, you should consider building your app. A live-streaming app can be defined as a juncture and choice and emotion. It will enable you to provide live streams to any customer, regardless of his/her location.

Bottom Line

 As said earlier, the live streaming industry is every day getting more and more competitive. To stand your brand out on this platform, a high-end live streaming website is all you need!

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