Whether you're a local business or part of a fortune five-hundred company; you've likely heard about businesses utilizing live streaming. It's an enormous business model, with plenty of applications for attracting customers, selling products and services, and raising the overall revenue of your company. You might be curious how this is possible. I mean, isn't a live stream just a live-action video? Where's the money in that? Let's quickly go through some stats and analytics that'll get you excited.
While live streaming, particularly through the popular platform Twitch is a massive industry now, it had very modest beginnings. The Twitch company first started as Justin. tv, a small website devoted to hosting live streams of video game events and online multiplayer games. While initially a niche market, Justin. tv would continue to grow and eventually rebrand over the years; pulling in massive companies like Nintendo, Sony, and E3 Expo to host events on the site and lead to huge influxes of traffic. Now, Twitch is a multi-billion dollar company, which allows streamers to work from home providing content for their fans. They can also earn money through subscribers, donations, and tributes from their followers. Additionally, Twitch doesn't take any cuts from donators; just the app you use to process your payment.
Those who host or utilize a live streaming app and platform will quickly notice the variety of ways you can generate revenue for your business. At the first level, simply hosting video streaming and allowing users to sign up for accounts and watch streamers allows them and your company to earn income from donations and subscriptions. Additionally, you can utilize advertising on the sidebar, in between breaks on the live stream, or before the live stream starts. This massive, open space for clickable advertisements helps you generate passive revenue by including these on your page. Moreover, you can consider adding premium features both for streamers and users alike and keep it behind a paywall. So as you can see from just these select, simple examples; it’s fairly easy to find ways to gain revenue through streaming. Not only that, it provides you with a free avenue for advertising your own products and services through your streaming platform.
Let's review some of the revenue streams your live streaming platform can create:
Given you know a bit more about the world and business of live streaming, you might now be curious about how you or your business can get started with developing your own platform. Let's Nurture has been providing innovative, technological solutions for businesses for over two decades. We pair your project with a team of highly skilled developers who have years of experience with iOS and Android development, web development and design, project management, UI/UX experts, as well as web analysts who can improve your SEO rankings and help you reach more customers.
When building a live streaming app, there are a variety of factors that will come into play such as what media you want to live stream (audio, video, a mix of both) and what features you'd like included with your app. Speaking in a ballpark sense, most live stream apps will likely cost $20,000-$50,000 per platform to develop. This price may be negotiated depending on the type of app you're developing and the features you or your team are looking to include.
| System Users | Users | Admin |
|---|---|---|
| Basic features | User Onboarding | Login |
| Featured Show / Movie / Program | Dashboard Analytics | |
| Show / Movie / Program categories | User Management | |
| Trending Show / Movie / Program | Category Management | |
| Watch list | Program Management | |
| Global Search | Show Management | |
| Shows / Movies List | Movie Management | |
| Subscriptions | Manage Subscriptions | |
| Screen Use Package | Manage Packages | |
| Show / Movie / Program detail | Manage Review and Ratings of Show / Movie / Program and App | |
| Review and Ratings for Show / Movie / Program | Manage Downloads | |
| Review and Ratings of App | Manage Live Video Stream | |
| Downloads | Manage Live Audio Stream | |
| Saved | Manage Comments | |
| Watch Later | Manage Notifications | |
| Live Video Streaming / Broadcasting | Manage Help and Support | |
| Video on Demand Streaming (VOD) | Manage Ads | |
| Live Audio Streaming / Broadcasting | Profile | |
| Adjust video and audio quality | ||
| Live playback | ||
| Mid-playback functions | ||
| Full-screen mode | ||
| Live Comment | ||
| Profile | ||
| Notifications | ||
| Ads | ||
| Help & Support | ||
| Cost of Video chat app like Google meet | CAD 30000 to CAD 40000 (Android + iOS + Web App + Backend) approx | |
| System Users | Registered App Users | Admin Panel |
|---|---|---|
| Features | Live Video/Audio Chat | Font/ Theme Settings |
| Font/ Theme Settings | Font/ Theme Settings | |
| Search based on user behavior |
Let's Nurture seeks to make the development process as easy as possible for our clients. Because of this commitment, we provide efficient, transparent development and use the best tools and technology in our possession to deliver highly effective apps designed for large amounts of traffic
Once you start having enormous traffic on your app, it might get difficult to notice small changes in your consumers’ behavior. With the help of our instinctive machine learning algorithms, you can put predictive analytics and data analysis to the best for identifying the right consumer trends and leveraging them further.
Immersive software allows you to do more than just access a media file – it creates a whole experience around the media, immersing the user and giving them more aspects to enjoy. This is made possible with virtual reality (VR), augmented reality (AR), and mixed reality (MR). As long as the user has a digital interface (typically a smartphone, headset, or smart glasses), they can view the original media with various digital objects and elements added.
Auxiliary tools are an add-on for any developing platform. These provide UI enhancement and initiate productivity improvement. We will develop and integrate system-required auxiliary tools that will boost customer engagement in the app.
Let's Nurture hires top industry experts to assist with our Android and iOS application development processes. When working with Let's Nurture, we aim to provide our clients with fully able and competent teams of professionals who help them get the job done efficiently. For the job of completing your new live-streaming app, we'll likely compile you a team that consists of the following experts and staff:
Moreover, for the more sophisticated processes of coding your live streaming app, Let's Nurture may utilize the following codebases, technology stacks, or other tools:
Mobile and web app development experts with rigorous experience in developing web or iOS/Android apps
Expertise in Wedding Planning app platform development using latest technologies
Expert and free consultation on strategic features, their development, and an effective testing strategy
Great value on costs for Wedding Planning app development
Wedding Planning app development coding as per the guidelines of Apple Store & Google Play
Support in Application deployment and Approval
You've seen the data, you know what Let's Nurture has to offer; so if you're ready to take your business to the next level using live streaming; all you have to do is reach out to our team below to discover the potential of what a live streaming platform can do for your company.
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