The Rise of Video Streaming Apps: How Digital Platforms are Changing the Entertainment Industry

6 min readMay 15, 2023

Have you watched Spain’s ‘Money Heist’? Or should I ask, have you binge-watched it? We all have seen people going gaga over this Netflix series.

Not only this, but people are liking many different OTT series and movies nowadays and as a result, video streaming apps are getting a large amount of attention from businesses to step into this field. Further, the list of popular OTT shows includes South Korea’s ‘Squid Game’, France’s ‘Lupin’, and many more.

The increase in these video streaming apps has drastically changed the entertainment industry, from Amazon Prime to Netflix, Disney+ to Zee5, every streaming platform can be found on an individual’s phone.

Now, people don’t wait for a specific time or day to watch their favorite movie or show, and they are even free from ads that interfere with their binge-watching.

At present, people have found a streaming platform for every particular niche, and they can pick up where they left off irrespective of their house chores, work hours, or some other tasks.

Some of the businesses that eye the entertainment industry are also hiring the best video streaming app development company to get the feature-rich mobile application that can provide the best user experience.

Let’s get to know more about how these live and video streaming apps have affected the entertainment sectors. Before that, scroll below to know about video streaming apps-

Introduction to Video Streaming Applications

Video streaming apps can be installed on a mobile device, TV, or laptop that can be further accessed or used by users to stream video content that is live or recorded.

No matter whether you are an iOS or Android user, as a streamer, you can view real-time streams, VoD (video-on-demand), and other types of content. Users just have to do a few taps and they will be able to see the content.

To use the app, users need to download it and create their profile including name, gender, email or phone number, preferred languages, genres, and password.

If they want, they can also signup through other social media accounts. Then, they can watch movies, shows, documentaries, etc. as per their interest.

Coming to the market statistics of leading video streaming apps, the OTT market’s revenue is predicted to result by 10.01% with a $462.90 billion market value by the year 2027. Alongside this, the revenue of video streaming is projected to reach $54.66 billion by 2027 with 8.63% results.

According to the study of January 2023 about US iOS users, youngsters between the ages 16 and 25 spend around 6.6 hours weekly using the famous social media platform YouTube.

The second position is secured by Netflix with 2.6 hours of weekly engagement. And the third is Hulu as users spend 1.8 hours weekly on this platform.

Impact of Video Streaming Apps on the Entertainment Industry

Video streaming services have come a long way since their arrival. The first OTT platform that got famous was Netflix, though, YouTube was already there but Netflix provided a wide range of genres, latest shows & movies, and content in preferred languages to users that make the platform their go-to app. After that, many other video streaming apps have emerged such as Amazon Prime Video, Hulu, Disney+, etc.

With the rise, enterprises have also become aware of the benefits related to the sector and now they look to hire mobile app developers who are expert and knowledgeable enough to get a proficient video streaming application.

In order to rule the market, they should get an understanding of how video streaming apps are changing the entertainment industry.

Look at the following point to know about the aspects -

Rapid Growth of OTT Services
The Shift in Consumers’ Preferences
Intensified Competition
Advertising Opportunities
Creative & Influential Content
Changes in Revenue Models

1. Rapid Growth of OTT Services

Popular OTT (over-the-top) video streaming applications comprising Amazon Prime Video, Netflix, and Hulu have been largely preferred by the users in past few years.

All these platforms have an extensive library of different content accessible with just a few taps. It enables app users to watch their favorite shows anytime they want.

They don’t need any cable or operator to subscribe to the app as they can do it on their own by paying the monthly fees. And, if they feel the need not to watch anything, they have the option to not pay the fees for that particular month.

2. The Shift in Consumers’ Preferences

Mediums related to the traditional TV industry are used less by viewers as they are facilitated by on-demand streaming services.

Due to the provided convenience & flexibility, they are choosing OTT platforms over traditional satellite or cable TV subscriptions.

This move of consumers has resulted in a smaller number of traditional TV viewers as now they are shifting to video streaming apps with more control over the content they want to watch.

3. Intensified Competition

With the existing number of OTT platforms along with new players entering the market, we can see the highly competitive market attached to it.

The entire thing has steered to the increased streaming services with unique offerings and advanced features that help to get a larger customer base.

As the ongoing competition intensifies, businesses that want to have streaming app development services are investing heavily in getting high-quality apps from a leading mobile app development company.

They are also looking to provide interesting and original content before any other platform to grab and retain their audiences and fuel the combat of viewership.

4. Advertising Opportunities

Video streaming mobile apps are emerging as the fastest way for advertisers to reach a wide range of audiences. There are multiple ways through which they can deliver more relevant and personalized ads to app viewers, one of them is targeted advertising to reach feasible customers. Streaming apps also offer non-invasive ad options like branded content, product placement, and native advertising that are more effective than traditional commercials.

5. Creative & Influential Content

The arrival of video streaming apps has raised the bar high for content quality and it has completely changed the scenario of creating, distributing, and consuming the content.

As an example of original and high-quality content, we can look at ‘Stranger Things’ which has been liked by a large number of audiences.

Alongside, streaming services have also allowed more niche content to grab more viewers as these don’t follow traditional TV schedules and cable TV networks.

6. Changes in Revenue Models

Businesses consider finalizing the revenue model as important as choosing the right video streaming app development company. Applying the monetization strategy includes offering a subscription-based model, in-app purchases, and ‘advanced features purchases’ to users in order to get additional benefits. Unlike traditional TV networks, video streaming apps have generated new ways to earn money.

Conclusion

Looking at the above information, we can say that the future of the entertainment industry is bright as it has adopted new and exciting ways to attract audiences.

Video streaming apps are one of those as it has changed the entire industry in all possible ways, be it benefits, viewership, revenue, or competition.

The promising future of streaming comprises advancements that can be brought via virtual reality, 5G, and other latest technologies.

As time passes, we can expect to see more possible changes in the entertainment industry. Let’s see what the future holds for the same!