According to Research and Markets: “The global video live streaming solutions market to grow with a CAGR of 17.80% over the forecast period from 2019-2025”. This market is set to reach new heights, as more and more people are looking for platforms to access live video streams. Being a leading app development company, we deal with a lot of queries like which are the best live streaming platforms, the cost to develop it, and how to earn money from a live streaming platform. We decided to answer all these questions in this blog.
‘Going live’ is a style statement. We see social media influencers, artists, speakers, and gamers going live on various platforms to interact with their audience and build their brand.
Many businesses also release their products on live streams instead of holding a press conference. When businesses or artists stream live, it allows users and the general audience to ask meaningful questions and make a connection with them.
With the world facing the COVID-19 pandemic, it has become a norm to stay home more. Many offices have announced work from home, students are studying in the safety of their houses, artists are not allowed to organize concerts, conferences, training sessions, and even fitness classes are held online.
This gives an opportunity to new players in the market to not just create a live video streaming service app but also earn from it. Let’s take a look at some stats to prove our point.
According to the Grand View Research, the global video streaming market size was valued at USD 42.6 billion in 2019 and is expected to grow at 20.4% annually from 2020 to 2027. You can see the graph that shows the growth of video and live streaming market.
According to Crunchbase Daily, in one of the recent funding rounds (Series E), an event-streaming tech startup called Confluent raised $250 million, making the company value at a $4.5 billion valuation. Confluent is an enterprise event streaming platform used by many companies like Audi, Euronext, Demonware, and TIVO.
Whether you’re looking for apps to stream live videos or want to build your own app and need to study your competitors, here are the top 10 live streaming platforms you must look out for.
Top 10 Mobile-based Live Streaming Platforms
One of the most famous apps to stream live in real-time, Periscope is available for Android as well as iOS. It is an American live video streaming app developed by Kayvon Beykpour and Joe Bernstein. It was acquired by Twitter even before its launch in 2015. It is a personal favorite of many users this live streaming application is perfectly integrated into Twitter. Periscope users also love its intuitive interface and collection of video content for viewing.
Second, on our list is the IBM Cloud Video, or as the people still call it, UStream. UStream app is considered to be the best live streaming platform by many users. It has more than 80 million viewers each and every month. Many notable people including politicians like Barack Obama, Hillary Clinton, and artists like Tori Amos and the Plain White T’s have used UStream for their live streams.
3. Youtube Live
Youtube, of course, needs no introduction. It is the world’s biggest streaming platform. Youtube is a great channel to monetize for artists via ads but only after they’ve become popular enough. It allows the users to use Youtube live and broadcast their content on a real-time basis if they have 10,000 or more subscribers.
4. Facebook Live
Facebook is the world’s largest social network with over 2.45 billion monthly active users. Basically, about a third of the world’s population actively uses Facebook. One reason for this popularity is the Facebook live feature. In fact, one out of every 5 videos uploaded on Facebook is a live video.
Professional live video game players are familiar with Twitch TV. It is considered to be one of the best gameplay streaming apps. Twitch TV is used by approximately 10 million gamers every day to stream, watch, and chat about video games. With livecast streaming, users can watch live stream gaming videos, Esports, and any IRL broadcast.
6. Instagram Live
Instagram has become one of the most popular social networks in the world. Instagram has various features that have its users hooked to it. Instagram launched the Live Stories feature in late 2016. It became popular within a short span and many social media influencers have made their career all because of this app feature.
Livestream was founded in 2007 by Max Haot, Dayananda Nanjundappa, Phil Worthington, and Mark KornfiltIn. It was known as Mogulus. It is a paid-for tool that requires a substantial investment. If you are an event organizer it may work for you but for individual streamers, this can be very costly. The free version integrates with Facebook Live, Periscope, and many other platforms. It is now acquired by Vimeo and called Vimeo Livestream.
Vimeo can be called as Youtube’s competitor. It takes pride in being ad-free. Vimeo became the first video player app to support high-definition videos in 2007. The best thing about Vimeo is that it lets users can stream events, stream to unlimited viewers, and simultaneously cast them to social platforms.
9. Wowza GoCoder
GoCoder is a live streaming app backed by Wowza which is one of the leading video streaming platforms. This app has very advanced video tools for various needs. However, it is not very useful for beginners as it is complicated. It has exciting options like VR and 360-degree streaming.
10. Broadcast Me
Broadcast Me allows the users to live stream on almost every social media network like Twitter or YouTube. These platforms plus various other applications are integrated into it. There is one upfront payment which gives lifetime access for using this live streaming application
Use Cases of Live Streaming Platforms
Live stream apps are used by a variety of users, from a standup comic to a professional fitness trainer. Here are some uses cases for apps that are used for streaming live video content.
Social Media Influencers
The Millenials and Gen-Z follow social media influencers for their lifestyle and even philosophy. These influencers need to interact with their followers frequently to stay in the limelight. Live video streams create a feeling of exclusivity and this is why influencers use a live video platform to get connected to their followers easily.
Gamers is another set of people that use a live streaming platform. They interact with fellow gamers and also use screen share to let others know about their gaming techniques. They use discord servers and need strong video hosting servers for streaming video. Gamers use live streaming services with video management and security features. Gamers interact with their fans and also broadcast esports events and gaming tournaments on live video player apps.
Artists like singers, standup comics, dancers, musicians, cannot host their events and concerts due to the Coronavirus outbreak. This is why they have turned to stream videos on live video streaming platforms. They are looking to monetize their art and also for audience engagement via the comments section.
Speakers and Trainers
Whether it is motivational speakers or trainers of any sort like an educational teacher, yoga instructor, gym trainer, art teacher, they have started to look for video platforms. They need their viewers and listeners to understand what they are saying with a great viewing experience and broadcast quality.
Businesspeople and Brands
Many businesses need live streaming platforms to organize conferences, meetings, and other business events like launching a product. Many big brands choose to go for viewer engagement with the help of streaming platforms. They promote or sell their products or services audience members via such platforms. This saves them money on marketing their products on television or newspapers or other mass media.
Event organizers are among the class of professionals whose business has suffered a lot due to the pandemic. Many events have been canceled or postponed indefinitely. Video streaming application has become a part of their business needs. Whether it is a conference, wedding, concert, business function, religious event, or any other event, live streaming platforms have become the safest way to conduct an event.
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Cost of Developing a Live Streaming Platform
The cost of developing a live streaming app depends on various factors like the hourly charge of the developer, number, and complexity of the features to be included. To help you make an estimate, there is a simple formula that you can use to calculate app development costs.
Developer’s Hourly Charge X Time Taken to Develop the Platform= Total Development Charge
Here is a table that has all the key features of a live streaming app along with their development hours:
|Component||Name of Feature||Time Taken for Development|
|Native iOS Application||Walkthrough of the Application||3.75|
|List of Live Stream Videos||15|
|Live Streaming Session||30|
|Conduct Live Session||20|
|Google Location Services Integration||7.5|
|Native Android Application||Same as above||206.25|
|Backend and Web Services for Admin Panel||Database Creation||12.5|
|Admin Panel||Log In||1.25|
|Manage Broadcaster Requests||7.5|
|Manage Live Streaming Requests||10|
|Manage Flagged Reports||7.5|
|Manage Videos for Discover Screen||12.5|
|Manage Live Sessions||10|
|Manage Revenue Reports||20|
|Manage the Basic Content||6.25|
|Payment Gateway Integration||25|
|SMS Gateway (Twilio Integration)||5|
Suppose a mobile app development company charges $40 per hour and you develop both Android and iOS apps with only the basic features then according to the formula, 673.75 hours X $40 =$26,950.
How to Monetize Your Live Streaming Platform?
Many platforms like Twitch or Youtube use this model to get revenue.
Your revenue will be proportional to the number of ads you place. Although, we all know that nobody likes to see annoying ads. This is why you must only put interesting and useful ads, that too just 1 or 2.
Ads work best if the users have not subscribed. However, if you place the ads on the sidebar, they can be displayed to the subscribed users as well.
Paid subscriptions are a great way for the users to get rid of the ads and for you to get a steady flow of income. Monthly or annual subscriptions bring in revenue at regular intervals.
You can also provide special services to only the subscribed users so they feel exclusive. This keeps them interested in the subscription as well.
Premium or paid features are another great way to monetize your app. You can develop additional features like analytics and give access to the users only when they buy this feature.
If your feature is actually worth it, users will have no problem in buying it.
This is a great way to earn additional revenue. Your users will have an opportunity to partner with other live streaming websites. This way, websites will get good quality content and streamers get paid for their content.
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Let’s check out some frequently asked questions and their answers.
Where can I live stream for free?
Here are 5 tools that you can use to stream for free
- Instagram Live
- YouTube Live
- Facebook Live
How to build a live streaming app?
There are six simple steps to develop a live streaming platform/app:
- Step 1. Find out your requirements and list down the features you want
- Step 2. Hire experienced app developers and designers
- Step 3. Develop an MVP version of the streaming platform
- Step 4. Get feedback from initial users and make changes
- Step 5. Develop additional features to make it unique
- Step 6. Keep updating the platform regularly
Where can I get seasoned developers for my streaming platform?
You may hire freelance developers or hire a dedicated team for your project. A live streaming platform is a fairly large project and needs a dedicated team to understand your specific business needs and develop a custom platform. You can find dedicated developers on websites like Clutch, or UpWork.
We hope that this article has answered most of your questions about live stream apps. If there are any other queries or doubts about live-streaming apps, feel free to contact us.
We are a leading Android and iOS app development company. We have developed live streaming apps along with the photo and video apps like Photo Translator and TopIt. In fact, we have developed for 50+ photo-video apps for our clients worldwide.
If you want to hire dedicated developers for your project, feel free to contact us. We will also provide a free quote for your project idea.
You may also like:
- The What, Why, and How of Live Video Streaming App Development
- Top 10 Mobile App Development Frameworks in 2020
This page was last edited on June 23rd, 2020, at 3:00.