A Step-by-Step Guide to Creating Your Own Streaming Platform

live streaming

It all began with Netflix, the first DVD-by-mail service that incorporated streaming technology and went on to become a huge hit. There are currently 692 million Netflix subscribers worldwide, with projections of 725 million by 2024. In this article, we will lead you through the necessary steps and considerations for creating your own streaming platform and entering the exciting world of internet video streaming. 

We provide essential insights and ideas for a successful streaming enterprise, whether you want to deliver entertainment, instructional content, or niche-specific programming. Let’s get started and learn how to make your streaming platform ideas a reality.

What is a streaming service?

A streaming service is an online platform that allows users to watch or listen to content like movies, TV shows, or live events, over the internet. It enables real-time playback without the need to download the entire file. Users can access a vast library of content on-demand or experience live events as they happen. Streaming platforms or services have revolutionized the way people consume media, providing convenience & instant access to a wide range of entertainment options across various devices.

On-Demand Streaming Vs Live-Streaming

On-Demand Streaming Platforms:

  • Users can access pre-recorded content at their convenience.
  • Content is stored on servers & can be played back at any time.
  • Permits for pausing, rewinding, & fast-forwarding content.
  • Popular examples of on-demand streaming services include Netflix, Hulu, and Disney+.
  • Suited for users who prefer flexible viewing schedules and binge-watching.

Live Streaming Platforms:

  • Entail streaming content in real-time as it occurs.
  • Viewers experience events as they unfold, such as live sports, concerts, webinars, and gaming sessions.
  • Limited control over playback as content cannot be paused or rewound during the live broadcast.
  • Encourage real-time engagement with chat features and Q&A sessions.
  • Popular platforms for live streaming include YouTube Live, Twitch, and Facebook Live.

6 Steps You Need To Build A Streaming Service

Step 1: Find your niche

When building your own free multi-video streaming platform, defining a niche is crucial. While entertainment, TV shows, and documentaries are common options, consider creating something new with unique content & specialized features. Prioritize a narrow niche, and currently, popular categories include fitness, education, and documentaries. Stand out with a focused approach to becoming a success in your chosen domain.

Step 2: Focus on your target audience

In the highly competitive live-streaming platform market, many new players struggle to survive. Quibi, once promising, couldn’t withstand the pandemic’s streaming wars and is now shutting down after a turbulent half-year.

To thrive, focus on a specific audience and define your target users from the outset. You must conduct market research, identify customer pain points, and fill gaps to win their hearts. Stay dedicated to your chosen audience to succeed in the streaming game.

Step 3: Find your content

Content is crucial for future streaming platforms. You have two options: licensed content from authorized distributors or self-created content. Licensed content involves renting shows from copyright owners.

For instance, in 2018, Netflix spent $13 billion on licensing and production, resulting in revenue of over $16 billion. You may also create your own exclusive content because original shows promote subscriber growth.

Step 4: Choose the monetization model

It is vital to ensure that your live streaming services or platform generates revenue with the right monetization model. Let’s explore these specific monetization options:

  • Subscription Model: You can offer on-demand access to your content through monthly and annual subscriptions.
  • Pay-Per-View Model: You can charge users for the specific type of content they choose to watch or live stream for free.
  • Advertising Model: You can run ads on shows & movies that can be streamed anytime.

Step 5: Review streaming platform requirements

To create your ideal streaming software or platform, you must meet several requirements. Some of the key factors to consider include:

  • Cloud Hosting: Store content securely with cloud hosting, offering flexibility and cost-effectiveness.
  • Network Connectivity: Prepare for future growth by integrating a content delivery network (CDN) to deliver videos efficiently to subscribers.
  • Security: Protect licensed content and user data by setting domain and geographical restrictions, ensuring seamless content availability.
  • Payment Gateway: Offer subscribers multiple payment options through popular gateways like Stripe, 2CheckOut, or PayPal Payments Pro.

Step 6: Build an MVP before pouring millions of VC money

Even with thorough user research, addressing all gaps, and obtaining premium content for streaming, the true measure of your platform’s success lies in testing it with real users. This is where the MVP stage comes in, allowing you to assess usability and gather valuable user feedback. Below are essential features to consider for your MVP. The following are some must-have features:

  • Sign up / Sign in
  • Catalog of categorized 
  • Basic user profile
  • Simple search
  • Subscriptions and payments
  • Display the episode information page
  • Video player 
  • Ratings 
  • Settings (language, subtitles)
  • Push notifications
  • Content management administration panel

Conclusion

Building your streaming platform is an exciting venture, and requires careful planning. Start with a clear vision and target audience, conduct market research, and choose the right monetization model. Utilize cloud hosting, prioritize network connectivity, and ensure security. Test with real users through MVP for improvements. Create an engaging platform that stands out in the competitive market. Start your streaming service adventure now!

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