The demand for video content is not abating any time soon. By 2028, the video streaming market is projected to reach $224 billion, growing at a staunch CAGR of 21%.
Last year, global mobile consumers clocked in over 935 billion hours, watching content in mobile video streaming apps. That's 65% up from the year before! Unsurprisingly, Netflix was among the fastest-growing entertainment product across several global markets, moving past the 200 million paid subscribers mark.
If you are considering VOD app development, the timing is just right. On-demand and live streaming markets are still in the high-growth stage. So you too can tap into the new revenue pools.
Getting Started With Your First OTT App
The digital age has made it imperative for entrepreneurs and marketers to brainstorm new ways to reach their customers. While social media marketing and content marketing continue to rule the roost, OTT or over-the-top apps are becoming increasingly effective as customer acquisition tools. In fact, Netflix, Amazon Prime, Hulu, and other such apps are fast replacing traditional TV channels.
These days, a whopping 84% of adults are using mobile devices. For content and media companies, being on mobile is an absolute necessity. One of the best ways to do this is by creating a mobile app.