How to Create an Online Video Streaming Website Like Netflix or Hulu
When was the last time you opened your cable television to watch video content that was available on Netflix? Well, that’s surely a rare phenomenon for most of us who are accustomed to online video streaming services.
Over-the-Top (OTT) platforms like Netflix and Hulu provide a seamless way to stream videos online by leveraging the internet. As per research reports, the global OTT market size was approximately valued at around $121.6 billion in 2019 and is expected to hit the $1039.3 billion mark by the year 2027.
It doesn’t take a genius to realize the growing domination of OTT platforms like Netflix and Hulu. This projected growth in the market size opens up the opportunity for new players who can deliver unique content and provide a seamless user experience.
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How Does Netflix and Hulu Streaming Work? / The Working Principle Behind Netflix and Hulu
Have you ever wondered what’s so different about Netflix or Hulu that has allowed them to grow exponentially and increase their user base multiple-folds in such a short span?
Well, one of the most obvious reasons is the availability of a wide range of content to satisfy users with diverse tastes and preferences.
Another important feature that has helped these giants grow their numbers rapidly is the presence of different service packages that allow even users with a limited budget to access their favorite content.
Let’s delve deeper into the working principles of Netflix and Hulu to understand better.
The OTT streaming process for platforms like Netflix involves sending an entire video content into small chunks of data that is downloaded in parts at a given time which reduces or eliminates buffering. This is the perfect solution for those who don’t want to spend time downloading content and then watching it. It’s more like a simultaneous process here in bits and pieces.
The content being streamed won’t occupy your storage space and the downloaded chunks will automatically get deleted after you have completed watching. However, you also have the option to watch content offline using the download option. It uses a subscription-based model to generate revenue from paid subscribers.
Hulu is also a popular on-demand video platform that provides its services in the US and Japan. It allows users from these two countries to stream some of the most popular television shows.
The primary focus is on helping users stream the latest television shows from some of the most popular network broadcasters. Users also have access to original content, documentaries, blockbuster, independent movies, etc. in addition to television series.
The main difference between Hulu and other OTT platforms such as Netflix or Amazon Prime is that it provides users with early access to popular television shows from various traditional networks.
Mobile Streaming Statistics for Netflix and Hulu for 2019 and 2020
Let’s take a quick peep into some important statistical data related to Netflix and Hulu to analyze the past performance and figure out their growth trajectory for the near future.
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The above-mentioned statistical data on Netflix presents a clear picture of its exponential growth and domination.
The paying streaming subscribers count has increased from 167.09 million in 2019 to 203.66 million in 2020. Also, the total library size has increased by 69 units which indicates new content inclusion to this platform.
Netflix expects to add more than 6 million new paid subscribers in the first quarter of 2021 which will further boost its revenue and profit figures.
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Similar to Netflix stats, Hulu has also shown positive growth in the past year with an increase of $ 0.9 billion in total revenue and an addition of 11 million new subscribers.
Hulu’s live TV subscribers count also increased to 4.1 million in 2020 from 2.7 million in 2019. As per 2021 estimates, Hulu is expected to generate as high as $2.6 billion in gross connected TV ad revenue. This indicates strong signs of growth of this remarkable online video streaming platform.
Top Features of Online Video Streaming Platforms like Netflix and Hulu
What makes online video streaming solutions like Netflix and Hulu the top players in the industry?
Well, it’s their array of features that simplify the online video viewing experience for the users. Let’s take a quick peep into some of the most exciting features offered by these giants.
The first and foremost feature in this list is video subscription. With platforms like Netflix and Hulu, users have the freedom to choose from multiple subscription plans available based on their budget and content preference. The subscription model provides them with access to a giant video library that has content from multiple genres and formats.
Online streaming platforms like Netflix and Hulu have robust security measures to not only protect the user data but also the illegal distribution of content. The data teams employed by Netflix leverage machine learning and statistical models to detect any suspicious or malicious activity. To protect the content from being illegally distributed, platforms like Hulu and Netflix use multi-DRM technology that restricts access for anyone who doesn’t have the usage rights.
The video and slide sync feature allows multiple participants to view and engage with the same content in real-time. It also helps to effectively transform training presentations by emphasizing the storyteller. Plugins like Netflix Party allow you to watch videos with your friends and family even when you are miles apart. It helps to sync up the video stream and adds a live chat feature to the portal.
One of the most useful features offered by OTT platforms like Netflix and Hulu is the search bar feature. These video platforms have a plethora of content to offer, the list of movies and TV shows is endless. Now, if you plan to watch specific content, you can just click on the search icon and type in the name of the movie/show that you want to watch. It adds positively to the user experience quotient and also saves a lot of time for the viewers.
The social sharing feature offered by the OTT giants helps to bring in more traffic organically without paying for advertisement. Social sharing options allow users to share the content of their liking on various social media platforms. It can also be used to provide recommendations to their friends and family. In addition to this, users also have the flexibility to share content using apps on their devices, text messages, emails, etc.
Platforms like Netflix have multiple payment integration and provide users with the flexibility to choose from multiple payment methods at their convenience. Netflix and Hulu accept all prominent payment methods including debit cards, credit cards, digital wallets, etc. The availability of the payment methods also depends on the location of the users.
Did you know that more than 75% of viewer activity on Netflix can be accredited to personalized recommendations? Netflix relies heavily on data analytics tools to provide content recommendations to the users based on their behavior and historical preferences. This helps to drastically improve the user experience.
The role of a content management system is to manage web content by allowing multiple content creators to create, edit and publish their work. Netflix uses an open-source content management system that streamlines the workflow and provides users with a glitch-free experience. It helps to provide recommendations to users based on their behavior and past experiences.
How to Create an Online Video Streaming Website like Netflix or Hulu
If you want to provide an unmatched entertainment experience to your users, you need to create a robust online video streaming website like Netflix & Hulu. Some of the most important considerations that will help you achieve this feat and answer an important question ‘how to create a video streaming website like Netflix’ are listed below.
1) Make a Business Plan and Strategize
The first step in the process focuses on your basic ideology. You need to have a business plan and an execution strategy to bring that plan to life. In the beginning, one should focus on a particular niche and plan their content strategy around it. You need to have a clear picture of your target audience so that you can alleviate the user experience by adding more relevant content. Your business plan should focus on your unique offering to the audience and how you can effectively deliver the same.
2) Hire the Platform Provider
The second and most important consideration that will help you build video streaming like Netflix is your platform provider. You should research all prominent platform providers for your website or mobile application and choose the one that matches your requirements and price point.
One should always opt for platforms that offer a high level of customization and multiple monetization options. You should always check for reviews before choosing a particular platform to make an informed choice.
3) Choose the Video Hosting
You must choose the right video hosting solution for your video streaming platform if you want to build video streaming like Hulu. It plays a huge role in the success of your business and can dramatically impact the overall user experience.
Some of the most important factors that you should consider before finalizing a video hosting include API access, bandwidth, privacy and security, monetization, cost. API access helps you to integrate the workflows and easily deliver a customized experience.
4) Look into the Requirements of Netflix & Hulu
If you want to create an online video streaming solution just like Netflix and Hulu, you should start learning from their requirements. The reverse engineering approach will help you easily find out all that you need to provide the same user interface and experience to your visitors.
This will provide you with detailed insights and help you build a movie streaming website similar to Netflix or Hulu.
5) Customized Design with Your Brand
If you want to create a video streaming website that can also be a sustainable business, you should pay special attention to the branding elements. You need to design a video streaming website that is highly customized and can help you establish yourself as a brand. Customized design with your brand logo can make a lot of difference and also adds to the brand recall quotient.
From custom thumbnails to personalized video players, there’s a whole lot that you can customize to highlight your brand. This is an important consideration if you want to build a video streaming website like Netflix and establish yourself as an industry pioneer.
6) Upload the Video Content via CMS
A robust Content Management System (CMS) allows you to effectively streamline workflows and arrange your content to provide a seamless experience to the users.
You should upload your video content using a dynamic CMS that helps you to organize it in a desirable format without any complications. A dynamic CMS allows you to easily upload and manage content. It also makes video automation easier by leveraging an intuitive user interface and a robust API.
7) Enabling Video Security
This is among the most important considerations that you need to spend time on while creating an online video streaming solution like Netflix. A robust video security system will help to protect your content from being illegally distributed.
It indirectly helps to boost your revenue figures by restricting illegal access to your content. It also aids in copyright protection related to your content. If you are planning to build a video streaming service that offers users the same entertainment experience as Netflix, it is important to have high-level video security in place.
8) Choose the Monetization Model
How to build a video streaming website similar to that of Netflix or Hulu? Well, focusing on the monetization methods used by these giants will set you on the right path.
They use an SVOD model to charge their users for the content. Choosing the right monetization model will help you increase your income multiple folds. You should analyze your target audience and try to offer your services at a competitive price point.
Your audience should not feel like they are paying a higher amount based on the value they are obtaining from your content. You can choose from multiple monetization methods including SVOD, TVOD, AVOD, coupons, etc. while building your video streaming website. Platforms like Netflix follow a Subscription Video on Demand (SVOD) model that you can also opt for.
9) Track the Audience via Analytics
You should always have a strong analytics tool in place to track the behavior of your audience. It helps you make more informed decisions by obtaining insights into what your audience wants.
You can also judge the performance of video content based on audience reactions, engagement rate and traffic. It will help you effectively market the right content to your target audience.
10) Promote and Scaling Business for Revenue
If you want your video streaming website to be a long-term sustainable business, you should focus on marketing your platform to the right audience in the most effective way.
You will also need to find an economical option to reach a wide range of audiences. You can only make it sustainable if your business is generating enough revenue to cover your expenses and for that, you need to scale your business using multiple marketing channels.
All the above-mentioned considerations will surely help to answer the big question here, “how to make a streaming service like Netflix” and provide you with pragmatic insights.
Conclusion
If you want to create a streaming website that is feature-packed and offers your audience a Netflix-like experience, you need to meticulously choose your platform provider.
They should offer you with high-level of customization, multiple monetization options and a robust content management system to begin with. Whether you are planning to custom develop your online portal from scratch or opt for a ready-made solution, choosing the right platform provider is the key to winning in this highly competitive industry.