With the Covid-19 pandemic yet to stop, in-home entertainment is growing day by day. Undoubtedly, there is one Over-The-Top (OTT) platform that is the hub of movies and TV shows. Yes, it is Netflix. With more than 7 million downloads in September 2021, the California-based giant is the leader of this booming industry. With Internet connectivity and smartphone usage on the upswing, entrepreneurs can establish a video streaming app like Netflix.
Know the importance of a Netflix clone script
It is a pre-built online entertainment solution. Users can stream a variety of documentaries, films, movies, and TV shows anywhere and anytime. Besides that, digipreneurs can add their brand name and logo as per their business requirements. With features and functionalities similar to Netflix, techpreneurs can launch the readymade platform in just a few days. Moreover, this would help them make an impact in the subscription video-on-demand (SVOD) sector.
Connecting Numbers and Netflix: The rise over decades
- Currently, Netflix has more than 209 million paying subscribers across 190 countries. The United States of America (USA) and Canada continue to be its biggest markets with 74 million premium members.
- Is Netflix focusing on regional content rather than international? Yes! It is witnessing a rapid rise in its subscriber base due to the success of Squid Game, a Korean drama series.
- The American platform is expected to earn around $900 million from the suspense thriller. The OTT app got around 1.3 billion views since its release on September 17, 2021.
- This indicates that Netflix is focusing more on the East Asian market. It is getting more international users by releasing such blockbuster dramas. Moreover, Squid Game has become the most-streamed show worldwide.
- Besides that, Netflix’s stock price has increased by 1.54% today. There are an exciting lineup of TV series in the coming months. The market cap of NFLX listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) has shot up by $19 billion. The value of NFLX shares will also grow by around 47%.
- It has been a month since the first stream of Squid Game. The value of its shares has shot up by 7.1%. How will this benefit Netflix? It would help the on-demand video streaming platform to get higher earnings in the third quarter. Above all, there will be more sign-ups from users in the coming days.
- Overall, Netflix is expected to mint a revenue of $7.48 billion in the third quarter of 2021. Consequently, the digital entertainment platform would witness a higher earnings growth of 17.2%. It will focus on partnerships with famous film directors, renewal of subscriptions by existing users, and production of new content.
Analyzing the lucrative business model of a Netflix clone App
Subscription Plans – For instance, Netflix offers 4 monthly subscription packages for movie buffs. They can choose between Mobile, Basic, Standard, and Premium plans. Are there any differences from one entertainment package to another? Yes, of course! Paying members can use functionalities like access to unlimited movies and TV shows, HD and Ultra HD streaming, multi-platform compatibility, screen sharing, and a social media login mechanism.
Besides that, they can cancel and renew their subscription plans as per their whims and wishes. Importantly, entrepreneurs can modify the costs according to the number of screens, tastes and preferences of cinema enthusiasts, the type of device, and video resolution.
Sale of Merchandise – Selling movies is not the only source of revenue. Techpreneurs can set up a digital storefront and entice customers to purchase high-quality products.
Users can check out the colour, logo, ratings given by previous users, size, shipping time, the type of the goods, and weight of the product can be known. They can add to their cart and process transactions via credit and debit cards, e-wallets, and wire transfers.
A digital bill will be generated with details like the quantity of the product, price, plus applicable shipping fees and taxes. Later, they can track the movement of their product till it reaches their address.
Transaction Processing charges – Unquestionably, the number of online payments are increasing rapidly. Cinephilias can choose payment methods like mobile wallets, national and international credit and debit cards, net banking accounts, prepaid cards, and wire transfers. Users would have to pay a small processing fee for utilizing the online payment gateway.
Additionally, they can select packages offered by telecom operators to get discounts and offers. Members will gain access to exclusive and jaw-dropping content after the required amount is transferred.
Decoding the cost angle of developing a Video streaming app like Netflix
Addition of new features – No wonder, Netflix is an innovative platform that offers a world-class streaming experience. Owners of a Netflix clone app can add functionalities like add to watchlist, quick preview, random shuffling, and the sharing of personalized recommendations and suggestions to users. This will increase the retention rate of the virtual entertainment platform.
Production Costs – Netflix Originals has received a huge response in the market. Likewise, entrepreneurs can showcase unique content in their Netflix like app. Earlier, the American Over-The-Top (OTT) platform used to buy official licenses from production companies. However, things have changed now. It is investing heavily in studios for live streaming movies, TV shows, and special documentaries.
Maintenance charges – Netflix has more than 1 billion downloads on Android. It receives a lot of traffic from every nook and corner across the globe. Hence, digipreneurs must keep their Netflix clone free of bugs and vulnerabilities. This will ensure a glitch-free streaming experience for movie buffs.
Netflix is a revelation in the streaming industry. The Los Gatos-based platform has offered affordable entertainment options when compared to theatres. Moreover, it is the largest video streaming platform in the world. A big turnaround is expected for Netflix in the future as it will get a net addition in subscribers. Importantly, the OTT platform will give tough competition to the likes of Apple TV+, Amazon Prime, and Disney+.
Entrepreneurs can also flourish in the on-demand streaming industry. They can disclose their business objectives to a reputed enterprise and obtain a Netflix clone app soon.