Live streaming is a popular form of entertainment. Streamers communicate and share their life moments with viewers from all over the world. Live streaming market revenue will reach $70.5 billion by 2021. So, right now is a great time to dive into the streaming niche. In this post, we’ll discuss how to build a live streaming website.
Types of Streaming Websites
Taking into account every popular streaming website, we can highlight three main types:
On-demand streaming websites
Live TV streaming websites
LIve streaming websites
On-demand Streaming Websites
This type of website offers content on users’ demand. Live streaming websites require users to follow the streamer’s schedule and go online during the broadcast. However, strict time frames may be inconvenient for some users. That’s why you can create a video streaming website and provide users with high-quality content at any preferred time.
Popular on-demand streaming platforms: Netflix, Hulu, Disney+, YouTube
Live TV Streaming Services
This one is a modern replacement for a conventional TV. Platforms broadcast your favorite shows, serials, and sports competitions with the ability to record it and watch later.
Popular live TV streaming services: YouTube TV, Sling TV, Hulu Live Tv
Live Streaming Websites
The final type on our list broadcasts video content in real-time. Such content is more engaging because streamers can communicate with viewers and answer their questions. Viewers are excited to see streamers without filters in face-to-face communication, while streamers build their name and get serious advantages, like donations from users.
Popular live streaming websites: YouTube Live, Twitch, Livestream
The Live Streaming Website’s MVP Features and Their Cost
To make a successful live streaming website, you have to know user requirements and expectations. That’s why you have to conduct research and identify the features your users need the most. A minimum viable product may be an excellent idea. It allows you to carry out user testing and gathers feedback.
Let’s take a closer look at the list of features:
Signup: This feature is obligatory both for viewers and broadcasters. Without signup, streamers can’t set up their own channel. Signup may be developed with a simple combination of login and password or with some additional options, like Facebook login.
Profile management: In the profile, users can display their personal information, manage broadcasting timetables, and add links to various social networks.
Start/finish broadcast: Another essential feature of a live streaming website. Streamers need an intuitive interface for starting and finishing their broadcasts. Besides, provide your users with the selection of the stream category and location.
Text Chat: Users can communicate with a streamer or among themselves. Don’t forget to develop custom emojis that will add personality to your video streaming platform.
Search: A simple search engine is required. Users will search for videos or broadcasts according to their interests. It’s a good idea to develop search filters too.
Follow option: This one allows users to get notifications from the streamers they follow. Thus, viewers will stay-on-top of every change in the streamer’s timetable and upcoming events.
Settings. Simple settings may significantly improve user experience. Message notifications, blocking users, switching between night and day mode can engage viewers to use your platform.
The admin panel is another factor that should be considered during development. It allows you to manage users effectively. Finally, don’t forget about the design expenses. Attractive UI/UX design requires an experienced team of designers and additional development time.
Tech Stack for Live Streaming Website Development
A live streaming website is a challenging project that involves sophisticated business logic and intuitive UI/UX design. That’s why you should find a dedicated team of developers. When searching for a company, pay attention to team members. The team should consist of:
Front-end and back-end developers
To make it clear for you, let’s take a look at a detailed tech stack used during web development.
Programming languages: HTML5/CSS3
Frameworks: Node.js, React
Analytics tools: Hadoop, Hive, MixPanel, Mode, Spark.
Cloud platforms: Amazon EC2, Amazon S3
Streaming protocols: RTMP, Adobe HTTP Live Streaming, WebRTC, MPEG-DASH, RTSP/RTP
Codecs: H.264/AVC, FFmpeg, Xvid,
Media containers: MP4, FLV
Live Streaming Website Revenue Models
At last, we have reached one of the main questions: how to make a profit with a live streaming website? For now, there are four essential monetization strategies for streaming platforms:
The majority of popular platforms, like Twitch and YouTube, use this strategy to gain profit. The idea of this strategy is simple — the more ads you place, the more money you get. On top of that, you can create a subscription plan that provides ad-free access to your platform.
Live streaming websites can successfully use a subscription model. This option allows companies to get a constant source of revenue and brings exclusive perks to users.
For example, Twitch Turbo removes advertisements, offers new emojis, and provides extended features for a live chat. The subscription price is $8,99/month.
This revenue model allows you to develop additional features and let users buy them. One of the best examples of such features is additional statistics for streamers. To study the audience, they need to know more information about their viewers — age, sex, preferences in categories, and so on.
As you can see, live streaming is an excellent niche with multiple revenue models and a vast space for creativity. However, your platform should have top-notch design and fault-tolerant business logic to stay competitive on the market. Therefore, you have to find a team of experienced developers.