Entertainment and human beings are two inseparable components. We naturally depend on any form of entertainment to keep our souls relaxed and rejuvenated. You can march into the video streaming market with a Netflix clone. It can be songs or movies or whatever that can keep us glued to our seats and make us enjoy ourselves throughout. On the list of various entertainment, mediums join the video streaming apps along with televisions, radios, tape recorders, and theaters.
Gone are the days when we used to plan for movie nights with our friends and dear ones. Now, the digital era has gifted us video steameast platforms that can be accessed through apps, web portals, and can also be mounted through televisions. When it comes to video streaming services, Netflix has been ruling the market for quite some time.
Are you excited to know about how it performs in the market? Go through this blog to gain every possible information about how an app like Netflix clone is thriving effortlessly.
Interesting numbers and facts related to a video streaming app like Netflix
When Netflix started as a DVD rental firm in 1997, little did they know that the company would soon change the destiny of the entertainment industry? They laid a platform for the users to order and rent movies from their website and receive them through the post. This was a blessing in disguise for people who do not have DVD rental shops nearby their location.
The e-commerce model of Amazon was one of the befitting reasons that pushed them to try something new and similar to their model. They somehow forecasted that very soon, the internet storm will change the world. Nearly 23 years later, it is now one of the prominent video streaming services globally.
The current business model of the company was adopted in 2007. It allowed the users to watch their television content and movies from their websites through their personal computers. They were very careful with their decision and did not scrape away their DVD business. However, they realized that the future lies on the internet. The starting roots or history will never tire us. How about listening to some numbers?
A shift from DVDs to mobile apps
The shift from DVDs to mobile apps does not occur by chance. It was quite challenging for them to introduce their concept in the market.
- When they launched their business in 1997, only 2 percent of the households in the US had DVD players.
- The number was too small for them to run their business. Very soon, they could witness the number increasing to 95 percent. That was too huge for them to grow their business.
A sneak peek into the subscribers’ list of Netflix
Subscribers are the supporting pillars of a platform, and they decide the success of an online venture. They played a huge role in the success of their venture ever since their beginning in 1997. Some interesting stats flaunting the growth of subscribers’ list,
- Among the population of the subscribers of the video streaming services, 19 percent of the subscribers belong to Netflix subscription plans.
- The Netflix streaming services are now available in around 190 countries.
- In 2020, they had around 37 million subscribers from the US alone. Globally, they have around 208 million subscribers. This was confirmed by the official sources related to the company.
- Out of these 208 million subscribers, over 67 million of them were from the US and Canada.
- The Statista report states that during the Q2 of 2021, Netflix has gained around 73.95 million subscribers from the US and Canada.
A look into the revenue generation mechanism
The purpose of any venture is to generate revenue for the company. An app like Netflix clone app followed a business model where it aimed at earning through subscription. Apart from the users’ subscriptions, they also earn through advertisements and promotional videos. During the first quarter of 2020, it generated a revenue of 6.15 billion US dollars, and in the Q1 Of 2022, its revenue was around 7.3 billion dollars.
2020 was quite favorable for the on-demand app market. In particular, the video streaming market especially enjoyed high growth in this period. Video streaming apps like Netflix clone utilized the ongoing situation and climbed the ladder of success. In the same year, the app’s revenue was around 25 billion US dollars.
Was thinking out-of-the-box really fruitful for them?
Till then, they were streaming television-based content and movies on their platform. They realized that soon video streaming would reach a massive outbreak in the market. To stand out from the crowd, they thought of a different concept to attract more users. They started streaming Netflix originals. This means they produced exclusive content, particularly for their users or subscribers.
The content produced by them can be viewed only on their platform and not on any other streaming platform. This curated users to subscribe to their platform to watch them. In 2013, they produced their first-ever original show called the “House of cards,” which was a huge success among the viewers.
This also fetched them 31 nominations for awards under different categories. Looking at the present day scenario, Money Heist is the most-watched original content on Netflix during 2020.
Aren’t you convinced to launch your own video streaming service?
Theatres have almost become so outdated for people to plan for a vacation. The advent of video streaming services has made people watch their favorite content from their home itself. These services gained a huge reputation during the pandemic, and now it remains one of the most lucrative industries for entrepreneurs to set up their business.
A well-developed Netflix clone app will be your stepping stone to start your journey in the market. Moreover, a video streaming app like Netflix will do good as it is readily available in the market, which you adopt to develop your app. You can also customize the app and add your essence to it.
Success is not something that strikes you overnight. The story of an app like Netflix is quite evident to it. Their transformation from a DVD rental company to a leading video streaming service is not a bed of roses. With forerunners like this, it would be a great time for you to materialize your ideas to develop a robust Netflix clone app.