Top OTT Platform Development Companies 2023

Why should you invest in OTT platform development?

According to a recent report, the global OTT services market is projected to grow from $44.54 billion in 2021 to $139.00 billion in 2028, at a CAGR of 17.7% during the forecast period. Further, 70% of US residents are active subscribers to at least one popular OTT service at present.

These stats indicate that the demand for OTT services is increasing at a tremendous rate. From startups to big enterprises, there is a surging demand for OTT software development in diverse arenas of the entertainment industry. Below are a few reasons that will help you understand why investing in OTT software development is a good idea:

Great business opportunities for new entrants: As per a report by Convergence Research, the estimated revenue from around 90 OTT apps increased by 35% to generate a profit of approximately $29.6 billion in 2020. This value is predicted to reach $59.4 billion by the end of 2023.
These stats clearly demonstrate why OTT development is becoming a top priority for startups and enterprises to boost their business.

Better convenience for the audience: Convenience is everything in today’s hectic lifestyle of working people. Thus, investment in OTT platform development makes sense when you want to provide easy accessibility and convenience to your users. In traditional media consumption, it takes time for users to buy or rent DVDs or BluRays.

People want instant convenience to access digital content on the go. By developing OTT platforms for multiple devices, you can provide this convenience to your users. By hiring a reputed OTT app development company, you can be assured that your app scales perfectly on different platforms.

Boost revenues: OTT apps generate a good amount of revenue from the subscriptions availed by users. Plus, there’s only an initial investment in setting up the digital platform, after that there’s almost no cost to maintain an OTT platform. 
Moreover, you get different revenue-generation opportunities using different methods like merchandise, advertisements, subscriptions, and more. 

Better marketing opportunities: When you are opting for OTT platform development, you are able to ensure better marketing opportunities and augmented brand visibility. Since you get full control over your OTT platform, you can launch innovative marketing campaigns through push notifications and encourage the users to engage with your platform.

You can hire a prominent OTT application development company to achieve better brand visibility among both B2B and B2C audiences.

Faster app development process: Hiring an OTT app development company can ensure that your OTT app is ready to launch on your visioned timeline. The entire development process includes various phases ranging from the idea generation to maintenance and upgrades, to build apps faster, it is crucial that a team of expert developers gets dedicated to it.

Expert app debugging: App debugging should be done by experts so there are no app glitches or bugs left when it is finalized and ready to launch. Expert app developers can help you out with the same. App developers can help you test apps manually or by using several automated testing tools that are designed to test apps faster. Now even ChatGPT can scan and review your code to find bugs and glitches within seconds. It also provides the explanation and possible roadmap to solve these found glitches.

How to choose an OTT app development company?

In today’s era of digitization, there is no shortage of OTT companies in the world. These companies are helping businesses build OTT platforms that provide a flawless user experience.

However, with so many OTT development companies out there, choosing the right one for your business requirements is a bit difficult. One needs to consider many factors while choosing the best OTT platform development company, such as their prior experience, cost of development, client reviews, and more.

Below, we have mentioned a few tips that can help you choose the best OTT app development company for your business:

Factors affecting this list of top OTT platform development companies

The factors mentioned below helped us to filter out the best OTT platform development companies across the world. So, let’s have a look at them before we get on to the actual listing -

Size of the company: To predict whether a company will be able to deliver your project on time or not, you need to look into how many developers are employed by the organization and what are their skill sets. The size of the company can help you save yourself from partnering with an organization that might have  too much on its hands to build your product on the promised timeline.

 Years of experience: The number of years the company has spent building apps can tell you so much about the quality of the organization. A company that has been functioning for years and shows continuous growth can be seen as an organization that is probably delivering high-quality digital products regularly. 

Per-hour cost: The per-hour cost of the organization should be another factor to consider while shortlisting your OTT app development partner. Planning the budget in advance will help you avoid any surprises through the app development process. Apart from the development cost, additional costs like certification fees, licensing fees, etc should be considered as well.

Client ratings and reviews: Ratings and reviews posted by clients of OTT development companies on several company review websites can be helpful for you in judging their work quality. These ratings and reviews can be found on business profile pages by Google, Clutch, Glassdoor, and Goodfirms among others. To ensure you only have the best possible option at your disposal, you can explore clients' ratings and reviews and shortlist companies according to their overall rating.

Percentage of returning clients: If you really want to test the quality of OTT development companies, you should look at the returning client percentage of an organization. Returning clients refer to clients who have partnered with the development organization on multiple projects.
Growth of past projects- Past projects, whatever kind of OTT app has been built by the app development organization should have a market position. Whether it is good or bad, and what growth it has brought for the business owner, these questions can help you figure out if you should partner with the OTT development company or not.

Expertise in technologies: If your OTT app requires technologies like AI, IoT, and more, you should explore the tech stack of the organization you are planning to hire for your OTT app development. Most websites publish their tech stack data on their websites, or you can also go through the projects built in the past to know what kind of technologies have been used in the past projects built by the OTT developers of a company you have shortlisted. 

Effective delivery management: Many businesses complain that their development company did not keep them posted on the progress of the OTT application development lifecycle. For efficient and flawless delivery, the company must keep its clients updated with every possible detail related to the progress of the product. Having regular conversations on the app development progress will also ensure the timely delivery of the product.

App designing standards: The design of the OTT platform and application is one of the crucial factors that contribute a lot to their success. This is why companies and business owners should put emphasis on the skills and experience of OTT developers. If you hire an OTT application development company with some great UI/UX designers, you will be able to deliver a world-class OTT platform for your customers.

How much does it cost to build an OTT app?

Building an OTT app can be a costly process. So to make the best ROIs after your app is deployed, you should keep a clear budget ready in advance. Here are a few things to keep in mind while planning the OTT app development cost for a smoother app development and deployment process. 

Average hourly costs: The per-hour cost of hiring an app development company can influence your overall budget for building the app. Most companies will provide you with their costs upon enquiring. You can also check the data mentioned above for each OTT app development company to find the per-hour app development cost.

Licensing: Several OTT apps require licensing to stream content. The validity of the licensing can vary depending on the target market location and several other factors. These licenses have costs and you need to consider them as well. These costs are crucial and can impact the overall quality of the content being shown on your platform.

App marketing costs: While building the app, your app marketing cost should be taken into account as well at the time of planning the app development budget. The app marketing cost includes the advertising fees for the app, if you are planning a special launch physically then the cost of arranging that event, the cost of paid tools you are subscribing for building apps, etc. These app marketing costs are important because even if you build the perfect app, it will become successful only with the right marketing, and preparing a marketing budget that you can afford is the first phase of your app marketing plan.

App maintenance costs: Once the app is built, it will require maintenance and upgrades. Costs for these phases should be covered in your app development costs, especially if you are planning to integrate some app maintenance during the early stages of the app’s release. 

How to calculate the OTT app development cost?

(Overall number of hours that will go into building the app x Per-hour development cost) + Additional costs = Total OTT app development budget

Note: The additional costs include fees for licensing, certifications, permissions, and other such costs

Wrapping up!

So, this was the list of best OTT platform development companies from around the world that offer exceptional services and flawless experiences for users. Our team went through multiple resources and churned tens of hours to bring the most substantial information to you. Hence, these OTT development companies can not only help in your business growth but also hold the ability to change the future of OTT platforms.

In case your company also offers OTT development services and you want to list your company in such reports as this, you can get your company reviewed by us. Our experts will go through your company and decide on enlisting the organization if it qualifies. These listings are helpful for you in being visible to potential clients.