Why Consolidation in Short-Video Market is Picking up Pace?

Are you the one who likes showing your skills and self on a social media reel and short video? Then the time is just right for you. In recent years, there have been many developments in this area of the entertainment sector.

Due to the rising trends of such platforms, people are looking for more such solutions that offer creativity and various video editing tools. After Tik Tok observed a ban in many countries other app creators rushed to fill the void of short video apps.

Therefore we decided to write this read that shows how the market for short-video apps is picking up pace and why you should invest in the same.

Overview of Short-Video Apps

One should know how short-video apps work if they wish to develop the same. A user can record, produce, alter their recordings, and share the same with their friends or on any social media platform. Users are also allowed to choose the part they wish to make a video on from a song and lip-sync with the same. This app also offers the use of various filters and effects to make your videos more interesting.

This app is a platform for the crowd to showcase their talents and gain popularity. It can also be used to promote businesses and services of all sorts. As per a business survey, a user generally spends a good 52 minutes on Tik Tok every day. 

Tik Tok gained this massive popularity due to the features that it offered. Here’s a list of the most essential features that will create a successful short-video app.

Features for Short Video App Development

When you decide to create an app like Tik Tok, the primary step is to incorporate interesting features into it. Here are some of the most essential features that you can select while developing an MVP or a fully-functional app.

Login Process

This is the most basic requirement for any app. One should offer their info like name, email, age, preferences, and more. This can simply be done by having them fill out a simple form or by allowing them to log in through social media channels or email. The golden rule with the same is that one should make this process as quick as possible.

User Profile

Adding a bio, photos, and other fundamental data is what helps a user create their online unique persona. You can add short questionnaires for the users to choose from and answer things that make for an interesting online app profile.

Notifications 

Whenever a user posts an online video and posts the same, they’re waiting to see the reaction of their fans and friends or family. Therefore notifications play a big role in increasing the user’s engagement on your app. They will notify a user in case someone likes, comments, or shares their uploaded video.

Admin Panel

An admin panel is like a management house for an app. An admin can easily upload or delete any form of content or client that tries to promote offensive or upsetting content. Other areas of this app such as subscription management, offering discounts and coupons, and more are also managed from this app.

Video Editing Algorithm

This is perhaps the most prominent feature of these kinds of apps. Some of the offered functionalities include adding music, altering playback speed, filters to improve your skin quality, adding AR objects, visual effects, and more. These functionalities are what matter most to your users. Hence they should be created using utmost planning and precision. 

How to go About Creating A Short Video Application?

Decide your Targeted Niche

If you’re just getting started, your first task is to learn the audience that your app is trying to target, plan a strategy, and design accordingly. This research would require you to know things about your clients like their age group, interests in terms of content, gadgets they use, time of the days and week when they prefer using such apps, and so on. 

You also have to consider other technical and business aspects such as downloads of the application, intuitive and seamless UI/UX, security, and more.

Monetization Model

Once you’re aware of who your targeted users are, it’s time to select your business model for your short video app. Here are a few monetization techniques for you to ponder.

Advertising 

Advertising is a traditional monetization technique that is used by almost all companies. This is because it accounts for a steady revenue stream no matter irrespective of the money your earn by the other techniques you use. Here are some of the techniques that you can use with advertising.

• CPC (Cost Per Click): Each time a user interacts with an ad, advertisers pay for the same.
• CPM (Cost Per Mille): For every 100 impressions on your ad inside the mobile app, advertisers are charged by the app owners. 
• CPA (Cost Per Action): Advertisers pay for the action a user completes after their clicks, such as website registration, newsletter signup, app installation, form submission, and more.

In-App Purchases

Did you know that you can purchase coins for real money on Tik Tok? Followers can buy gifts and present them to others during live streams using these coins. Coins can be purchased in bundles from 100 to 10,000 that observe a price range starting from 99 cents to 99.99 USD. The 100 coin bundle is the most preferred one by users. Other than this 500 coin bundle that has a price of 4.99 USD is the next preferred choice. You can try the same as a working monetization strategy for your app.

Fundraising

Fundraising is an important part to attract investment from businesses and individuals. If you’re a start-up that is just beginning this journey without big pockets by your side, you would need an investor that believes in your idea. If you look at the business model of Tik Tok, fundraising is also one of its top revenue generation modes. Through this method, the platform has received a fund as high as 3 billion USD.

How to Develop Short Video Apps?

Hire a Top Mobile App Development Company

If you don’t plan on developing an app by yourself, you should quickly get in touch with a react native app development company. One can get started right away with the first phase of the development process if they have invested wisely in researching their target audience and business model.

The first phase of any software development project is the discovery phase. Here one narrows down on the analysis, tech stack, cost estimation, and more. Highlights of this phase include.

• Learn the project scope, decide on the features of the app, and other priorities. 
• Design workflow while undertaking the monetization strategy.
• Fix main app features and user roles. 
• Start with design and development.

Develop an MVP

Creating an MVP doesn’t mean that one is compromising on the app idea but investing wisely into it. An MVP focuses more on the core features of an app and acts as a decider if an idea should be taken forward or not. By opting for the same one can learn the user feedback and know for sure if your app idea is worth putting more effort into.

Short Video App Development Cost

Various factors have to be taken into consideration before one finalizes the cost of your app. Depending on the app type you choose i.e. MVP or fully-functional app, tech stack, features, and more the total cost of your app is decided. 

Another important aspect that should be taken into account is the app development region that you choose. To give you a fair idea of how the cost range we have designed a tentative list as per the hourly development rate in India. The hourly rate in India ranges from 30 USD to 70 USD.

Android App Development: 7,000 USD – 70,000 USD

iOS App Development: 5,000 USD – 60,000 USD

Cross-Platform App Development: 4,000 USD – 50,000 USD

Web App Developement: 5,000 USD – 30,000 USD

The price may change as per the change in the scope of the project. The framework one selects for creating their app is also of prime importance. One must have sound knowledge of the best mobile app development frameworks to select the apt one for their project.

Afterword

Here’s a wrap to this read. We hope we offered essential information on the business of short-video apps and a small road map on how to create yours. Yet your mobile app development cost would depend on the on-demand app development company that you choose.

How has your experience been with these short video apps? Would you consider the same as your next business venture? You can visit us to know more. Share your views with us in the comments section. Thank you for reading.