Why is Entertainment Industry Software Essential for Your Business Success?

People are consuming more digital media and entertainment today than they did before the pandemic. According to a survey conducted by Adobe and Econsultancy, 84% of consumers spend more time watching online entertainment at home than they did previously, and 69% plan to maintain their video streaming habit. . Furthermore, 71% say they will spend as much time or more on social media going forward. It seems like this is a great time to launch your own startup. But is it really?

In this article, we’ll take a look at the entertainment industry software we’ve created, the most popular monetization strategies, and the reasons you should consider them for your next startup. Also, you’ll find some tips on how to win customers’ attention with entertainment industry software.

Shall we begin?

Entertainment Apps and How to Make Money with Them

Compared with other industries, the media and entertainment industry boasts the highest levels of customer engagement and loyalty in addition to rapid growth and impressive market reach. According to a Deloitte report, media and entertainment will rapidly evolve in 2022, not only in response to current trends but also to post-pandemic behavioral changes. Deloitte highlights five attention-grabbing trends that will have the broadest impact on the entire industry: streaming video, live entertainment, social media, NFT, and the metaverse.

Hundreds of thousands of entertainment solutions allow us to watch our favorite movies, listen to music, play games, and catch up on the latest news anytime, anywhere. Some of these have become the hottest trends, and we cannot imagine our daily routines without them. Consequently, they generate high revenues and have a wide audience.

So let’s consider how you can make income with these apps.

Entertainment App Monetization Strategies

Whether you have created paid or free entertainment software, you need to choose a monetization strategy that will make your project profitable. The choice depends mainly on the kind of product you’ve developed. For example, in-app purchases are more suitable for games, while language-learning apps can generate revenue through both paid subscriptions and ads. Below we list the most popular and powerful monetization strategies.

• The paid subscription option allows users to enjoy your app in exchange for a fee. This monetization strategy typically generates high profits for publishers and ensures high levels of user engagement. There are two options for subscriptions: non-renewable and renewable. With non-renewable subscriptions, users pay for the app once and can then use it indefinitely. With renewable subscriptions, users pay to access the service for a limited period. This model is often implemented by streaming services such as Netflix and Disney.
• An in-app purchase monetization model allows users to buy both physical and virtual in-app items. This option is especially beneficial for mobile games. When implemented correctly, in-app purchases result in a win-win scenario for both the business owner and the user.
• The freemium model allows users to download the app for free, but they need to pay extra to get access to premium features. If you want to adopt this model, your app should be highly engaging to attract new users and make them want to pay for additional features. The advantage of this monetization method is that it gives users the option to try the product before they commit to purchasing it.
• An in-app advertising monetization strategy provides a vast range of ad formats that allow app publishers to profit by placing ads in their entertainment apps and effectively reach their target audience. However, make sure ads are relevant and target a specific user base. Low-quality or irrelevant ads can lead to lackluster use engagement.
• The Rewarded video ads format is simple—users are rewarded for watching ads. This leads to increased retention and increases the amount of time users spend using the app. The reward might be something that gives users an advantage, such as in-game currency, extra lives, or additional moves. Users can then use this prize to progress through the game. The OpenX marketing platform reported that 77% of users are willing to watch a 30-second ad if they are rewarded.

How to Attract Customers to Your Entertainment Application

Once you have determined the target audience for your entertainment software, you should think about how it will engage users. Only after that do we recommend that you apply to a software development company. Consider the following tips to attract customers’ attention.

Ensure Your App Runs Smoothly

The competition in the entertainment software market is extremely high, so it’s important to make sure your app runs smoothly before launch day.

In the case of entertainment apps, you may want to consider developing an MVP app first. Your app will have only basic features, but it will run seamlessly. Later on, you may consider adding more advanced features.

Provide a Seamless User Experience

Did you know that about a quarter of users will abandon an app if the UI and UX design doesn’t suit them? User experience should be first on your list of priorities. Critically evaluate your app and make sure it’s user-friendly. Include a quick tutorial in your app to help users understand how everything works. However, be sure to allow users to skip it for those who are already familiar with your app.

Make Registration Clear and Simple

About 86% of users say they are annoyed by having to create new accounts. They usually prefer to abandon the app if the registration process is tedious or takes too long.

That’s why it’s a good idea to add a social login option that allows users to log in to the website or app without creating an account. Instead, they use their credentials from Facebook, Twitter, or LinkedIn. This approach will make it easier for users to access your app or website.

Add Social Features

Including social features in entertainment apps offers multiple benefits for both developers and users. For example, social features increase user retention rates and enhance monetization models. In addition, social features ultimately increase the app’s visibility and help attract new users.

Why Build Your Own Entertainment App?

Increase User Engagement

A well-designed app allows you to directly reach your target audience and showcase your top content with an eye-catching display that encourages users to spend more time browsing.

An effective re-engagement push notification can keep users coming back and increase your app’s retention rate. And built-in social features provide your users with a convenient way to stay connected and discuss whatever they want to talk about.

Monetize Your App

Your entertainment app can support multiple monetization strategies based on its business model and the profile of its audience. Some of the most widely used strategies include in-app subscriptions, in-app purchases, in-app advertising, and rewarded videos.

Create Omnichannel User Experience

Instead of thinking about desktop, mobile, or tablet software, you can choose an omnichannel experience that allows customers to use whichever one they want. This way, your entertainment platform will support all the devices your customers expect: Amazon’s Fire TV, Google’s Chromecast, Apple TV, etc. An omnichannel experience takes into account each platform and device that the customer will use to interact with the product and creates an equally effective and satisfying experience across all platforms at the touch of a button.

Set up Hyper-Personalized User Experiences

Keep track of your customers’ favorites and use AI recommendations to offer additional content that may be of interest to them. Create a content wishlist for them to save their favorites for later. And note, the more time they spend using your product, the more opportunities you have to grow your brand and increase your revenue.

What Type of Apps in the Media and Entertainment Industry Can You Create?

Well, that’s up to you. Consider which option is most suitable for your business. It could be an iOS or Android music streaming app, a social media app or Progressive Web App (PWA), or even livestreaming software or broadcast video recording on a desktop.

Amazing Entertainment Apps to Inspire You, Designed by VironIT

To help you with your software development, we have created a list of entertainment industry apps developed by VironIT that showcase mastery of UI and UX design. Feel free to choose your favorite software development concepts and implement them in your unique and innovative application.

Video Content Aggregator App

The streaming video market is overcrowded with content providers. As a result, users have to browse through many sources to find relevant content. This process can be tricky and time-consuming.

That’s why the client entrusted us to develop an application to simplify the process of finding video content.

As a result, we developed a video content aggregator application with a convenient search option that combines data from different sources into a single database. It helps users find any movie, TV show, or sporting event from streaming providers such as Netflix, Amazon Prime Video, Disney Plus, Apple TV+, and more. The service also provides complete pricing information for each option.

Music Video Network

The challenge was to develop a social network centered around music that makes it easy to create, share and discover professional-looking videos that can be shot in seconds.

Users are given the ability to record multiple tracks, just like in a professional studio, and then instantly edit them at the touch of a button.

If they don’t play an instrument, they can select their favorite song from their phone and dance along, sing along, or perform a multi-track a cappella song.

AR Fitting Room

The challenge was to create an AR app that allows customers to see an accurate reflection of how they’ll look wearing a particular item.

We brainstormed different ways to solve each pain point and created a virtual fitting room application. This project is built on the most sophisticated technologies: augmented reality and Microsoft Kinect. Augmented reality enables customers to see how they’d look wearing an article of clothing without having to try it on physically. As a customer, you can see yourself on-screen wearing a 3D copy of a dress. Kinect is used to take a scan of a body, then customers can select their choice of attire on a screen, allowing them to quickly find out how a piece of clothing will look on them.

Interactive Crime Novel

This project is a game in the crime novel genre in which the player solves numerous mysteries and can experience an adventure in an authentic historical setting. The main storyline of the game is linear, but there are many features, such as mini-games, scenes with hidden objects, and more.

The game was created on the Unity game engine using the C# language. We developed a unique design and added gameplay mechanics for the most player involvement. The basic game logic was created using external documents, which are converted into runtime scripts and form a complete game.

Swingculture Dating App

The customer’s goal was to create a dating app that offered more than simple swiping and included features such as video meetups and security checks. They wanted an app that could help people create relationships of any kind, even platonic friendships.

As a result, we developed a social media app with elements of a dating app. It allows users to search for a partner, chat, add friends, publish photos/videos, and view photos/videos of friends. People can sign in via email, phone numbers, or social media accounts. During the registration process, they answer questions about themselves and their hobbies and interests. The application is available by subscription.

Transform Your Entertainment Business Today

Almost every successful media and entertainment business is looking for new ways to increase brand awareness, attract a larger audience, and increase revenue.

If you also want to achieve new levels of effectiveness through custom media & entertainment software development services, please do not hesitate to contact us.

Our cross-industry experience allows us to more accurately define what can bring the greatest value to an entertainment project. We are tapped into the latest trends and can apply unique approaches that will help you stand out from your competitors.