Every entrepreneur dreams of having a successful business. Despite many efforts, some businesses will not be as successful as others. What makes a business successful is its unique features for the audience. In recent times, live streaming apps became a trend and made their way into the market. But none of them was as successful as Bigo live.
What is Bigo Live?
Bigo Live is an online streaming app-based from Singapore. It made its way into the market in March 2016 and since then became the most downloaded app. Currently, the app enjoys more than 400 million users in more than 150 countries. You must be wondering about the content the app offers and attribute its success to it. But let me tell you the app content is as mundane as everyday life. So, what is it that is attracting more and more people and making them get addicted to this app? Bigo Live is very popular in Asian countries. These apps are mostly used for timepass and even more. As soon as the user logs into the app, he will find a never-ending stream of broadcasters. These broadcasters are neither especially talented nor are they famous. Broadcasters use these apps to show their talents. Bigo live shows this content to other users to keep them engaged. The app doesn’t host any advertisements. But still, it manages to earn huge revenue every year.
The success of Bigo live has pushed many entrepreneurs to develop their businesses around live-streaming apps. Developing an app like Bigo needs proper research and understanding of how the app works. Click here for top bigo live clone. The app you develop must focus on features that made Bigo successful. The app’s success lies in creating interaction amongst the users. The app allows earning through referrals to other followers.
What makes users interact with an app like Bigo?
The popular live streaming app makes the interaction between users easy. It aims at providing the best user experience. This is the positive part of the app. Apart from these, the app has greatly implemented game mechanics. There are weekly events, hierarchies, chatting features that make the app even more engaging and addictive to the users.
How does an app like Bigo live make money?
As mentioned earlier, the app doesn’t host any advertising. One obvious way the app earns money is through gifting and microtransactions. But that’s not all. There is another hidden layer of incentives and rewards that drives monetization and keeps Bigo in the top. The app receives its revenue every time a user purchases diamonds and the app’s hard currency. These diamonds help viewers to buy gifts for their favourite broadcasters. It doesn’t end here. Once a broadcaster receives 100 diamonds, they get converted to 100 beans. These beans can be withdrawn into real cash. With each of these transactions, the broadcaster earns 16%, the platform receives a 30% cut and the app makes 54%. Bigo has worked further to increase this 54% figure that it earns. So, it came up with an idea and provided an option to the broadcasters to convert their beans into diamonds. These diamonds are then used to make some in-app purchases like subscribing to VIP status etc.
What is this VIP status?
The app offers VIP status to its users and the subscription comes in three tiers, each holding a value higher than the former. With so much crowd on the app, the VIP feature allows a particular user to get noticed amongst the crowd by their favourite broadcaster. Apart from this, the VIP users receive gifts on the renewal of their subscriptions. They even stand a chance to send a standout chat message. Bigo used its clever trick in pricing the VIP tiers and their renewal amount. The pricing for the top VIP tier is 49,000 diamonds per month. People who purchase this subscription are mostly bean-rich broadcasters. The VIPs can renew their status for 40% of the cost of purchase. The discount acts as an incentive for the VIPs to continue their subscription. Users spend immensely on the app buying gifts for their favourite broadcaster to get recognised by them. Bigo creates a kind of enthuse as people love to interact with unknown people and know more about them. It is this enthusiasm of the users that are helping Bigo to earn huge revenue every year.
Things to consider while developing an app like Bigo Live
There are certain things that you need to keep in mind if you are aiming to develop an app like Bigo.
Planning things out
It is necessary for you to have a clear plan for your proceedings. You need to analyze proper deals for your app and be sure of the features you want to offer. Have an estimate about the app development cost and try pooling in your resources accordingly.
Know how to deal with your competitors
Remember that there are many competitors in the market already. So, you should have a proper strategy in place to outshine them. You should focus on offering the right features and have a strong marketing strategy in place. Choose an app development company that fits your interests. Always stay updated with your competitors’ moves.
Focus on the Company
Once you have all things planned along with a proper marketing strategy, you need to find a company for developing your app. Be ready with some questions to choose the right development company. Look for testimonials from previous clients and choose a company that fits your interests.
How Much Does It Cost To Develop An App As Bigo Live?
Developing an app like Bigo from the scratch is both time-consuming and a costly affair. The app estimation depends on the features you are offering. If you are going to offer more features for your users, you need to invest more resources into the development of the app. The estimated cost ranges somewhere between $15,000 to $30,000.
However, you can always choose clone app services. Clone apps are legal and a copy of an already successful app. Clone apps are cost-effective and time-saving. You can choose a clone app and customize it according to your needs. However, do some research before choosing any clone service. Click here for top bigo live clone.