I give up...
Think I'll wait until I see it working. When are you going to launch the app?
Actually Mike you have already...
(well, maybe not you in the PRC, but the rest of us have)
What Jacob has done, is he's invented Netflix again.
There's a couple of bits of his design that he needs to flesh out, but apart from that its all there.
Now, Others have done this, but (unlike Jacob) they have completely floughted copyright law and their plan is to try and keep one step ahead of the law, until they retire from the game or are caught.
That doesn't seem to be Jacob's plan at all. His seems to be
1) obtain media (motion pictures etc) that he wants to share
2) Store them on his own device
3) Produce a simple client app that others can use to find those movies easily
4) Share them from his own device
5) Make people love him for providing such a wonderful service and a great choice of movies.
Now there are a few steps to go through before he gets to step 5.
1a) Get the agreement from the copyright holders that he's allowed to do this. Netflix have found this possible. And it involves handing over a pile of money for this. Sometimes the pile of money is larger than the others, sometimes even a pile of money isn't sufficient to do this as exclusivity deals exist, which is why some of the shows I want to watch are on Amazon Prime instead.
1b) If you own the copyright, you can shortcut this... which is why Netflix are now making their own content. How talented is your cat? do you have any entertaining robot friends who like discussing movies?
2a) As others have mentioned, this may be a problem for your phone. In fact if you are sharing this with a lot of people the ARM processor in your phone might not be up to the job... and you might need more storage space.... and maybe some more memory.... and a bigger network connection.... and some more power than a 3200mAH battery... and maybe a more server like device.... and... well you can see where this is going. From a technical point of view, netflix have a massive server farm doing this
3a) see the netflix App/browser app/ ios app/smart tv/chromecast etc....
4a) you're going to need bandwidth... particuarly upstream, you may want to check what your broadband conection will do. Normally you get more down than up, thats not going to help you here. And Bandwidth caps... and its going to have to be able to be done fast with limited latency.... Netflix have found they can ramp up/ramp down resolution when bandwith gets tight at the client end.
4b) Copyright issues.. see 1a, part of the pile of money deal may involve paying the holder per stream.. , see 1a/1b
5) in order to do this, you do need to be able to generate the monet for the movies in 1), the hardware in2), the client in 3) and the bandwidth in 4.... hopefully people will love you enough each month to provide the revenue for this.
Good luck,and enjoy all that love