Create a video streaming website in 2023 requires careful planning, technical expertise, and a deep understanding of the video streaming industry. Below, I'll outline the steps to build such a platform and discuss the benefits of embarking on this endeavor.

Step 1: Market Research and Planning
Start by conducting thorough market research to understand your target audience, their preferences, and competitors in the video streaming space. Identify a niche or unique selling point for your platform. Create a business plan outlining your goals, monetization strategy, and budget.

Step 2: Content Licensing
Acquire the rights to a diverse library of content, including movies, TV shows, documentaries, and original programming. You can partner with content creators, production studios, or acquire existing licenses.

Step 3: Technical Infrastructure
Set up the technical infrastructure required for video streaming. This includes:

Content Delivery Network (CDN): Use a reliable CDN to ensure low-latency, high-quality video streaming to users across the globe.

Video Encoding: Transcode your video content into different formats and bitrates to accommodate various devices and internet speeds.

Database and Server: Build a robust backend with servers and databases to manage user accounts, content metadata, and user interactions.

Step 4: User Authentication and Management
Implement user authentication and management systems. Users should be able to create accounts, log in, and personalize their streaming experience.

Step 5: Payment Gateway Integration
Set up a secure payment gateway to handle subscription fees or pay-per-view transactions. Ensure user data security and compliance with relevant regulations like GDPR or CCPA.

Step 6: User Interface and Experience
Design an intuitive and appealing user interface (UI) with an emphasis on user experience (UX). Make it easy for users to search, discover, and watch content.

Step 7: Content Recommendation
Leverage machine learning algorithms to provide personalized content recommendations based on user behavior and preferences. This enhances user engagement.

Step 8: Monetization Strategy
Choose your monetization model, whether it's subscription-based, ad-supported, or a combination. Implement ad-serving solutions if applicable.

Step 9: Content Management System (CMS)
Develop a CMS to manage content efficiently. This includes uploading, scheduling, and categorizing content.

Step 10: Mobile Apps and Devices
Build mobile apps for iOS and Android platforms, as well as support for various streaming devices like smart TVs, gaming consoles, and streaming sticks.

Step 11: Testing and Quality Assurance
Thoroughly test your platform for bugs, performance issues, and security vulnerabilities. Ensure it works seamlessly across different devices.