With the transformation of technology and the emergence of mobile apps for every need, it has become easy for people to buy products or avail of any services. The same applies to music streaming services.
At present, Google Play Store and Apple Store are filled with loads of music streaming apps. Among these, Spotify, Wynk, Pandora, and Gaana are the most popular music apps ruling the industry.
Even though there are plenty of apps introduced in the market, there is a space for new music apps as people have adapted to such apps for listening to music in their leisure time. This blog will give you valuable information about key aspects to consider while developing a music app.
Music streaming industry – A glance
The following interesting stats and facts of the music streaming industry will inspire you to enter this industry with an app.
- The net worth of the music streaming industry is estimated to reach $23,229 million by the end of 2021.
- Furthermore, experts said that this industry’s value might reach $33,673 million by 2025, with a Compound annual growth rate of 9.73%.
- In comparison, most of the revenue comes from the United States. It is valued at $8669 million in 2021.
- Despite this, the number of active users of music apps is expected to reach 913 million by the end of 2025.
These interesting stats show that the music streaming market is flourishing and will continue to grow in the forthcoming years. Therefore, there is no doubt that launching a music streaming app will be sure-fire.
Diverse business models of music streaming apps
If you have an idea of getting into the music streaming industry, you should be aware of the business models. It is not advisable to get into a new field without prior knowledge. Two common business models of music streaming apps are discussed below.
A perfect example of a Radio stations business model is Pandora. It will provide a personalized music experience to the users. However, they can create their own station based on their preferences like songs, albums, genres, and many more.
Spotify, a good example of an on-demand music streaming service business model. This facilitates the users to enjoy playing music as per their wish at any time and anywhere. Ensuring their smartphone has a stable internet connection. They can even listen to the songs offline after downloading.
With its business model, Spotify has witnessed vast growth, reaching 365 million monthly active users in 2021. Moreover, one such reason behind its growth is Covid-19. If you aim to launch a music app, replicating the existing successful business model – Spotify will be a great advantage for your business.
Consider the following aspects to develop a music app like Spotify
- In-depth market research
The foremost thing to focus on is to determine a set of audiences to target. When Spotify was introduced, there was no competition in the music streaming industry. Whereas, the situation has now changed as this industry is loaded with popular apps. It isn't quite easy to compete with other big players. So, it would be useful when you have done competitor analysis and note down their strengths and weaknesses.
- Feature-set integration
Once you have a clear idea about a business model you need to implement, you must choose the right set of features for your Spotify Clone app. A few of the must-have features are as follows.
Quick registration – It is the essential feature, in which the users have to provide an email address or phone number for a signup process.
Social media login – Also, facilitate the users to finish the onboarding process via their social media accounts like Facebook.
Search – The advanced search allows the users to search for their favorite songs by applying filters.
Create a playlist – They can create their own playlist with their favorite songs and listen to them hassle-free. Thereby, they do not need to spend time searching for that particular song.
Share a playlist – This feature will enable the users to share the created playlist with their friends within the app.
Besides integrating the essential features, it would be good to include unique selling points. Based on your target audience, consider implementing new unique & advanced features.
- Sources of revenue
After that, you should decide which strategies to follow for generating revenue from your Spotify app clone.
A subscription-based revenue model is a common way to have consistent income. In this, users can avail of a subscription plan and enjoy songs without interruption. They can even listen to their favorite songs offline and play songs of high quality. You can fix a certain subscription fee for the users and let them pay on a monthly or yearly basis.
Advertising is an effective way to earn revenue only when the app has caught the attention of a broader audience. You can let third parties or advertisers display banner ads on your platform. Charge them based on the impressions or clicks.
- Selection of the app development company
Once you are sure about planning how your app should be, it is now time to implement it. For this, you have to hire an app development team or approach the company. Ensure to choose well-experienced developers so that your app is crafted in such a way that it can stand apart from your rivals.
Hopefully, this blog has given valuable insight regarding the aspects you need to concentrate on while developing an app like Spotify. In a nutshell, the music streaming industry has witnessed astonishing growth, which will continue to surge in the future.
As mentioned in this blog, the impressive stats prove that launching a music app is a profitable niche. Hit the market with a Spotify app clone right away! Ensure to perform proper research, approach a suitable technology partner, and get your app crafted based on your business requirements.