Gone are the days when people used to struggle with walkman, radios, CD players, and other devices to listen to their favorite track. With the transformation of technology and modern applications, it has become easier for users to listen to their favorite track.
Now there are tons of music streaming apps available on Play and App Store. Already the revenue of the music streaming app industry reached $16,632 million and the figures continue to rise exponentially. It is expected to increase by a CAGR of 5.8% till 2024. The industry leaders such as Spotify and Pandora have gained huge popularity because of the convenient nature and unique features offered by the platforms. Therefore, becomes the need of the hour to offer an effortless user experience.
Want to learn more about music streaming applications and how to develop one? Well, the blog offers you all the details along with the statistics, figures, features, and cost of developing an app like Spotify.
Music Streaming App Market Overview
The applications have gained huge popularity and the reason being the convenience of use. Read out the stats and understand the growth of music streaming app
- The live-streaming market is expected to grow by $34 billion by the end of the year 2030.
- Spotify claims to have a 36% of the market share of subscribers, and that is a huge number.
- Apple claims that around 60 million users are paying for the Apple Music subscription.
- The revenue of the music streaming apps would be larger than the entire recorded music market by the year 2022.
The facts, illustrated above, indicate that the streaming industry has shown exponential growth. And looking at the revolution in the music industry, it has become vital to develop your music streaming app. The leading industries in the market have spent years acquiring a user base and this is the reason why they stand apart in the competitive market.
How to create your music streaming service?
To develop your own music streaming application, you must have an idea of how your app will look like and what all you want to integrate. Proper analysis and research while checking popular platforms like Spotify, Apple Music will help you.
Taking all the features into considerations about the features and experience, you can set up your goal and have a clear understanding of the project. Deep competitor analysis and planning out strategies would help you stand out from the rest.
Types of Music Streaming Apps
The leading on-demand streaming apps are available in different formats. There are two types of music streaming applications in the market. Let’s talk about these two types of streaming services in more detail.
1. Radio stations
One of the leading examples of such an app is Pandora. Now you can play songs as per your personal preferences. It allows you to create your station based on genres, albums, songs, artists, and bands. Also, it keeps the cost down as compared to the on-demand streaming services.
2. On-demand streaming services
One of the unique examples of on-demand streaming services includes Spotify. Spotify has gained huge popularity, especially during the pandemic, as it offered the users to play songs of their choice instantly. The app also offers subscriptions that offered unique features for its subscribers.
Most Popular Music Streaming Apps
1. Spotify
Spotify is the most trending application that is growing fast, offering a selection of music at no cost. It offers both free and paid subscriptions. Free account has simply the basic features. Users can get unlimited access to all the features with premium accounts.
2. Pandora
Pandora is another competitive app in the market that offers the best music quality and music customization to the users. What makes it different is that it is based on a recommendation system. It offers both free and premium accounts to users.
3. Apple Music
Apple has created a platform for the users that offers the best features and usability, therefore considered the second-best streaming platform after Spotify. It offers both monthly and annual based subscriptions for the users. The users can buy the plan as per their willingness.
Things to consider while developing a Music Streaming App
1. Identify the type of music app you want
This is the most important factor. Choose both types of plans for the users-free and paid. Allow the users to also upload their podcasts, music files, and stream wherever they want. The kind of app you want to develop for the users finalizes the further more steps.
2. List down all the features
The choice for the technology needs to be made as per the music app. You can discuss your requirements with our expert team and they are always up with their suggestions and improvements.
3. Choose Cloud-Based Storage
Cloud-based storage or servers such as Spotify are the best for your music streaming app development.
4. App Development Company
The development company with expert developers, designers, and prior experience in developing music streaming apps will help you develop the most competitive apps in the market. You can look out for their portfolio for the same.
Crucial Features for a Music Streaming App
1. Registration and Login Authentication
This is the most crucial step that helps to build strong communication and offer a personalized experience for the users. It asks for email, phone number, and other details. The user can also sign in via social media credentials such as Facebook.
2. Advance Search
It is one of the most in-demand features that let users search not only by the song name or artist but also by mood, genre, remixes, etc.
3. Music Categorization
It allows the user to search for the track they are looking for. They can categorize the music by playlist, popularity, and other recordings. It is an important moment that impresses the customers and helps in their retention.
4. Playlist Creation
The users love to create a playlist of their own so that they can listen to their favorite track. Self-created playlists make it easier for the users to find their music and play it whenever they like.
5. Online-Offline Music Streaming
Nowadays, dual streaming is in trend. The users can connect to the library of music files when they have perfect Internet access. It should also have an offline mode if the users do not have Internet connectivity too.
6. Playlist Sharing
The users can share their playlist that allows user-to-user interaction. Here, one user can connect with others and share their playlist with them anytime.
How does the Music Streaming Apps Make Money?
1. Subscription
The first monetization model is subscription-based. This model allows the users to use all the basic features. With the subscription-based model, the users can listen to their favorite track without any interruption, with no ads in between, play tracks even if you are offline, and play any track in high quality. The users only need to pay an amount for such a plan. Also, you can offer access to the app for the users who buy a subscription plan.
2. Advertisements
It is the most traditional way to monetize Freemium apps. Users can get exposed to banner ads while listening to the music. Upgrading to paid accounts removes the ads.
The Final Price for Developing a Music Streaming App
Now it's time to come to the actual work the clients are most worried about. The cost of developing an app is a major concern, and it varies. There are a lot of factors for you to consider:
- The Technology Stack
- A platform for App Development
- Hours for development
- UI/UX design
- Frameworks and libraries integration
To Conclude
The industry is growing, and so is the demand. If you are planning to develop a music streaming app for the users, then you should not delay, because this is the right time!
As already discussed above, the statistics of the music industry app, the app market continues to rise. But there are many competitors too! To achieve success with your app development project, you need to stay ahead of your competitors and offer users more robust features.
The most important thing is the development and OZVID Technologies is here to help. Develop music streaming app with us and sustain it in the market despite the most popular music streaming apps!
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