Music was the best option to break down the boredom of many people during quarantine. Isn’t it? Melodious music connects souls, brings joy, and entertains everyone. Unfortunately, music streaming platforms have completely changed the way people enjoy their favored content.
Top players like Spotify, Pandora, Apple Music, and many others rule the market. Spotify is the leading player with 31% of the market share; Apple Music stands second with 15%, followed by Tencent and Amazon music with 13%.
Music streaming platforms are very popular because they offer great value and are convenient to use. However, many streaming business owners wonder why they must invest in streaming apps. This guide can help them know why they must invest in a streaming solution, which factors affect the development cost, and much more.
Why Invest in a Music Streaming App?
The global music streaming market reached around 29.45 billion in 2021; it is expected to grow at a 14.7% CAGR between 2022 and 2030. The growing digital platform penetration and increasing use of smart devices will boost the market growth.
Statista report shows that music streaming segment revenue will grow and reach around $26.61bn in 2022. Revenue is anticipated to show an 8.10% annual growth rate, resulting in increasing the music streaming market value by US$36.34bn by 2026.
The number of music streaming subscribers amounted to around 523.9 million, up from 487 million, which was measured in 2021. Paid streaming subscription has become a norm for many music lovers; however, the market experienced a continuous increase in subscribers over the last few years.
Music streaming apps earn massive popularity among users; growing popularity is a primary reason for businesses to invest in streaming apps. Evaluate a few more reasons that help you find why you must invest in digital solutions.
- Quick access
- Unlimited storage
- Social engagement
- Original content
- Premium prices
- Live to stream
Many companies are reaping the advantages of growing interest among users in digital music consumption, and market leader Spotify is not an exceptional one. Spotify spends millions on podcast strategy with the hope of generating more revenue and user base.
Spotify wants to make it easier for podcast users to find exclusive content on its platform. Getting encouraged by platform success, many streaming organizations are investing in a Spotify clone to give a digital touch to their business. The feature-rich solution makes it easier for them to manage everything right from their smart device.
Must Include Features of Music Streaming Solution
Music streaming platforms are gaining huge popularity due to advanced features like automatic playlist personalization, song recommendations, and easy connectivity on different browsers and apps. However, the increasing podcast genres on streaming platforms are propelling the market growth.
If you are looking to develop an app similar to Spotify, Pandora, or any other music streaming app, there are a few must-have features that you can’t miss adding to your business solution. You can consider include including a few important modules and features like:
- Easy Registration
- Quick Search
- Download Music
- Create a Lovely Playlist
- Secure Payment Gateway
- Profile Settings
- Feature-rich Dashboard
- Manage Users
- Earning Details
- Add or Manage Sub Moderators
- Audio Upload
- Manage Different Categories
- Manage Subscription Plan
- Explore Music List
- Shuffle Music List
- Social Media Login
You can choose to include more features in your streaming solution. The more features you integrate, the more you have to spend on the music streaming app development process. To get your development process completed within your budget, you can keep your platform simple at the initial level and introduce updates later on.
Cost Forming Factors of Developing Music Streaming App
An app can’t be built in one or two days; it is a long process. Moreover, there are lots of factors that affect the development cost; check a few of them right here:
- Planning and estimating
- Finding tech crew
- UX/UI Design
- Platform selection
- Getting licensed
- Developing features and functionality
- Backend integration & testing
There are many more on the list. You can launch your streaming solution and cover a large market with the support of an experienced music streaming app development company.
The music streaming industry is growing continuously. Digital streaming apps are considered the best entertainment tools for a new age. Teenagers and millennials are always craving for easy-to-use music apps; hence, launching your streaming solution in today’s digital era is a profitable idea. Feature-rich apps and websites will help you reach more people and grow your business revenue.
If you want to go online, Alphanso Tech is always happy to help you. Just specify your requirement, and our experienced and skilled developers will do the rest. They have years of experience developing an engaging and outstanding streaming app and website. Get in touch to have a price quotation and more information today. You can contact us at: firstname.lastname@example.org.
Gaurav Kanabar is the Founder and CEO of Alphanso Tech; an India-based IT Consulting company that provides PHP Ticket System and other app development services to individuals as per their specified demands. Besides this, the founder also loves to deliver excellent content helping readers to have deep insight into the topic.