What to Know About the Music Streaming Global Market?
Who doesn’t like to listen to music in 2021? Gone are the days when we downloaded music tracks to access them later. Nowadays, people use an audio streaming platform to listen to on-demand music.
By the end of 2020, the global music streaming industry was already worth more than USD 20 billion. The net worth of the global music streaming industry will continue to grow with a CAGR of 17.8%.
The number of smartphone users is increasing every day on a global scale which is also increasing the demand for audio streaming platforms. Do you want to create a music streaming app and build a user base? Let us know how to build a music streaming website.
How Can I Benefit from Launching a Music Streaming Platform?
Why build an audio streaming website/app in 2021? Well, technology has taken over the globe and, it can be seen in the music industry too. We don’t see many people using cassettes or DVDs nowadays. People like to listen to music on their smartphones which they keep 24*7 with them.
Music streaming platforms such as Vplayed.com allow users to listen to music based on their preferences. With flexible music streaming options, you can launch an audio streaming solution and build a vast userbase. It is the right time to undergo digital transformation and launch your audio streaming platform.
Points to Consider Before Starting the Development Process of Music Streaming App
Things to consider before starting the development of your music streaming platform are as follows:
- Distribution License
Your customers will not buy the music on your streaming platform as they only pay for listening to it. However, the platform owner has to obtain a distribution license from the regulatory organizations. The license-providing organization can vary based on your geographic location. One can get into serious legal trouble if the required distribution license is not obtained.
- Operating system
How to build a music streaming app that can gather a vast userbase? Well, you need to target users that use different operating systems. For example, you can develop a music streaming platform for both iOS and Android users to have a larger target audience.
- Platform Design
The design of your audio streaming platform will play a crucial role in its popularity. The top audio streaming platforms in the market have an intuitive design that improves the customer experience. From the user interface to UI/UX design, you should consider having an effective design for your streaming platform.
- Storage Solution
How to make a music streaming app and provide seamless audio tracks to listeners? Well, you need a reliable backend server for providing a seamless streaming experience to listeners. You can choose to store the data in physical storage servers or go for a cloud storage solution.
- Tech Stack
Monetization Options for Music Streaming Services
- Advertisement Model
How to create a music streaming app and collect revenue via ads? Well, you can provide advertisements in between the content to customers. Businesses/brands will pay you for broadcasting their ads on your music streaming platform. Make sure you choose the right time to put ads on your streaming platform. For example, you can place an ad at the beginning so, it does not hamper the streaming experience.
- Subscription Model
You can sell subscriptions for your audio streaming platform at affordable rates. During the subscription tenure, users will have access to all the music tracks on your audio streaming platform. The duration of your subscription plans can be monthly, yearly, or quarterly. Subscription monetization platform has proved to be useful in the video streaming industry and is being adopted in the audio streaming industry too.
- In-app Purchasing
You can allow users to pay only for a particular playlist or artist on your music streaming platform. In-app purchasing allows users to pay for a particular selection without navigating to a third-party payment portal.
- Freemium Model
A music streaming platform with a freemium model offers free music access to listeners as long as they are happy with ad interruptions. For removing ad interruption, users will have to pay the platform owner. You have good chances of converting listeners to paid customers via a freemium model for a music streaming platform.
In a Nutshell
Are you still searching for ‘how to make my own music app’ on the internet? Well, you can contact a white-label audio platform provider to develop a customized streaming solution. Better business strategies can aid in building a vast user base for your audio streaming platform.