How is the Audio Streaming Market Profitable?
Are you planning to build a music streaming app similar to Spotify? Spotify is one of the top players in the audio streaming market with approximately 300 million users around the world. By the end of 2019, the revenue of Spotify was more than 6 billion euros.
To create an app like Spotify, you will have to consider various features that increase user engagement. Read on to know some tips to develop an audio streaming platform like Spotify.
Tips to Build a Music Streaming Website/App like Spotify
A few tips to create a music streaming app like Spotify are as follows:
Plan a Unique Audio Streaming Idea
The USP (Unique Selling Point) of your audio streaming platform will set it apart from others. The market is filled with various audio streaming solutions and you need to stand out to build an audience. Big players like Spotify offer engaging content at regular intervals to their users. Users will subscribe to your audio streaming platform only when you provide value for their money. Focus on designing an audio streaming app with unique features to make it stand out like Spotify.
Establish Yourself in the Audio Streaming Market
You need a well-defined business strategy for establishing yourself in the market. If you want to create a music app, you also have to think about marketing strategies that help in attracting an audience. To compete with various music streaming platforms in the market, you need to increase your market share with better market strategies.
Besides traditional marketing strategies, you also need to target social media sites and other digital channels to increase your market share. To make an app like Spotify, you need to partner with influencers and celebrities for brand promotion.
Choose a Suitable Licensing Type
If you want to develop an audio streaming app, you will need to choose a suitable licensing type. Various types of licenses for audio streaming platforms are as follows:
1. Sound Recording License
The audio recording rights for audio streaming platforms are determined by a sound recording license. It defines the interaction between the platform owner and the record label. You will require streaming permission for distributing audio tracks to listeners. Streaming permissions are provided by various regulatory organizations. The top organizations that provide streaming permissions are Warner Music Group, Sony Music Entertainment Group, and Universal Music Group.
2. Musical Composition License
The composition rights are either owned by the singer/writer or by the publishing agency. Composition in the music industry refers to the melody and lyrics for audio tracks. The musical composition license agreement defines the relationship between the composition rights holder and the music platform owner.
It is compulsory to provide royalties to the respective rights holders. Even a giant like Spotify has to provide royalties for sound composition and public performance. You can choose a licensing type based on the requirements of your audio streaming platform.
Key Specifications to Make a Music Website/App like Spotify
Some of the key features to consider for your music streaming platform are as follows:
1. Sign-up and User Profile
To create a music website/app like Spotify, you need to provide an easy registration process. You have to provide profile authorization via a unique username and the respective password for each user. Spotify allows its users to log in via their existing social media accounts, which boosts flexibility.
You also need to provide a personalized user profile to each customer. Users should be able to set their music preferences and recommendations. An effective user profile will allow users to save audio tracks and playlists.
2. Cloud Storage
You need a reliable solution for storing large amounts of data over the internet. If you want to build a music website/app like Spotify, you can opt for cloud storage services. Cloud services can allow listeners to access their user profiles via any device that supports the music streaming platform. As long as users have access to a stable internet connection, they can access their user profile from any device. With cloud storage, you don’t need physical storage servers for your audio streaming platform.
3. Search Bar
While music streaming app development, you need to integrate an effective search bar. Users should be able to search via music name, singer, album, and even mood. You can also provide an advanced filter for searching a song easily if only a few audio details are known.
4. Curated Playlists
To build a music streaming app like Spotify, you need to provide premade playlists. You can provide numerous playlists based on artist, mood, and genre to your users. You can also allow users to build their customized playlists based on their preferences.
5. Audio Library
You need to provide a customized storage solution to your users. Users should be able to manage their music preferences and favorite channels. You can also allow users to add their own music if it is missing in the library of the music streaming platform.
Choose Your Monetization Model
If you want to create music streaming app, you can choose from the following revenue models:
1. Subscription Model
The subscription model asks users to pay for monthly/yearly access to the audio streaming platform. Paid subscription forms up to 90% of revenue collected by Spotify. You can also gain subscriptions by providing quality audio content to users.
2. Ad-based Model
An ad-based model will induce advertisements in between audio streaming as per the provider’s choice. To remove advertisements from music streaming, users will have to pay the publisher.
How Much It Costs to Create Your Own Music App?
The cost will depend on the features you select for your music streaming platform. Usually, the tech stack decides how much it will cost to build a music app. In-house app development is costlier than partnering with a reliable platform provider.
Do you know how to create a music website/app at less cost? Well, you can contact a white-label audio streaming platform provider for slashing costs. Build your own Spotify now!