Why Music App Development Is a Successful Business Idea?

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Why Music App Development Is a Successful Business Idea?

If you are planning to build a music streaming app and the answer is yes, you are at the right place.

Technology has affected every aspect of our life, including how we listen to music. With advanced technology, our mode of enjoying music has also been impacted. Today, we listen to music via streaming apps without even downloading them.

Moreover, the music industry market size is expanding every year. The music app market study shows that the music revenue is higher than other services. When it was compared to other industries, many entrepreneurs were impressed by the growth of the music app industry and came forward to launch their music apps in the same sector.

Let’s look at the data of the music streaming app.

Revenue is expected to show an annual growth rate of CAGR of 5.51% by 2023-2027 resulting in the projected market volume of US$ 18.86m by 2027.

The most revenue is generated in the US about USD 6,031 in 2023.

In the music segment, the number of users is expected to be 104.1m users by 2027.

User penetration will be expected to hit 14.1% by 2027.

The above statistical report has proven that music app development is a successful business idea in the future of the music streaming industry. Therefore, if you have an excellent music app idea, it’s the right time to invest in a music app development company.

This blog will help you in the learning how music app development is a successful business idea. Now let’s start the blog with an introduction to music apps.

Brief About Music Apps

The music streaming application’s main purpose is to play the music that is available in the database of the service and suggest songs based on your users’ likes.

Today, there are so many music streaming apps available in the market. Music apps are great, they allow users to play any track with just one click. Users can easily access, any music faster and also provide access to infinite soundtracks that are available in the market.

However, if you are a 90’s kid, I am sure that you remember that we used to listen to music via CD players and after some time window media player is our savior in that time. Now, things are quite different, music streaming app development services have simplified the process of enjoying music.

Types of Music Apps

Music apps are easy to use and develop but when you want to develop a music app, first you have to know about the different types of music apps.

There are three types of music apps mentioned below.

1. Music streaming apps

Spotify, apple music are some apps that are ruling the music streaming app market, they have highly used music apps and most popular. The main task of this app is to play the music that is available in the music server database and recommend users to show similar songs.

Features of music streaming app

A search feature is the main element of user engagement in the app music available.

Recommendations offer users in getting relevant song suggestions.

Social networking is easy as the user can easily share the playlist via social media platforms.

Categorization and personalization are easy as they can sort the music by genre, period, mood, and tone.

2. Cloud Storage Apps

This category of apps offers cloud storage to users to store, organize and manage their music. Users can easily stream music from any location at any time. Audiobox is a popular example of a cloud music player.

Moreover, music app players like amazon music, google music are music storage apps that are directly plugged into your cloud storage.

3. Music Store Apps

Music store apps like YouTube, GarageBand, and Pandora are some examples of music store apps. These apps apply standard e-commerce engagement strategies, like special offers, bonuses, and seasonal discounts, and also you can build a music website.

However, monetization of these apps is easy as most of the users buy a subscription that opens up a way to premium features. Music store apps have some great features like anti-fraud features, payment system integration, social media platform integration, etc.

These are the three categories from which you can choose now let’s see the top industry leaders in the music streaming market in the next section.

Industry leaders in the music streaming market

If you have decided to develop a music streaming app, you need to do some research in the music streaming app market. By checking on your competitors and their industry standards.

Spotify

We all know about Spotify, the first name that strikes us when we think of music streaming apps. Spotify is the most popular music app across the globe that provides podcasts and audiobooks. Moreover, its annual revenue is continuously growing and the best feature of this app is that its recommendations are accurate.

Pandora

Pandora is the first music app that prioritized personalization and later Spotify and apple music adopted it. They use the best AI to make accurate suggestions and it’s free to use. Users can music without ads and can enjoy unlimited skips.

You can hire dedicated developers and launch successful music streaming app. Now the question is why they are quite popular, which we shall be discussing in the next section.

Why music apps are popular?

The main reason for the music streaming apps’ popularity is that users can access a vast variety of music tracks. By music app, users can listen to music at any location and at any time. Users can access millions of songs with different niches.

We have seen in the above section the most popular music streaming app. Spotify is the most popular streaming platform in the world that has 350 million users and 150 million subscribers.

Let’s look at some stats that show why music apps are popular.

The market size of the music streaming market worldwide is likely to grow at a CAGR of around 1.75

In 2023, the music streaming segment will generate $26.61 billion in revenue

User penetration is predicted by 9.4% in 2022 and hit approximately 13% by 2026.

By 2026, in this segment there are about 959 million users are expected.

Hopefully, by seeing the above data you can hire a mobile application development company and successfully launch a music app.

Why Music App Development Is a Successful Business Idea?

We have discussed in the above sections the popularity of music apps. Now, that we know music is the most popular industry that is evolving with time.

“20% of the population are accessing streaming apps daily.” So if you are planning to develop a music app. There is no better time than now, there are so many opportunities that one can explore in this industry. So, before developing a music streaming app you have to issue a public performance license, issued by PPL PRS for UK services and ASCAP, BMI, Or SESAC for the United States.

Moreover, many top industry leaders have chosen advanced technology integration in their music apps like VR, AR, AI, and 5G. So, there are always gaps for niches. That is why many entrepreneurs are coming forward to build a music streaming app and hire dedicated developers that help them in launching the music in the market.

Here are some real-life stories that help you in starting a successful music streaming app:

YouTube

Is the best platform from which you can enjoy streaming video, and music and can upload original content and share it with friends and family. Its website traffic is 35.2B/month and its Business ranking is number two.

Spotify

Already talked about Spotify and its [popularity as it is the most prominent music streaming app it gives a user access to millions of songs. Its website traffic is 384M/ month and its business ranking is 85 number. You can hire android app developers and build apps like Spotify for android users.

SoundCloud

It is a music app that has a podcast streaming platform that let the user listen to millions of song from around the world and also let them upload their music. Their website traffic is 150M/month and their business ranking is 114.

However, music streaming apps are hot trends and have numerous opportunities to earn millions of dollars. But beating industry leaders and gaining the attention of a larger audience is difficult if the plan has not been executed in the right way.

Wrapping u

This is the right time to invest in a mobile app development company, that helps you in building a music streaming app. As it’s a trendy topic nowadays. We hope that this blog will help you clear your mind that an exceptional idea is not enough for success, but executing it in the right way will bring success. If you want to know more, contact to music streaming app company.

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Niketan Sharma
WRITTEN BY

Niketan Sharma

Niketan Sharma is the CTO of Nimble AppGenie, a prominent website and mobile app development company

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