Audio streaming apps: Personalizing Entertainment
Online audio streaming platforms are one of the fastest growing entertainment segments, with a potential growth of $10 billion revenue earning by 2023. Marking this transition of the listeners to online streaming consumption, is the growing popularity of audio streaming apps like Apple Music, Spotify and Pandora. As a result of this unprecedented demand for apps, several whitelabel software products have arrived on app stores. These pre-built software products have become market changers in this segment. They have a ready-to-launch framework that supports multiple features such as customizing content, supporting multiple devices. You too could be part of this profitable market by building your own audio streaming apps!
Read on to know more about the audio streaming apps industry, build your own audio streaming app and monetize it…
Audio Streaming Apps: Market Overview
Use of audio streaming apps is on the rise indicating consistent revenue growth:
- In 2020, revenue from music streaming subscriptions grew by 70-percent flagging the poised-for-expansion phase of this market.
- Average revenue from every user is in the range of USD 26
- User penetration is 29.4% in 2021
- Annual growth rate of revenue in a year is 12.7%
- In 2021, the market share of audio streaming platforms in the USA is $10,691 million.
Audio Streaming Apps: Market leaders
The audio streaming apps market leaders are:
- It occupies 36-percent market share
- Has best User Interface and search features
- Free-to-air songs are low quality at 96-kbps
- In $10-per month subscribers and premium tier advertisements are absent
- Streaming is at 320kbps for paid subscribers.
2. Apple Music
- This service has 60 million subscribers and is steadily growing at 16% of subscribers.
- $10-per month subscription is for 20 million lossless quality tracks, 256kpbs.
- 70 million lossless tracks to be available by 2021-end.
- Limited Dolby Atmos-supported tracks.
- Pandora has 6.3 million paid subscribers earning revenue of $1.69 billion, but is losing subscribers each year.
- Free-tier is ads-heavy.
- $5-monthly subscription rids advertisements.
- The $10-monthly subscription is premium offers; however streams at 192-kbps.
4. YouTube music
- Slick interface
- Song and band recommendations are good
- Vertical window for song queue
- Industry reports show that new music subscribers grew to 100 million in 2020
- Free tier services have an issue, as the songs stop playing when another app is opened
Though there are an abundant number of players in this segment, technology-driven audio streaming apps will have an edge. Your app could be one of them…
Building your own Audio Streaming Application: Why do you need to do it?
Given the popularity of audio streaming applications, building your own audio streaming app with unique features is an opportunity not to be missed.
The demand for audio streaming applications is being driven by the following reasons:
- Mobile users are using audio streaming apps to add another dimension to it – Listening pleasure
- Users are able to easily access the internet
- They can also personalize their listening experience
- Access massive audio playlists
- Audio content can be used on multiple devices
- Uninterrupted services
For these reasons streaming apps have a huge market and launching your own audio streaming app should become a primary strategy.
Know more about building an Audio Streaming App!
Availability of ready-to-use white label products for audio streaming app-building is an opportunity for entrepreneurs. These products are pre-packaged software of an app framework which is easy to install. Such apps can be built in a couple of hours to a few days, depending on the features you want to include or exclude from your app. White label products are cost-effective with added features like performance analytics to drive more users to your app. With the arrival of dedicated Over-The-Top (OTT) platforms for audio streaming, revenue for the on-demand content subscription has increased substantially.
How to make money from your own Audio Streaming Apps
You can monetize the audio streaming app in the following ways:
Advertising can become a major source of revenue on your app. Though advertisements are not a very satisfying experience for a listener, free access to the content is the incentive.
- Paid Subscription
Paid subscription allows users to listen to curated audio content for a fee on your app. Online payment methods for debit card/credit card/UPI should be included.
- Promotions & coupons
In this type of monetization, apps can also promote an artist and charge the artists. This is most used by SoundCloud, a trending audio streaming app. New artists are featured on this app and their songs are promoted.
- In-stream audio ads
In this type, “in-stream” audio ads are part of the stream itself. These advertisements are used with live content, downloadable streaming content or archived content.
How much will it cost to build your own Audio Streaming App?
Most App development processes are priced at $30-$40 per hour. This cost also depends on the city in which the app developer is located. Other costs that will need to be considered are Quality Assurance services, Testing services, UX, and UI designing. Partners in music app development, partnerships, different number of mobile OS platforms for apps will also drive costs. Cost of Analytics is a very important part of app development expenditure. Analytics helps to determine the performance of the app. Approximate price of building an app may vary from $10,000 to $20,000.
Why is building your own Audio Streaming App highly recommended?
Consumers are listening to not only music on audio streaming apps, but audio books, podcasts, plays and other diverse content. These apps offer high-quality digital audio, leading to increased audio content production. Thus, the timing to build and launch audio streaming apps is now right.
It is recommended that you use a white label product to build your own audio streaming app as these products have inbuilt features and services that are low-priced. Advanced technologies like data analytics, strategies, multiple device support, CMS payment gateway are core features.