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It wouldn’t be far-fetched to say that everyone enjoys music. Well, almost everyone. Roughly 7.11 billion people listen to music, spending an average of 961 hours and 10 minutes per year on this activity. Considering this, it should come as no surprise that many want to learn how to make a music app and capitalize on such demand.
If you’re among them, this article is for you.
As a company specializing in media and entertainment software development, AnyforSoft is here to guide you through the audio streaming app creation process. In this article, we discuss all the crucial factors you need to consider to build a successful software product.
Music Streaming Market Overview
Before diving into music streaming app development, let’s look at some curious market statistics:
The market is expected to reach $18.56 billion by 2027.
Music streaming applications are projected to amount to 1.12 billion users by 2027.
By share of subscribers, the current music industry leaders are Spotify (30.5%), Apple Music (13.7%), Tencent Music (13.4%), Amazon Music (13.3%), and YouTube Music (8.9%).
Music streaming apps generated $25.1 billion in revenue in 2021, which is a 32% increase compared to the prior year. Almost half of the revenue came from the United States.
82.1 million Americans have a paid subscription to at least one audio streaming app. Interestingly, the main reason for subscribing is to avoid ads while streaming.
Paid subscriptions account for 78% of streaming revenue. As for ad placement, it brings 13% of revenue.
As you can see, the music streaming market is flourishing so if you manage to create an application that stands out from the competition, you will definitely get your share of the pie.