Music eases out the stress and brings peace and joy. There are too much of music streaming apps in the app stores with the advent of technology. This paves the way for music lovers to listen to their favorite songs. Such apps offer convenient access to the users to listen to available songs.

As everyone has a busy schedule, most of them hardly have time to search for their favorite songs, make a playlist, and listen to them. In the music apps, they can listen to the songs with a few taps on the much-liked or trending songs displayed on the home screen.

The app offers seamless connection even on low bandwidth. This is the foremost reason behind the prominence growth of music streaming apps. Yes, the demand for such apps is at a peak nowadays. Therefore, it paves the great opportunity for entrepreneurs who come up with Spotify Clone and plunge into the online music industry.

Interesting stats of the music streaming apps

As mentioned earlier, the growth of music streaming apps is immense. Now, let’s look deep into the stats to prove the statement.

The recent statistical report shows that the revenue of music streaming apps has crossed 500% from the year 2014 to 2020.

Since 2019, the growth of such apps in terms of revenue has been expected more than US$100 billion on a yearly basis and going up to the year 2023.

The constant increase in the number of active users ensures that there will be recurring revenue from the music app in the coming years.

Spotify – The most popular music streaming app globally

It is known that there are several music apps in the app stores. Some of the popular music streaming apps are Spotify, Pandora, Apple Music, Sirus XM, YouTube Premium, Google Play Music. Among these, Spotify is the well-known music streaming app that is widely available for global users. As of November 2019, it has 100 million subscribers. At the end of 2020, it has gained more users with 155 million subscribers. In 2020, its revenue was $7.8 billion, with an operating loss of $581 million.

As of March 2020, Spotify has more than 356 million active users, including 158 subscribers. It is available in most regions of Europe, America, Oceania, some parts of Africa, and Asia. It follows a freemium business model in which free users can avail the basic features and subscribers can avail all the features, including several benefits like ad-free songs.

According to the recent report, Spotify company launched in a newer market and witnessed a surge in user growth in the United States and India. Since its service launch in new countries, there is a projection that the growth of it will be predominant in Latin America and Europe. As of March 2021, its revenue rose to 2.15 billion euros from 1.5 billion euros.

Also, the company had launched a paid subscription form for podcasters. This challenges a similar music streaming service like Apple. It is estimated that the overall number of monthly active users will rise to 356 million.

How will you be benefited from developing music streaming app like Spotify?

These days, we hardly see people preferring cassettes and records music of their favorite artists. As the world is shifting towards the digital space, it has revolutionized the music industry with the evolution of music streaming apps. Now, they can listen to songs from their smartphone anywhere at any time.

The convenience has made the option to choose the music app as they can listen to various genres. Also, the app offers sufficient options for music lovers to listen to the songs as per their tastes and preferences.

It is obvious that, getting into the online music streaming service industry is a massive opportunity as it brings more profit. The demand for digital music has surged and it continues to increase in coming years as people are showing more interest in the music streaming app.