The audio-streaming industry is surging massively in recent years. With music being an integral part of people’s lives, they prefer to hear their favorite tunes on any given day and time. This demand is one of the main reasons why apps like Spotify, Wynk Music, Gaana, etc., gained tremendous positive response from the audience.
If you are an entrepreneur aiming to introduce your Spotify clone but hesitating to invest in this sector, this blog provides you the market growth of the audio-streaming sector and the multiple ways of revenue generation.
The market forecasts massive growth
The global subscriber base for the music streaming market will reach 2.81 billion by 2025 (Source: IFPI).
The market will reach a significant value of $17.50 billion by the end of 2025 (Source: Reuters).
In the US alone, the number of digital music users amounts to a whopping 186.7 million (Source: Statista).
Spotify is currently occupying the top position in the industry, with 200 million active users. The platform has more than 109 million paid subscribers as well (Source: Billboard).
Of the total Spotify users, 72% are millennials. This stat proves the fact the sector will grow in the upcoming years (Source: Adweek).
Generate income from a variety of sources
From an entrepreneur’s perspective, it is pointless to invest in a platform that doesn’t promise a sound ROI. Some of the income-generating ways include,
Subscription plans: You can roll out numerous subscription plans with enticing benefits to your customer base. As your customers avail them monthly/yearly, you’ll gain a steady income source.
In-app ads: Commercials are a great way to monetize your platform. You can generate income for third-party ads based on views, impressions, clicks, etc.
Wrapping up,
With the audio-streaming market growing exponentially and numerous ways to yield profits, have no second thoughts about introducing your Spotify clone app. Initiate your app development today!
