Millennials spend a majority of their day looking at smartphone screens. The advent of on-demand services have made them spend more hours with it. Most entrepreneurs have taken their business online to survive in the market. They are using social media, and other platforms as a tool to promote their business in the online sector. Almost everyone has started to shop online as it is convenient and cost-effective. The needs of consumers are chaotic in nature as it keeps changing forever. Only the entrepreneurs who identify it can streamline the potential to boost their revenue.
Humans have always been surrounded by emotions in all forms. Music is an universal emotion as it is liked by people beyond all differences. It is one of the few things that has emotional and commercial value in it. A song will have so many layers underneath it and can invoke years of memories. With on-demand music streaming apps like Spotify, the users can listen to their favorite music from anywhere.
The approach by iTunes has changed the landscape of the online music industry. They were the first ones to offer options for people to buy a single track instead of buying the whole album. This approach has kickstarted the development of several music streaming apps. Gradually music streaming apps entered the market and changed the way people listen to music. People no longer have to buy tracks, instead they can listen to it anytime.
The entry of on-demand music streaming services have pushed the sales of physical music CDs to its depth. Today the sales have almost dropped to zero as people listen to music on mobile apps. The growing mobile technology and faster internet speeds has made people from remote areas to access music on these platforms easily. Today’s smartphones have more processing power than Apollo 11, that put men on the moon. The mobile connectivity options lets users carry millions of songs in the pocket without having to dedicate a single byte of storage.
The music streaming industry has been growing steadily over the years. Experts have predicted that the total revenue of the industry will exceed $10 billion in the next two years. They have also estimated that about 1/7 of the world population will start using music streaming apps by 2024. These figures are calculated by the current growth rate and it is subjected to change in the future due to unforeseen reasons. These numbers favor musicians and other people in the music industry. This decade will be the rise of more independent artists based on their uploads in these platforms.
The competition in the music streaming industry is not very high as the existing providers have earned their brand value. So if you are planning on getting into this industry, you should build a spotify clone app. It will be designed light and flawless for the customers to get the best user experience. It comes preloaded with the basic features to run a music streaming application.