Top 5 music streaming trends you should pay attention to in 2022
Audio streaming platform is a new and convenient solution to access and listen to an unlimited music library. The music streaming trends in industry is booming, online stats reveal, ‘’Global music subscribers surged 26.4% to 523.9 million during the Covid pandemic.’’
So, if you’re looking to invest in your music streaming services, this blog covers everything you need to know about online music streaming.
What Is Online Music Streaming All About?
Streaming music services allows you to listen to music via an audio streaming platform. This platform aims to eliminate the need to download any songs and then listen to them.
A popular example of online music streaming is Spotify.
Today, music streaming services are no longer limited to songs alone, there are podcasts too that also contribute to the platform’s growth.
The convenience streaming music services have brought about has made lives more manageable with a single click. The audio streaming platform can be accessed anytime, and with a suitable monetization model, business owners can enjoy a good revenue increase.
So, how does music streaming work?
Functions Of Online Music Streaming
As a business owner, multiple people are involved to create a music streaming app or platform. For instance, to stream music, you need first to pay a license fee to the music providers so that they can share the music records that will be streamed on your audio streaming platform.
Apart from this, as stated earlier, the audio streaming platform isn’t limited to music alone, there will be audiobooks, podcasts, etc. Thus those offering the services that business owners like you can earn via the subscriptions of your audience or by advertising.
As a business owner, you can charge a fee for anyone who wishes to use your audio streaming platform. You can decide which content will be exclusive, which content is free to use, where you can place your advertising, etc. Here, a pro tip could be watching your platform analytics to enhance your offerings better.
What Are The Types Of Online Music Streaming Services Available
1. Spotify
Spotify is a popular name when anyone is thinking about an online music stream. The brand has a separate category exclusively for those looking for a convenient and valuable audio streaming platform. Spotify today is the number one online music streaming service. Users can access a range of audio libraries that contains everything from podcasts to music and more.
Apart from Spotify, other brands are in line with this competitor. Let’s understand them better.
2. Popular Brands
Multiple brands are available in the market. These brands are mostly known for their offerings with regard to online shopping, etc. However, they are competing with Spotify as they also have started to offer online audio/video streaming platform. Users here prefer them better as they receive these offerings in an affordable package. Popular examples here are Amazon Music, Google Play Music, etc.
3. Home Brands
Another player in the market are popular home brands. To name a few are Gaana, Wynk, Yandex Music, etc. These home brands are a popular choice for multiple reasons, such as affordable streaming fees, free downloads, free access to a host of audio content, etc. These home brands are also convenient and simple to use, making them a good fit for those who aren’t online savy.
4. Dedicated music streaming
Wouldn’t it be great if rock music lovers had their own dedicated audio streaming platform? This is exactly what we are talking about in this category. Every user will have their favourite music niche which they listen to. Such users will always prefer to listen to these types of songs only. Thus, multiple online streaming services are available that cater to specific music genres. While this may seem limited, it is a hit amongst such types of music lovers.
5. Half music streaming
Half music streaming or semi music streaming examples are Youtube, Ticktock, etc. These are digital platforms that offer multiple contents, including audio. They were present before Spotify could become a brand and have been the first choice amongst music lovers. While Spotify and other brands are making their mark, these semi music streaming services are still in the running with their latter competitor.
5 Music Trends That Are Impacting The Music Streaming Industry
1. Market is growing
The market is open to new experiments as new consumers aim to try new products that cater to their current interests. Similarly, online music streaming services are one of them.
2. Ease and affordability
Music streaming services make it easy to access a library of audio content with a single click and affordable fees. Users can choose from subscription plans to a one-time payment based on their interest.
3. Increase in streaming habits
Today, users will prefer listening to immediate music rather than downloading them and listening to them later. Streaming services provide tons of features that work in the user’s favour, such as offline downloading.
4. Support of smart devices
With one statement, devices such as Alexa, Siri make it simple to listen to any song based on the user’s title, mood, or feeling.
5. Replacing radios
Radios will always be a favourite, however, services such as Spotify are creating audio solutions similar to radio functions like stitching music, news and other talks in one solution.
Conclusion
Streaming music services are the future, and with time, they will continue to garner double the attention. Now that you’re aware of what is music streaming, how music streaming works and the popular music streaming trends, it’s time you set up your audio streaming platform.
Instead of starting from scratch, invest with music streaming app providers that offer pre-built components and tons of features for your app developers to get started instantly.
Since these providers are experts in this industry, they can help you better. So, tell us, when are you launching your music streaming services?