Music streaming apps are the new go for any entrepreneurs who are searching for a lucrative business idea. By turning free music into a billion-dollar profit, they are topping the chart. By the end of reading these sentences, you might have guessed which app we are talking about. Yes, Spotify. The business is earning over $10 billion in revenue. Impressed by this, right?
Don’t worry; we will give you an idea about how you can develop an app like Spotify and bring in big bucks. So buckle up for this rundown…
While developing an app, it is crucial to know about everything about the standard company that you are choosing. Since the blog is going to explain about creating the Spotify Clone, let’s see the nitty-gritty of Spotify in the upcoming sections.
You should know about its popularity in the market, how it became the giant that it is right now, and finally, the things that you need to consider for developing a fame-worthy music app.
Market share and milestones of Spotify
Spotify recorded 78.5 million users in 2020, and it is anticipated to grow to a 98.8 million user base by 2023. This was not a smooth experience for the company, as it has struggled for years in the field. Nonetheless, the story is inspiring.
It was in the distant 2005 that the founders of Spotify, Martin Lorenzson and Daniel Ek, became acquainted. They shared the same thought that downloading content and listening to it was very difficult. That’s when an idea sprang in their minds of having a unique streaming system. They started to develop a music streaming day.
Its journey began as Spotify in 2008 and was funded by Wellington Partners and Horizons Ventures.
- In 2010, its catalog contained more than 10 million tracks.
- It expanded its service in the US and Europe in 2011.
- By 2013, the Spotify service cost encountered a revenue of $10 billion.
- When the 2012 winter began, it had 20 million users.
- And as of 2014, the user base further increased to 50 million.
- Later by 2016, it entered the Japanese music industry market.
The unique idea behind this humongous success is because the general music streaming service turned into an on-demand music streaming service. That is, based on the information of a person’s music preferences, the app worked on the data and gave the users a suggestion of audio tracks that they might like.
Now you got the complete information about the Spotify app, and I’m sure that it would have inspired you. But to compete or to replicate this, you must come up with the best of best ideas and strategies. The following section will, however, help you in effectively fulfilling both the specified tasks. That is, to bring out the pictures and planning strategies.
Let’s dive in!
Traits to follow
- Uniqueness speaks volumes
An app should have a purpose, and that purpose is what we call the idea. Apart from everything, the idea is the foundation of an app’s success. It must be able to bring in fortunes and steal the hearts of people quickly.
- Alluring interface
The interface plays a lot in improving the efficiency of the app.
- It should be attractive enough to grab people’s attention and should be minimalistic and clean.
- The interface must be intuitive, user-friendly, modern, and crisp.
- A music app will be enjoyed by everyone regardless of their ages. So make sure to design an interface that is facile and eye-pleasing to all.
Nobody loves it when their results are stolen. Every service and talent should be paid, and the appreciation should directly reach the artists. All the music content should be legal.
- Revenue models
A fair business strategy from Spotify can be followed here. Instead of forcing everyone to go for the premium account. Spotify lets users choose the models. And by giving them this freedom, it is earning a lot instead, as people love the service. You could follow the same too.
Free version and premium account. The free version is offered with advertisements and limited functionality. Whereas, with the premium account, users can enjoy their favorite music without any ads and can be listened to even in the offline mode.
You can choose either of the platforms to deploy your apps, like Spotify clone Android or iOS. When you have just a tiny budget at your disposal, you could choose one. However, that would help just a little. If you want to cover a more extensive user base, then you need to launch the app on both platforms.
- Advertising model
You could engage the users by launching the MVP before the original product. This can be useful in warming up the curiosity of the people. You can collect feedback and improve the product.
Hoping that you might have got some ideas as of now, I’m closing off the blog. However, once you are ready with your thoughts, contact an app development company and get a ready-made solution for an innovative and quick launch.