In the US, typically an individual spends around 17 hours in audio or music streaming. That comprises of radio stations as well as online audio content.
Moreover, approximately 2/3rd of the overall population of the US currently hears audio content that are available online, which is a noteworthy rise in numbers as compared to the number in 2012. In addition, above 50 per cent of individuals who belong to the age group of 12 years and above have listened to podcast.
Now, while analyzing the providers of music streaming service, it was found that Apple Music acquires major share of monthly subscribers that has been recorded to almost 49.5 million. Apple Music is closely trailed by Spotify, with the monthly subscriber accounting to almost 47.7 million. Also, Pandora radio has got a monthly subscriber count of almost 36.8 million. These statistics make one thing very clear that the music streaming applications market is augmenting at a robust rate. Also, there is a lot of scope for the people looking forward to enter into the market.
Highlighting the Business Profile of Spotify
Ever supposed that why has Spotify made it to topmost spot? Spotify is claimed as one of the premium providers of music streaming service in terms of music streaming applications.
Recently, in a survey it was revealed that the revenues generated by Spotify is nearly 1.5 billion USD in its third quarter of the year 2018. Moreover, of this entire revenue around USD 1.35 billion had been channeled from Premium subscribers. Also, ad-supported Spotify consumers created approx. USD 160 million revenue for the service provider. Thus, it is obvious that Spotify had been generating a steady revenue streak since it was started in 2008.
Furthermore, Spotify has constantly been updating its music application with altering technological trends as well as requirements of the user. For the Premium subscription plan, there has been additions of positive feature previous year. An individual definitely requires to have a close eye over these features if planning to enter into the market.
- Guaranteed Seamless Navigation
This music streaming application offers user-specific music recommendations over the home screen. There is also an advanced search option available that helps in finding music as per the artist, genre or other interests’ requirements. Then, there is a feature called “Your Library” that lists playlists of the users, starred songs & artists.
- Radio Playlist
The latest update has an option of Artist Radio playlist. This particular feature provides streaming personalized music according to the user preference on the basis of an artist. Regular updates are offered in this section. Moreover, there is an option for download option as well enabling users to enjoy music offline.
- User-Centric Search
The new search page offers the albums as well as artists according to the preferences of the users. It is also beneficial for discovering new music areas along with the genres according to the moods & interests.
Likewise it also has features such as voice Command and private mode.