Music technology has changed drastically over post covid due to the high rate of adoption. There were days when Youtube was the only source of music content for consumers post-internet breakthrough. This industry was heavily dependent on digital media giants like apple, youtube and some independent sources apart from that through physical formats as compact discs and cassettes, then singular adopted mobile apps changed it all, and the latter which became own one of its industries. Now digital music formats have taken over the global market with monetizable models of earning through per album sell out or SAAS Streaming sell out. The main change was brought about by the launch of Spotify, a global open platform for music streaming pushing AI based recommendations based on music behaviour unique for users and other audiences. Soon after that, most of the music streaming applications scaled with recommendations and music category and music artists. These technological advancements brought about change in the way music is made, consumed and was sold out. People could carry entire music catalogues, playlists and more than creating and sell within these applications. Now we have multiple music streaming platforms that can be accessed with a single click. Online music streaming has been rising in India due to an increase in the usage of smartphones and JIO’s Free Internet adoption this industry boomed.
Today, more people have access to smartphones due to their low price and hence, affordability. Also, data costs are dirt cheap which brings more people each day onto the digital space and music space. Music Tech has multiple offerings to consumers across various sell outs. Brands run on various business models. One is the free model where ads run at regular intervals. The second is the paid model which is ad-free. Then is the hybrid model which is a combination of the two. The majority of the revenues in the streaming music industry come from ad-supported models because their volumes of it are significantly higher. In India, more than 4,000 million streams run every month across all music platforms.
New brands are being launched with each passing quarter. Hence, this industry is becoming more and more competitive with each passing day as brands fight for market share.
Sample design for a Music App:
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