The Global music industry’s worth is estimated at 130 billion US dollars. With the rising popularity of several music streaming platforms such as Spotify, Youtube Music, and Amazon music, the industry is expected to grow exponentially. With the ever-rising demand for online music streaming services, there comes the need of personalizing the user experience and providing users with what they are looking for. A music recommendation system is a powerful tool for several music streaming service providers helping their users find the right music and enjoy a hassle-free music streaming experience.
What is the need for recommendations in the music streaming business?
A music recommender solution is essentially a solution that allows music streaming platforms to offer their users relevant music recommendations in real-time. It provides personalization and thus boosts user engagement. The recommender system is helpful to both service providers and users. It saves time for the user in finding and selecting a perfect song and at the same time, it also helps service providers retain customers for a longer time on their platform.
How is the music recommendation system leveraging the music streaming business?
Maximum User Engagement
Consumers will get themselves more engaged in the website or application when personalized music recommendations are made to them. The music recommendation engine recommends songs according to a user’s preference and creates a list of the same genres of songs. This helps users to dive even more deeply into the playlist without needing to search one after the other. As a result, the maximum of time a user is spent on a particular platform gives a boost to user engagement.
Increased Customer Satisfaction
Customer satisfaction is measured as a different parameter for a different organization. For some businesses, it may be the potential visitors turning into paying customers and for others, it might be existing customers getting all they desire and retaining for a longer period. In the music streaming business, when a listener comes and sees a music playlist completely personalized according to their taste, it appeals to them to continue to spend listening to their favorite track one after the other. As a result, a user gets huge satisfaction after binge listening to his/her preferred songs.
Easy Music Discoverability
The recommender engine gives higher visibility to each music present on a platform. It allows end-users to find out more tracks and albums according to their choice. This helps users discover more songs present on your platform. Without a recommendation, many of the users will not be able to discover their favorite tracks.
Increase in the number of subscribers
With more ambitious artists as well as easy access to music and podcasts, it is hard to compete with opponents. The recommender engine analyzes consumed music, favorite artists, speakers, genres, or descriptions in several languages, to help music streaming platforms offer podcasts and music recommendations tailored to personal tastes.
The recommendation engine works with information about which songs or podcasts were listened to by the user till the end and which were skipped in the middle. Lastly, it provides recommendations of genres, artists, and playlists to let the end-user enjoy and appeal to them to revisit your platform and thus convert into a subscriber.
The application of recommendation engine has and is bringing billions of revenues to several businesses and it does the same to music streaming businesses too. It enhances the method of doing business online and gives a better return on investment. With advanced machine learning and AI, we can proudly say, it will make customer retention and loyalty better than ever.
Recommend Favorite Tracks to your audience with Alie
Alie is an AI-Powered recommendation engine that enables several businesses to personalize user experience across their online platforms. Its unique machine learning algorithm analyzes users’ likes and dislikes and recommends them with impeccable accuracy. It also provides a great method to track and report how your recommendations are engaging with end-users. Start a 14-days free trial to notice how integrating Alie can revolutionize the music streaming platform.