Are you looking for a music streaming platform that can offer you end-to-end secured audio streaming via live, on-demand, and online stores? In this blog, we are going to discuss what music streaming is and how to get started with your audio streaming platform.
- What is music streaming?
- What is the future of OTT music streaming?
- Top 6 features to look for to develop the best music streaming platform
What is music streaming?
Music streaming service uses a buffering system and a secure audio data stream medium to enable an end-user to listen to the complete music file. Audio data transmission in this service demands specific data transmission protocols like HLS, RTMP, and SHOUTcast to protect the content and deliver it securely to the user devices.
The audio streaming service is divided into 3 main categories:
- Live streaming
Some of the most popular on-demand music streaming service providers are:
- Apple Music- Enables listeners to find music from their iPhone, easily switch between albums and artists, customize their library screen, and has over 72 million premium subscribers. It operates on a subscription-based monetization model.
- Spotify- Offers music with podcasts, support options like autoplay, lyrics, creating playlists, viewing artist profiles, and operates on a freemium revenue model.
- Amazon Music- Generates revenue with a hybrid SVOD and TVOD monetization model and offers more than 2000 playlists and over 2 million songs.
- SoundCloud: Being partnered with Twitch, Soundcloud offers users the opportunity to listen to a wide range of music. Artists can upload, promote, and share their music work. It operates on a freemium monetization model.
What is the future of the global music streaming industry?
- According to audio streaming market research, revenue from radio streaming, paid and ad-supported audio streams, grew by 12% in the 2nd quarter of 2020, and the predictions are that the streaming market worth will rise to 37 billion dollars by the first quarter of 2030.
- The global audio streaming platform has revolutionized the way music is consumed. The accessibility of music on your way back home, in your car, or at home has made music streaming more engaging. Now the audio is played on smart speakers, Bluetooth, and internet-connected devices, making it independent of TV screens and enabling multitasking while enjoying it.
The music streaming industry embraces the potential to be the streaming leader and the space for experimentation with your business offerings. However, the key attribute that can confirm your audio streaming success is through market research on your target audience, including their preferences, music choices, and favorable format. Based on that, you can customize your product and service offerings and easily get subscribers and daily listeners for your streaming platform.
Top 6 features to look for when developing the best music streaming platform-
Audio streaming website and app development-
It allows broadcasters to launch their audio streaming websites and apps. Businesses can build native applications across multiple OTT platforms.
Multiple audio format Support-
It allows audio content creators to upload audio files of different formats like WAV, WMA, AAC, and MP3. It converts the audio files into compatible formats suitable for all OTT platforms.
Audio live stream-
It allows audio businesses to build their own fully customized audio live streaming platforms (websites and apps). You can give your listeners the option of pausing, rewinding, and replaying audio streams whenever and wherever they want with the modern DVR-enabled live stream. It also supports live audio recording and converts them into on-demand audio files.
Secured content streaming-
Having DRM support for your content security helps you with efficient audio content ingestion, streaming, and purchases. It includes a wide range of security standards like server-level security, dynamic watermarking, geo-blocking, VPN detection, single sign-on, and firewall, ensuring secure audio delivery for your users.
It enables broadcasters to use multiple monetization models on their audio content consumption, like PPV (pay per view) and a subscription-based model (SVOD). It helps audio businesses leverage the most revenue from monetizing their audio collections.
It lets broadcasters track and analyze the performance of each audio file available on the platform. Real-time analytics and reports help you monitor which content is driving the leads, your target audiences’ listening habits, active sessions, locations, used devices, and drop-off rates.
- Now that you know what music streaming is, the future of global music streaming, and the essential features a music streaming platform must have, it is the right time to start with your much-needed audio streaming platform.
- To help music broadcasters launch their advanced, feature-loaded audio streaming platform, Muvi is offering easy-to-integrate, highly customizable audio and video platform development services.
Now you can also take a 14-day free trial of Muvi Flex and explore Muvi’s features and services. Start your free trial now!!