According to a recent survey published by market research firm TechNavio, the global music streaming industry is expected to be valued at more than 10 billion USD by the end of 2023, and for key players in the streaming industry; revenue share per paid user is expected to touch $26.
This and several other peer-reviewed journals point at the rapid growth in popularity the global music streaming industry is experiencing, making this a golden opportunity for ambitious entrepreneurs like you to make your mark in this booming sector.
Thus, in today’s article, we will share with you a brief understanding of what a white label music streaming platform is, along with 4 reasons as to why you need to make this a part of your venture portfolio.
Without further ado, let’s get started.
Famous Music Streaming Platforms
If you take a close look at the current scenario of the music streaming industry, it becomes abundantly clear that there are a few key players who dominate market share, and the most significant of them include the following.
Spotify is easily the most recognized music streaming platform in the world, both among users as well as investors, with a subscriber base of 109 million premium users and 232 million daily active users.
Launched in 2006, over the past one and a half-decade, Spotify has become the favorite music streaming platform for millennials because of its sophisticated and highly accurate algorithm, which curates playlists via analyzing a variety of key user parameters.
2. Apple Music
Launched almost a decade after Spotify, Apple Music is the second most popular music streaming service with an active subscriber base of 60 million premium users as per a 2019 census. Offered primarily to patrons of the Apple ecosystem, Apple Music comes with several features of its own, which are designed to amplify the user’s experience within the ecosystem while sharing access to a consistently updated library of 50 million titles and counting.
3. Amazon Music
Last but not least, launched in 2007, Amazon Music is the third most popular music streaming service among millennials globally. Unlike Spotify and Apple Music, both of which arrive with subscriptions of their own, Amazon Music is conveniently packed with the company’s Prime offering, which makes it a tad more affordable than its competitors. The Amazon Music algorithm is constantly evolving and, at the moment, is most well known for grouping titles around genres and artists users have previously listened to.
What Is a White Label Music Streaming Platform?
In simple terminology, a white label music streaming platform can be understood as a service that is developed by a third-party developer; however, as the purchaser of the solution, you have the opportunity to earmark your brand identity on all offerings of the platform.
To understand this better, take the example of Walmart’s Great Value brand, which contains a line of products manufactured by different companies; however, they are all sold under one brand name. White labeling as a solution works for any industry from ticketing to cereals and especially well for the music streaming industry as it empowers the brand to tailor fit their offering and enhance the user experience for the end consumer.
Why Should You Consider Creating a White Label Music Streaming Service?
Creating music streaming app platforms arrives with various advantages, the most significant of which include the following.
One of the most significant advantages of creating a white label music streaming service is the branding options that become available to you. Right from a wide range of color schemes, all the way to toggle switches, animations, dropdowns, and search bars, each aspect of the music streaming service can be customized as per your branding guidelines to enhance the end-user experience.
2. Fully Customizable
Most modern B2C music streaming services available today are highly capable in terms of the customization features they offer; however, when it comes to meeting the needs of your enterprise, a white label solution provides a suite of fully customizable features which not only help you meet the needs of your business but also of your customers.
3. Media Player
When your audience is consuming your streamed content, more often than not, their eyes rest on the media player, making it the most viewed resource. A white label music platform not only lets you customize the media player to meet your exact needs but also includes additional functionalities to enhance the customer experience.
Last but not least, having a white label music streaming platform opens the doors to a wide range of monetization options starting from an ad exchange to sponsored content; the options are limitless.
Embarking on the journey to create a white label audio streaming platform in 2021 will not only position your business to gain a significant share of the global music streaming industry but also earmark your efforts for years to come.