Music apps are experiencing rapid growth and transformation, leading to a surge of new revenue opportunities.
Many app monetizing methods, including premium subscriptions, ad-supported tiers, integrated music marketplaces, contributions, and even online sales can help creators monetize their music apps.
Mobile app developers can also develop innovative ways for listeners to support their favorite tunes. So if you’re looking to invest in sweet melodies – now’s the time to invest in music app development.
Two Most Common Ways to Monetize Music Apps
Freemium being the most prevalent one. And, a model adapted by a mega music app like Spotify.
Spotify, has become the World’s leading music app with 456 million users and 195 million premium subscribers. We will discuss the difference between the two in just a minute.
The reason Spotify is ahead in the game could be its unique take on customization and universalizing the platform.
But how does it make money?
The model employs a strategy of letting users download the app and use its basic features free of cost. This lets the user to have an experience of your app and decide for themselves if they would want to pay more to get the premium features. Here, you have to be smart to choose what you make accessible free of cost and what you keep as a premium feature. It’s always better to keep your users wanting more of it!
For instance, Spotify doesn’t let you download songs to enjoy offline unless you buy the premium plan. Moreover, it has further classified its premium plans into an individual plan, a premium plan for students which is half the price for four years of their education, a duo plan for two, and a group plan that up to seven people can share. You can just keep diversifying it depending on what you want your application experience to be like.
Another frequent way of monetizing your music apps is through advertisements.
I’m sure we all are annoyed by these advertisements when we are listening to our favorite artist’s music. But hey, they are at least making money out of it! You could opt for an add module that has a picture and a voice over so that if the user is listening to the music while the app being in the background they can hear it even if they don’t see the poster of the ad.
Or, you could just charge a price from the user on downloading your app as a one-time purchase or yearly prepaid. You can really go with whatever fits the best for your app and its functionality. I would warn you though as setting a price at such an initial stage could work as a barrier making your app fall into the hands of a niche group. Think it through discuss it with your product developers and then hand-pick a plan specific to your needs.
An effective monetization plan can turn a music app into a successful business model. While producing music apps shouldn’t be motivated primarily by a desire for financial gain, finding sensible ways to turn a profit from them can certainly be beneficial for all stakeholders involved in the ecosystem.
Also, Read – How Long Does It Take to Create a Music App?