The music industry is undergoing a revolution. 10 years ago, CDs were popular with the listening public but now the music app looks set to overtake this trend.
Music on the move
With sales of 1 billion in 2012, smartphones are the most popular way for consumers to enjoy their music. The increased popularity of the smartphone means that the demand for music apps has never been so high. Apps are easy to download and you can even listen to their streaming for free if you accept the advertising that comes with the application.
People of all ages have embraced the smartphone revolution; you may observe a resident from a McCarthy & Stone residential development enjoying singing to their favourite tunes while wandering around their environment and it’s just as likely that you’ll see a smart young thing in Hoxton getting into the latest indie release through Spotify.
Spotify’s popularity is growing
In May of this year, the US publication Billboard announced that Spotify had 10 million subscribers worldwide. This is a jump of 4 million in just a year. The company believes that 40 million people use Spotify per month and this figure takes into account those who use its free services.
Of course, these healthy figures aren’t just good for Spotify – they’re good for the music industry as a whole. Spotify isn’t the only player in this field but it is presumnably the biggest and likely fastest growing of similar music subscription ivals, including Rhapsody, Deezer, Rdio and Beats Music. This is a fast growing and competitive field.
Apps are taking over our lives
Mobile gaming, social media sites, newspapers and magazines, and music apps are just a small portion of this expanding market. Apps are easy for all ages to use and figures reported by music industry experts Music:)ally and collated from the analytics company App Annie reveal that from August 2013 to August 2014, time spent in music apps grew 79%, resulting in an increase of 64 minutes per month.
Music listening apps are still the most popular, but music creation apps are gaining momentum. Smule, a music creation app, is set to post revenues of $40 million for 2014. CDs are still popular for home listening and vinyl is making a comeback but downloads are also in vogue.
If you want music on the move, music apps are the way forward in this constantly evolving market.
