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Do you pay for Spotify Premium or Apple Music? If you don’t then you are missing out. They are amazing services that allow you to listen to most pieces of music in the world with no adverts for a small fee each month.
It’s also an amazing business model that brings in millions of dollars in revenues for their founders.
Starting a music streaming service is a great business model worth considering. This how to start a business around streaming and how to grow a business.
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Choose a Business Model
Before you start the technical side of your platform you need to decide on a business model. How will your streaming service make money? Services like Soundcloud are community-based where anyone can upload their own tracks.
This is a great breeding ground for new talent but it also keeps most parts of the service free.
Services like Spotify have a free version but to access the best features you have to pay extra. The free version is paid for by adds. To remove them you have to pay. The company is allegedly worth around $20 billion so this business model is successful.
Apple Music is a subscription-only service but they offer numerous deals to get a fixed amount of months or a year for free with some of their products. In many ways, the service acts as an advert for other Apple products.
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Make Sure It’s Legal
Before beginning your music streaming service you need to check that it is legal. Be sure to do your research before you begin.
You need to ensure that you have the streaming rights to all of the tracks you wish to be available on your platform. Some artists like Taylor Swift are known to take a hard line against online streaming.
Trying to compete with the volume of tracks that you can access on Spotify or Apple Music might be hard as those companies have budgets of millions of dollars available to them to purchase streaming rights.
Instead, you might want to select a genre or sub-genre to specialize in.
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Advertise your Platform
No music streaming service is going to make money without growth marketing. And one of the keys to growth marketing and all marketing, in general, is word of mouth.
Be sure to tell all of your friends and family about your new service and be up-front about how much it will cost them.
But also be sure to attend regular music events to network and find out about the industry you are now working in. But this is also a chance for you to spread the word about your new music streaming service.
Also, be sure to write a regular blog that is search engine optimized and to be active on social media.
How to Grow a Business? Follow Your Dreams But Be Realistic
If you are wondering how to grow a business then it is simple. Invest in a great idea or music streaming service that you believe in. Be sure to do your research to ensure your business model is viable.
Be realistic about the amount of money you are likely to make but enjoy the process and the music.
If you are interested in learning more about how to grow music streaming service be sure to check out the rest of the website.
