Soundspot would be best placed within the Music Streaming market, although it has social experience aspect that holds the possibility to give it an advantage over many other music streaming platforms.
The Total Addressable Market (TAM) includes the 2024 Music Streaming market size, 46.6 billion dollars. This market size is projected to over double to 108.39 billion dollars by 2030. One of Soundspot’s biggest competitors, Spotify, has 640 million active users, with other platforms holding large numbers as well. Specifically looking at music streaming subscriptions, as of 2024, there are 667 million users of paid subscription accounts globally.
The Serviceable Available Market (SAM): SoundSpot currently targets music listeners who value social interaction and indie discovery
Based on user data:
• 1.5M registered users → 600K MAUs
• 18K paying users → 3% conversion (higher than Spotify’s 2%)
• Core engaged users (~200K) are social, community-driven listeners.
Assuming SoundSpot’s addressable niche is 10% of global streaming users (roughly 50M out of 500M Spotify users) who would be interested in a social/interactive experience, the SAM is about:
50M users × $10/month × 12 = $6B annual SAM
Currently, SoundSpot captures roughly $2.16M/year revenue, or 0.036% of SAM—a small foothold in a promising niche.
The Serviceable Obtainable Market (SOM) I am evaluating is along the two ideas of Social Features and Community Creation. Social features involves fan meetups:
- Meet ups for fans who exchange interests could reach monetization of 4.5 billion dollars, assuming that 20% of music listeners are “superfans” that are willing to spend double the amount that an average listener on music experiences.
- Community creation by involving more artists in the creation scene would allow for significant growth, as people who are invested in creating music are also drawn more to consuming music. Spotify’s payout per stream of a song ranges between $.003 – $.004, and if a similar payout could be translated for alternative music streaming with minimal payment per song, SoundSpot could profit from 600K active users, 1/3 of which have the possibility to create music given the investment of users into the collaborative platform.
Sources:
https://www.grandviewresearch.com/industry-analysis/music-streaming-market
Top 10 music streaming platforms by monthly active users in 2025
