Dublin-based music discovery app Soundwave has only been out for two weeks, but it has managed to hit over 165,000 downloads in 182 countries in that short time. Soundwave does things a little different from other music discovery apps, which is most likely the reason that it has seen such widespread use so quickly.
Though music discovery apps are nothing new, and many services such as iTunes and Spotify contain their own recommendation software, what sets Soundwave apart is its ability to see what users are listening to in other platforms. iTunes, Spotify, and Pandora use the plays in their own services to recommend music to its users. Soundwave, however, has the ability to listen in across all platforms, without having to rely on its own music player. This allows for a more accurate picture of what people are listening to, because it can track what everyone is listening to even if they are using multiple services.
The more users that Soundwave gains, the better ability to track music trends it will have. And with a more accurate picture of music trends than other services would be able to see, the more interest the music industry itself would have in buying that data from Soundwave. This would be what is most important to Soundwave at this point, as its only revenue is currently from app downloads. But with the ability to sell music trend data to the big companies, their revenue streams would increase dramatically. This is also important because the company could never survive on download fees alone.
CEO Brendan O'Driscoll told TechCrunch, “The value and size of our data has really excited the music industry. Our ability to create a ‘Bloomberg Terminal or Google Analytics for music’ has massive potential.” Soundwave sets itself apart in trend-mapping by seeing what people are really listening to all the time, rather than just tracking purchases or streams. This provides a more accurate picture of the music trends.
Soundwave has already attracted some major investors, including Trevor Bowen, of U2's management company Principle Management, and Mark Cuban, the owner of the Dallas Mavericks. Look for it to start gaining more traction as time goes by.
Check out Soundwave to learn more about it.