You can use react-native-track-player library for audio player.

You can play remote sounds with react-native-sound by specifying a url and not setting the bundle:

import React, { Component } from 'react'
import { Button } from 'react-native'
import Sound from 'react-native-sound'

class RemoteSound extends Component {
  playTrack = () => {
    const track = new Sound('https://www.soundjay.com/button/button-1.mp3', null, (e) => {
      if (e) {
        console.log('error loading track:', e)
      } else {
        track.play()
      }
    })
  }

  render() {
    return <Button title="play me" onPress={this.playTrack} />
  }
}

export default RemoteSound

Ok, so based on Nirav Ranpara's comment and the link he provided:
https://github.com/zmxv/react-native-sound/issues/36

These are the stepsto take to make it work in android using React Native 0.37

1. Edit android/settings.gradle to declare the project directory:

include ':RNSound', ':app'
project(':RNSound').projectDir = new File(rootProject.projectDir, '../node_modules/react-native-sound/android')

2. Edit android/app/build.gradle to declare the project dependency:

   dependencies {
     ...
     compile project(':RNSound')
   }

3. Edit android/app/src/main/java/.../MainApplication.java to register the native module:

NOTE: MainApplication.java not MainActivity.java

...
import com.zmxv.RNSound.RNSoundPackage;
...

...
@Override
protected List<ReactPackage> getPackages() {
  return Arrays.<ReactPackage>asList(
      new MainReactPackage(), // don't forget your comma
      new RNSoundPackage() // insert this line
  );
}
...

4. Import in your application like this:

import { default as Sound } from 'react-native-sound';

NOTE don't do this:

// wrong
var Sound = require('react-native-sound');

// also wrong
import {Sound} from 'react-native-sound';

NOTE: Step 1 and 2 are same as the documentation, while 3 and 4 differ.

SoundPlayer.playSoundFile is used to play sound files from the bundle. So you have to drag and drop the sound file to xcode, and then you can play it using

SoundPlayer.playSoundFile('filename', 'aac');

Remember to check "Copy items if needed" option and "Add to targets". On Android, put sound files in {project_root}/android/app/src/main/res/raw/. (Create the folder if it is not already available).

If you have to play a sound from a url use :

SoundPlayer.playUrl("http://SomeSound/File.mp3");

playUrl() can also be used to play sounds from the local documents folder, may be after downloading it to the app.

    SoundPlayer.playUrl(filePath);

For example if you downloaded the file using RNFetchBlob and saved it in the documents folder by specifying the location to RNFetchBlob.fs.dirs.DocumentDir, the code to play the file will be :

SoundPlayer.playUrl('file://'+res.path());

It took my some time to figure out that 'file://' had to be prefixed to the path. May be this will help someone now.

This will preload the sound and when you press the play button it will play it.

export default class MovieList extends Component {
    componentDidMount(){
      this.hello = new Sound('whoosh.mp3', Sound.MAIN_BUNDLE, (error) => {
        if (error) {
          console.log('failed to load the sound', error);
          return;
        }
      });
    }
    
    
    handlePress() {
      this.hello.play((success) => {
        if (!success) {
          console.log('Sound did not play')
        }
      })
    }

    render() {
        const { movie } = this.props
        return (
            <TouchableOpacity onPress={this.handlePress.bind(this)}>
                <View>
                      <Text>Start</Text>
                </View>
            </TouchableOpacity>
        )
    }
}

If you are looking to play sound tracks from a list of sounds please check this gist for detailed code.