Audio streaming involves listening to radio or music over the internet rather than through traditional methods like radio, CDs, records etc. The growing popularity of on-demand and personalized streaming services is fueling the growth of audio streaming market. Users can access millions of songs and customize playlists on various streaming platforms.
The global Audio Streaming Market is estimated to be valued at US$ 38.27 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of internet radio services is a key trend in audio streaming market. Over the past few years, internet radio listenership has grown considerably fueled by the availability of personalized channels, podcasts, and other on-demand audio content on streaming platforms. Users no more rely on traditional broadcast radio and prefer listening to various niche genres and personalized playlists available on digital audio platforms. Furthermore, the growing mobile apps for audio streaming are also driving the market growth. Major players in audio streaming are focusing on developing innovative apps to tap the growing usage of smartphones for music listening.
Key players
Key players operating in the audio streaming market are Apple Inc., Deezer, Alphabet Inc., Guvera Ltd., Hungama.com Pvt. Ltd., Microsoft Corp., Pandora Media Inc., Rhapsody International Inc., Saavn, LLC, Slacker Inc., and Spotify. Spotify dominated the global audio streaming market in 2022, owing to its massive music library and affordable subscriptions. It has over 433 million monthly active users globally.
Segment Analysis
The global audio streaming market is segmented based on content type, platform, revenue model and end use. Based on content type,the music streaming segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is because music streaming provides users with unlimited access to a huge library of songs and playlists at affordable subscription prices.
Key Takeaways
The global audio streaming market is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing availability of high-speed internet connection and growing adoption ofsmartphones.
Regional analysis
North America dominated the global market in 2022 and is expected to continue its dominance over the forecast period. This is due to high smartphone and internet penetration in countries like US and Canada. Additionally, presence of leading players like Apple and Spotify in the region drives the market growth. Asia Pacific is expected to be the fastest growing region, owing to rising disposable income and increasing digitization in countries like India and China.
