Internet Radio Market – Overview
Entertainment and music options have diversified in recent times to give way to more accessible and customizable content. Market Research Future, a firm which specializes in market reports related to the Information and Communications Technology sector among others, recently published a report on this market. The industry for internet radio market projected to grow by USD 4 Billion by 2023in revenue, at 18% CAGR between 2017 and 2023.
Internet radio has grown in popularity due to its large user demographic. Its features like convenience to access the internet and avail of a large range of channels with diverse content have only enhanced the appeal of the market. Better networking capabilities and advances in technical facilities has facilitated the expansion of the market favorably. Improved internet bandwidths are also important contributing drivers to the growth of this industry.
The market for internet radio is divided into 4 categories such as on the basis of software media player such as Spider Player and Winamp. On the basis of audio formats into OGG, WMA, RA, AAC Plus. The Phone Support category include Android, IOS, and Windows. Finally on the basis of advertiser type into Computer & Software, Travel & Airlines, Rental Services.
Detailed Regional Analysis
Asia Pacific, North America, Europe and Rest of the World are included in the regional analysis of internet radio market. North America is one of the prominent players in the internet radio market due to major internet radio service providers being present in the region. Europe closely follows North America in terms of internet radio service providers. On the other hand, the Asia-Pacific region is fastest developing region in the internet radio market due to escalated internet usage in residential and commercial sectors and the emergence of major players from the region in the music streaming industry.
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Global Competitive Analysis
The industry players in the segment are effectively utilizing their primary resources to initiate long lasting growth changes. The sector is undergoing considerable transformation which has accelerated the growth pace of the sector. Companies aiming to capture a substantial share of the market segment as early as possible, experimentation with numerous advantage points being seriously considered and implemented. A trend of volume-driven growth has been observed in the market of late with the development of different varieties of product types. The top opportunities for this sector’s long term development can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies The prominent players in the internet radio market are Spotify (Sweden), CBS Corporation (U.S.), Aspiro AB (Norway), Citadel Broadcasting (U.S.), Chrysalis Group (U.K.), Pandora Media, Inc (U.S.) and Napster (U.S.) to name a few.
Jan 2018 WILCO has recently launched a global Internet radio station. The newly created internet radio station comprises of more than 10 hours of innovative programming including interviews with WILCO's Jeff Tweedy and John Stirratt as well as guest segments with prominent personalities.
Jan 2018 India Sports Flashes Pvt. Ltd, a New Delhi-based startup which functions as a sports content app. They have launched an Internet radio channel devoted to sports, the Internet radio channel will operate 24×7 and will provide live updates and chat commentaries from more than 400 sports events happening globally including Premier League, IPL, FIFA World Cup, etc. The startup plans to raise about $1 million from international investors to further boost the company’s valuation.
Oct 2017 Launched by Kagiso Media, SoundBar offers 12 different Internet music stations within a single app. SoundBar includes a wide spectrum of music genres including new music, pop, dance and party mixes, music for moms with young kids to name a few of the music genres on offer.
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