ID: MRFR/SEM/2605-HCR | February 2021 | Region: Global | 100 pages
Internet radio is an audio service that can be accessed online using a web browser or a media player. It provides continuous audio streaming, and one can pause or replay after the audio is over. The signal strength is way higher than the conventional radios as it is accessed through the internet. The high-speed internet power enables reliable and faster signals to be transmitted and thus providing flawless high-quality recordings. There are many notable advantages of the Internet Radio Market where one can listen to thousands of radio shows across the globe in real-time. As Internet Radio Broadcasting has no hassle of signal problems or dodgy reception, its demand is growing day by day.
According to the Internet Radio Market Study, internet radio is quite unlike episodic audio series, and in this, users can listen as well as download it. Moreover, there is no struggle of tuning manually to a radio station or a program. Low streaming costs and a large amount of data storage are propelling the market growth upwards. In modern times, Wi-Fi and strong internet connection are available in most homes, offices, and public places, which are mostly utilized for listening to the internet radio. The growing robust internet connectivity is also escalating the growth of the Internet Radio Market.
There are several media player that offers greater quality audio with interesting programs which are easy to access and enjoy through bookmark of favorite radio stations. In addition, a few free radio applications are also there that provide internet radio programs without any cost. The presence of a large number of Internet Radio Market players is also resulting in boosting the market value. With better acquisitions and mergers with the music streaming players, improved changes will be seen, which can potentially increase the Internet Radio Market Share all around the world.
The report indicates the growth aspects of the Internet Radio Market and represents the potential of the market for the upcoming years. It includes the factors that are impacting the market along with the opportunities and challenges. The Internet Radio Market Forecast Report shows the different market segments as well as prominent plays which have a major role in increasing the market value. It also highlights certain geographies that have a larger influence on the Internet Radio Market Growth during the forecast years.
The market demand is impeccably high in the present times and will continue to surge in the near future. Therefore, the market value is expected to reach around USD 4 billion by the year 2023, and the CAGR is anticipated to be 18.33% during the forecast period from 2017 to 2023.
Internet Radio Market:
The sudden outbreak of the COVID19 pandemic created massive devastation across the globe and drastically declined the economic growth rate. The various working sector, as well as businesses, encountered huge financial losses due to the harsher consequences of the pandemic. The lockdown impositions forced people to stay at home most of the time. In such a critical scenario, the Internet Radio Market also witnessed an obstruction in growth. However, as most people remained at home, internet radio became a great source of internet. Thus, the Internet Radio Market Demand elevated to much greater heights and helped to restore the growth rate and market value.
The attempt from the key players of the internet radio market in providing more advanced and great quality service also contributed to uplifting the Radio Broadcasting Industry. As everyone these days is having a good internet connection, the market demand will be escalating more and more in the near future.
Major Drivers of The Market
The rise in the growth of powerful and advanced tools is a major driving force of the growth of the Internet Radio Market. Reducing costs of streaming, collection, and storage of a huge amount of data is also resulting in the escalation of market potential. The feasibility of internet and Wi-Fi connectivity at offices, homes, and public places is also the reason for the increased demand by the people. Moreover, the internet bandwidth prices are also declining, and the faster emergence of 4G technology and networks is promoting the expansion of the Internet Radio Market Size.
As the key market players are bringing out a new Internet Radio Market Trend for enhancing the user experience, the market demand and growth are also reaching their maximum potential. The entrance of new market players and the involvement of big players in mergers and acquisitions with the music streaming industry has led to the progression of the Internet Radio Market. Such a highly competitive environment will boost market growth in the coming years.
Significant Opportunities for The Market
With the continuous streaming of audio programs and the availability of a larger list of radio stations, the demand for internet radio is soaring up over the years. The different media player is allowing users to select from a greater list of radio stations and provides information associated with it. In addition, it enables users to add stations to their favorite list and visit the internet radio station website for playing the streaming audio. All these advantageous features exhilarate the potential of the Internet Radio Market.
The Internet Radio Statistics reflect that advertisers generate more revenue from the internet radio platform due to its immense popularity. Numerous features like replaying the audio and download options are proving users much ease to access and enjoy internet radio. Thus, the demand for the market escalates to a greater extent.
The severe wave of coronavirus pandemic has affected the Internet Radio Market and somehow put a halt on it. During the pandemic, normal day-to-day functions related to work were obstructed, and many projects got postponed for an unknown time period. However, the rising demand for internet radio as a greater entertainment source in the pandemic and market players' efforts helped to regain its market value and gave it a substantial rise even in the difficult times.
Market Growth Challenges
There is no doubt that the Internet Radio Market has innumerable market growth opportunities. However, certain limitations can hamper the growth in the forecast years. The lack of awareness for internet radio among people and dependency on the internet for listening can constrain the Internet Radio Market Size.
Cumulative Growth Analysis
According to the Internet Radio Market Analysis, the market demand, as well as revenue, will be attaining its maximum momentum in the forecast years with a growth rate of 18 percent. Moreover, the market players' attempt to deliver solutions that can overcome the limitations will raise the growth of the Internet Radio Market. In the upcoming years, the market growth will reach a whole new level.
The Global Internet Radio Market is categorized into several segments based on Device Support, Audio Format, Software Media Player, and Advertiser Type.
The Internet Radio Market is studied in many geographical areas such as North America, Asia-Pacific, Europe, and the remaining parts of the world. The North American region has the major Internet Radio Market Share as there is a large presence of market players. The demand for Internet Radio Broadcasting in the US is growing at a faster rate leading to market growth in the region, which is followed by Europe. In Asia-Pacific, the increased usage of the internet in the commercial and residential sector and the emergence of market players will boost the market growth in the forecast years.
The Prominent Players of the Internet Radio Market are:
Personalization in Internet Radio Broadcasting is an amazing trend of present times, and it will have a greater influence in the coming years.
Smart speakers are bringing back the charm of internet radio, and people are inclining towards it more and more.
The report includes the market insights and provides expected value and growth rate for the forecast years. It contains the COVID19 analysis of the Internet Radio Industry and mentions the market dynamics. It also gives an idea about the segment overview and regional analysis of the market. The report includes the competitive landscape and recent developments done in the field.
Frequently Asked Questions (FAQ) :
CBS Corporation (U.S.), Chrysalis Group (U.K.), Citadel Broadcasting (U.S.), and Spotify (Sweden) are some common names in the internet radio market.
The global internet radio market is expected to thrive at 18.33% CAGR and value at USD 4 billion by 2023 due to the advantage of continuous streaming of songs.
The presence of numerous internet audio providers in the North America region is likely to bolster the regional market expansion to achieve the highest CAGR in the review period.
Media and entertainment, and hotels are observed as high end-users of internet radio. Other users are automotive, rental services, and travel airlines sectors.
Internet radio are available in MP3, WMA, AAC Plus, OGG, and RA formats. The availability of internet radio in different format make them suitable for a wide range of devices. This can impel the internet radio market growth.