Internet Radio Market Scenario:
The internet radio market 2020, according to MRFR, is poised to grow at roughly USD 4 Billion by 2023, at 18% of CAGR over the review period (2017 to 2023).
According to the report, the Internet radio market is bringing down the cost of downloading, gathering, storing a vast volume of data and increasing the growth of powerful devices. The primary factor driving the Internet Radio Market is the availability of wifi access in the home and workplaces. One of the significant factors improving the internet radio industry is the introduction of new players into the music streaming service sector. The entrance of major players into the music streaming industry has contributed to an rise in the subscription rate, with companies flooding the market with niche music streaming. The study shows decreasing Internet bandwidth rates and the introduction of 4 G networks are driving the internet radio market. The study indicates that, by using internet radio platform, advertisers generate high revenue.
The market entry of new players and strategic alliances between global and regional players make the internet radio market competitive and boost the global internet radio industry. The main drivers for the internet radio industry are technical advantages such as improved bandwidth, high Internet speed and the availability of vast volumes of data. The rising Internet bandwidth costs and decreased streaming rates are factors that lead to the growth of the Internet radio industry. This would also raise demand for internet radio from the automotive sector during the forecast period due to the rapid evolution of the connected car and will contribute to the growth of global internet radio market.
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The major players in the internet radio market are – Citadel Broadcasting (U.S.), Chrysalis Group (U.K.), CBS Corporation (U.S.), Pandora Media, Inc (U.S.), Spotify (Sweden), Aspiro AB (Norway), Napster (U.S.), Somafm (U.S.), Tunein (U.S.), Slacker Radio (U.S.), among others.
The internet radio market can be segmented on the basis of audio format , and device support.
It includes windows media player, iTunes, winamp, spider player, and others through software media player segment. Because of its high media guidance to opt for the latest music , movies, sports, videos, and radio, Windows media player ‘s high popularity can fuel market growth.
The improved user experience generated by the availability of radio stations will drive the Internet radio market to grow. After the selection of particular radio stations, the multiple options provided by users, plus the provision of information related to these options that recommend market expansion in the years to come.
The advertiser type-based segments of the market are travel & airlines, computer & software, and rental services. PCs segment accounts for the highest market share, followed by tablets and smartphones.
The audio formats-based segments of the market are WMA, OGG, AAC Plus, and RA.
Internet radio industry geographical research is being studied for regions such as Asia Pacific, North America , Europe and Rest of the World.
North America is one of the leading players in the Internet radio market, owing to the presence of significant Internet radio service providers in the region that Europe followed.
Asia-Pacific region is the fastest growing region on the internet radio market due to increased usage of the internet in the residential and commercial sector and the advent of major players in the music streaming industry from the region. Across Asia Pacific, the PC segment will gain the highest revenue for the global market as tablets and smartphone applications increase.
Europe and the Rest of the World are other regional segments of the internet radio market. The presence of prominent internet radio marketers in Europe can bolster the expansion of the world internet radio service market. Europe is likely to follow North America in terms of drivers of the internet radio service market.
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
List of Tables
Table 1 Internet Radio Market, By Software Media Player
Table 2 Internet Radio Market, By Audio Formats
Table 3 Internet Radio Market, By Device Support
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List of Figures
Figure 1 Research Type
Figure 2 Internet Radio Market: By Software Media Player (%)
Figure 3 Internet Radio Market: By Audio Formats (%)
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