May 27, 2024
Ict

Audio Streaming Market is Set For High Growth Due To Rising Popularity Of On-Demand Music Streaming Services


The audio streaming market allows listeners to access millions of songs on-demand without actually storing audio files on a device. Streaming services provide easy and affordable access to large catalogues of music for a monthly subscription fee, eliminating the need to purchase and store individual songs or albums. Major players in the audio streaming industry include interactive webcast services, subscription-based streaming, and ad-supported streaming services.

The global Audio Streaming Market is estimated to be valued at US$ 38.27 billion in 2024 and is expected to exhibit a CAGR of 14% over the forecast period from 2023 to 2030.

Key Takeaways

Key players: Key players operating in the audio streaming market include 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. These companies have large user bases and offer a variety of payment options and features.

Key opportunities: The growing availability of affordable smartphones and internet connectivity in developing regions present significant opportunities for audio streaming services to expand their subscriber bases. Additionally, the integration of streaming services into other platforms like smart home devices and automobiles will drive further growth.

Global expansion: Leading streaming companies are investing heavily in expanding their international footprints, especially in populous Asian and African markets with large numbers of new internet users. Strategic partnerships and investments in local music are helping major players establish strong positions in high potential growth markets.

Market drivers: The widespread adoption of smartphones and availability of affordable data plans have made on-demand music streaming convenient and affordable for billions of users worldwide. Digital natives expect instant, on-the-go access to unlimited songs, playlists, and personalized recommendations, driving inexorable growth of the audio streaming industry over the coming decade.

PEST Analysis

Political: The audio streaming market is regulated by data privacy laws and copyright laws set by governing bodies. Changes in these laws may impact the growth and functioning of audio streaming platforms.

Economic: Rising disposable incomes and growth in smartphone and internet penetration have increased adoption of audio streaming services.A global economic slowdown can impact consumer spending on entertainment.

Social: Younger demographics form a large user base of audio streaming services due to preferance for on-demand digital media over linear radio. Increase in smartphone and internet usage in developing nations is expanding the potential consumer base.

Technological: Advancements in connectivity technologies like 4G and 5G networks enable high quality streaming. Platforms are focusing on enhancing features like personalized recommendations, playlists and podcast support to engage users on their mobile apps and websites.

Regions with Highest Market Value

North America accounts for the largest share of the global audio streaming market value due to high adoption rates in the US and Canada. Countries in the region have developed digital infrastructures and widespread use of smartphones has boosted use of subscription and advertisement-based audio streaming services.

Fastest Growing Region

The Asia Pacific region is expected to grow at the fastest pace during the forecast period led by developing countries like India and Indonesia. Initiatives to expand broadband and mobile internet access coupled with rising incomes are increasing music streaming behaviours in the region. Localized content offerings and low data tariffs are attracting new consumers in Asia Pacific.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it