Market Scenario
The internet radio market 2020, according to MRFR, is poised
to grow at roughly USD 4 Billion by 2023, at 18.33% of CAGR over the review
period (2017 to 2023).
Market Synopsis
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.
Competitive Dashboard
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.
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Market Segmentation
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.
Regional Analysis
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.
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