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Audio streaming allows users to listen to music, podcasts and radio stations through the internet on various devices like smartphones, laptops, tablets and smart speakers. Audio streaming services offer large catalog of music and content which can be accessed on-demand from anywhere. The global audio streaming market provides convenient music solutions and enables users to listen without any interruptions.
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 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Accessibility from different devices is a key trend propelling the growth of the audio streaming market. Audio streaming platforms have made their services available across a wide range of devices like smartphones, tablets, PCs, gaming consoles and smart speakers. Additionally, the introduction of various voice assistants has further increased the adoption of audio streaming. Voice assistants like Amazon Alexa and Google Home have enabled users to access audio content through simple voice commands. The integration of audio streaming platforms with different devices has provided seamless listening experience to users driving the audio streaming market size.
SWOT Analysis
Strength: Audio streaming allows listeners to access millions of songs instantly from any device with an internet connection. This wide access to music libraries is a big draw.
Weakness: Streaming relies on a strong and consistent internet connection to work properly. Data usage can also quickly add up for frequent listeners.
Opportunity: Younger audiences that have grown up with digital media are shifting away from ownership of music files towards access-based subscription models for audio. This demographic trend opens opportunities for growth.
Threats: Competition in the audio streaming space is intense with established players and new entrants. Customer acquisition and retention requires large investments in content, technology and marketing.
Key players: Key players operating in the audio streaming market are 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. Apple Music and Spotify are the largest platforms, together commanding over 60% of total subscribers globally. Constant innovation, exclusive music deals, and personalized recommendations are helping these companies retain existing users and attract new listeners.
Regional analysis: North America currently dominates the global audio streaming market due to high internet penetrations and widespread adoption of streaming subscriptions. However, Asia Pacific is expected to be the fastest growing regional market with increasing availability of affordable smartphones and cheap data plans improving access to streaming in countries like India and Indonesia.
Key Takeaways
The global audio streaming Market is expected to witness high growth over the forecast period of 2023 to 2030. Streaming services provide listeners with access to vast libraries of songs on-demand, helping to drive adoption particularly among younger audiences. 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 2024-2030.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
