The audio streaming market offers audio content in digital format that can be accessed over the internet or the network. Audio streaming provides advantages such as access to a variety of content, portability across devices, and on-demand access without downloading.
The global Audio Streaming Market is estimated to be valued at US$ 38.27 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the audio streaming market is the integration of artificial intelligence. Audio streaming platforms are integrating AI technologies to serve personalized recommendations, create customized playlists, and enhance search capabilities. AI analyses user preferences across music genres, artists, languages and moods to deliver a highly personalized audio streaming experience. AI also helps optimize streaming quality based on an individual’s bandwidth and device. This enhances user experience and engagement with audio streaming platforms.
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. Spotify is currently the market leader with over 100 million paid subscribers globally followed by Apple Music with over 45 million paid subscribers. Competition in the industry is intensifying with tech giants like Amazon and Google also entering the streaming space.
SWOT Analysis
Strength: Audio streaming provides convenient and easy access to a huge catalog of music and audio content to listeners. It allows users to listen to any song or audio instantly without owning local copies.
Weakness: Audio streaming relies on a stable internet connection to function properly. Users cannot access content offline. Data consumption from streaming can strain mobile data plans.
Opportunity: The growing popularity of on-demand audio among young audiences and availability of affordable data plans present an opportunity for audio streaming platforms to gain new subscribers. Integration of streaming services into smart devices widens the potential customer base.
Threats: Tight competition from incumbent players makes it difficult for new entrants to gain market share. Shift towards video content consumption poses a threat to the dominance of audio-only streaming. Piracy remains a challenge.
Key Takeaways
The global audio streaming market is expected to witness high growth, exhibiting a CAGR of 14% over the forecast period, due to increasing smartphone and internet penetration. The growing demand for digital content among Millennials and Gen Z is a major driver for audio streaming adoption.
Regional analysis: North America currently dominates the global audio streaming market, accounting for over 30% share in 2023. However, Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising disposable incomes and expanding middle-class population in major countries like China and India which is increasing spending on digital subscriptions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
