Persistence Market Research
The emergence of 4G/5G network and decreasing cost of streaming is driving global internet radio market. Huge data storage capacity and feasibility of Wi-Fi at home and offices are fuelling the global internet radio market growth. Majorly internet radio is used for media & entertainment, computer & software, retail stores, travel airlines, hotels & restaurants and insurance service providers. Internet radio is also referred as net radio, e-radio, online radio or web radio. The audio streamed by internet radio cannot be downloaded, replayed or paused in the middle of streaming.
The entrance of new players in the market and strategic partnerships between global and regional players are making the internet radio market competitive and amplifying the global internet radio market. By device support segmentation, smartphones account for the major market share among PCs and tablets in internet radio market. The demand for internet radio from automotive sector will also increase during the forecast period due to the rapid evolution of connected car and will contribute to the growth of global internet radio market.
Internet Radio Market: Drivers and challenges
The growing penetration of smartphones with 4G/5G connections is boosting global internet radio market. Technological advantages like increased bandwidth, high internet speed and storing large amount of data are the major drivers for internet radio market. The declining cost of internet bandwidth and reduced cost of streaming are the factors contributing to the growth of internet radio market.
Digital platforms are constantly replacing internet radio and is threat to internet radio market. Another major challenge faced by internet radio is high setup cost. As the number of listeners is not known by the service providers, 10 listener costs as much as 10,000 listeners. Another factor hindering global internet radio market is poor connectivity in rural areas.
Internet Radio Market: Segmentation
Segmentation based on device support:
Internet radio market is segmented based on the operating system used by the end-user. Internet radio market is classified as IOS, Android and Windows.
Segmentation based on audio format:-
Internet radio market is segmented based on the format of audio. Generally audio formats used are MP3, WMA, OGG, RA and AAC Plus.
Segmentation based on media player:-
Internet radio market is segmented based on the media player used by the end-user. Most commonly used media players are Windows media player, iTUNES, Winamp, Spider Player and Others.
Segmentation based on advertiser type:-
Internet radio market is segmented based on the type of advertiser. It is classified as Media & Entertainment, Food stores, Retail stores, Computer & software, Insurance, Rental services, Travel airlines, Hotels & Restaurants, Automotive, Consumer electronics and others.
In June 2016, Spotify entered into strategic partnership with Manila Broadcasting Company to promote local entrainment experiences in the Philippines. With this partnership, Manila Broadcasting Company can connect with an audience in a better way, and it also enabled Manila Broadcasting Company to introduce new playlists for their listeners.
Key players for Internet radio market are Spotify, Apple Inc., Amazon.com, Pandora Media, Napster, AOL Radio, Citadel Broadcasting, Slacker Radio, CBS Corporation, Chrysalis Group, Aspiro AB, Tunein and Somafm.
Internet radio market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East & Africa. Presently, North America holds the largest market share of internet radio market because of the high population of music lovers.
Asia Pacific is the fastest growing region for internet radio due to the changing economies of the developing countries and the increasing penetration of internet connections in homes and commercial buildings.
The report covers exhaustive analysis on:
Internet Radio Market Segments
Regional analysis for Internet Radio Market includes development in the following regions:
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
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