Market Analysis
Internet Radio market value is expected to reach around USD
9.2 Billion by the year 2030, and the CAGR is anticipated to be 18.20% during
the forecast period from 2022-2030.
Opportunities
Declining Cost of
Internet Bandwidth to offer Robust Opportunities
The declining cost of internet bandwidth coupled with reduced cost of streaming will offer robust opportunities to the market over the forecast period.
Drivers
Increasing
Adoption of Internet Radio in Automotive Sector to Boost Market Growth
The increasing adoption of internet radio in the automotive sector owing to the rapid evolution of autonomous vehicles and connected cars will boost market growth over the forecast period.
Restraints
Constant
Replacement of Internet Radio to act as Market Restraint
The increasing
number of digital platforms that are constantly replacing internet radio may
act as a market restraint over the forecast period.
Key Players
Key players profiled in the global internet radio market report include CBS Corporation (U.S.), Spotify (Sweden), Citadel Broadcasting (U.S.), Aspiro AB (Norway), Pandora Media, Inc (U.S.) Chrysalis Group (U.K.), and Napster (U.S.), among others.
The internet radio market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
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Challenges
High Setup Cost
to act as Market Challenge
The high setup price of the internet radio may act as market challenge over the forecast period.
COVID-19
Analysis
The sudden
outbreak of the COVID-19 outbreak created huge devastation across the globe and
drastically declined the economic growth rate. The various working sector and
businesses had huge financial losses for the harsher consequences of the
pandemic. The lockdown impositions forced people in staying at home most of the
time. In such a critical stage, the internet radio market also witnessed an
obstruction in growth. As most people remained at home, internet radio turned
into a great source of internet. The internet radio market demand elevated to
much greater heights and helped in restoring the growth rate and market value.
The attempt from key players of the market is offering more advanced as well as
high quality service also contributed to uplifting the radio broadcasting
industry. With everyone these days having a good internet connection, the
demand for internet radio will be escalating more and more in the days to
come.
Market
Segmentation
The global internet radio market is segmented based on advertiser type, software media player, audio format, and device support.
By device support, the Android devices will lead the market over the forecast period.
By audio format,
the internet radio market has been segmented into RA audio formats, AAC plus,
WMA, MP3, and OCG.
By software media player, the windows media player will dominate the market over the forecast period. Windows media player offer users the option of selecting their radio stations and adding their favorite list for any time easy access.
By advertiser type, the automotive segment will spearhead the market over the forecast period.
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Regional
Analysis
North America to
Steer Internet Radio Market
North America
will steer the market over the forecast period. The presence of a huge number
of industry market players, technological advances, burgeoning demand for
internet radio in the region, and the presence of major internet radio service
providers in the US, are adding to the global internet radio market growth in
the region.
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