Audio streaming is the delivery of internet content in real time my means of content delivery channels. Owing to an increase in demand in smartphones and other electronic gadgets, the phenomenon of live streaming of audio content and music is gaining popularity. This is fueled by the rise in disposable income of the people that propels the expenditure in the entertainment industry. As devices such as smartphones, PCs, and tablets are becoming a prominent part of consumers’ lives, this boosts the demand for utilities associated with them.
Market scope and structure analysis:
|Market size available for years||2020–2027|
|Base year considered||2019|
|Forecast units||Value ($US)|
|Segments covered||Type by Component, Platform, End Service, Application, Industry Vertical, and Region|
|Regions covered||North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Rest of LAMEA)|
|Companies covered||Apple Inc., Adobe Inc., DaCast, Lineapp GmbH, Lime Broadcast Group, MIXLR Ltd., Hungama.com, Spotify Technology S.A, Netflix, Bloomberg L.P, Stream Monster Inc., SoundCloud, Live365.|
COVID-19 Scenario Analysis:
- Surge in demand for audio streaming
- Since this pandemic declined the outdoor recreational activities, there was an upsurge in the demand and application of digitized streamed content. This boosts the demand for audio streaming market.
- Offers by audio streaming companies
- Taking note of the growing demand for online audio streaming services, the key market players have started giving discounts to attract more population. This eased the access to content and intrigued the customers to make a purchase.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The rise in consumer demands for live content streaming and the decline in 4G internet facilities boost the market for the audio streaming industry. This is driven by the consumer inclination toward devices that instigate the application of such entertainment resources in the daily lives. The global consumer preferences for music are unanimously sorted and delivered in form of live audio streaming where the consumers have option to pick the mode of streaming from web or smartphone application and surf through wide range of options from music to genre available. This provides not just satisfaction but also convenience to the consumers. The leading market players dwell on the factor responsible for demand generation and successfully deliver content at consumers’ call.
The global audio streaming market trends are as follows:
New launch of services to flourish the market
The launch of new services in the form of streamed audio content was widely accepted by the consumers across different regions. The content enabled the convenience to entertainment and allowed the customers to choose as per their interests. Not just this, but the ease in accessibility to the content on various platforms such as smartphones, tablets, and PCs increased its application as it suited diverse customers.
Subscription based services
Ever since the audio streaming market got introduced, the key market players keep innovating the service based industry and make sure to offer various choices to customers to pick as per their convenience.
This has led to diversification of services by means of subscription based and free services. Here the consumers preferring premium services can opt for subscriptions and get an access to upgraded version of the content and many other additional benefits. The subscription services allow on-demand videos and a wide range of premium content that can vary from consumer preference. This thrives the consumers to opt for a better range of services and the leading players utilize these demands as opportunities to enhance the market growth.
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Key Segments Covered:
|Type by Component||
Key Benefits of the Report:
- This study presents the analytical depiction of the global audio streaming industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global audio streaming market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global audio streaming market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global audio streaming market analysis based on competitive intensity and how the competition will take shape in the coming years.
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