The Internet radio market is expected to reach $9.2 billion

NEW YORK, USA, Sept. 26, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Internet Radio MarketSoftware Media Player, Audio Formats, Telephone Support, Advertiser Type – Forecast 2030”, the market is expected to reach a value of approximately USD 9.2 billion by the end of 2030. Reports predict that the market will flourish at an even more robust CAGR. over 18.20% during the assessment period.

Internet Radio Market Overview:

Internet radio is an audio service accessed online using a web browser or media player. It offers continuous audio streaming and you can replay or pause after the audio ends. Because it is accessed via the Internet, the signal strength is more significant than traditional radios. High-speed internet power allows for faster and more reliable signal transmission, thus providing excellent high-quality recordings. Internet radio market has several important advantages where you can listen to several radio shows from around the world in real time. Because Internet radio broadcasting doesn’t have to deal with signal problems or unreliable reception, its demand is growing every day.

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Competitive Analysis of the Internet Radio Market

The list of leading participants in the global internet radio market includes the following players:

  • Slacker Radio (USA)
  • Chrysalis Group (UK)
  • CBS Corporation (USA)
  • Napster (US)
  • Somafm (USA)
  • Spotify (Sweden)
  • Citadel Broadcasting (USA)
  • Pandora Media, Inc. (USA)
  • Tunein (USA)
  • Aspiro AB (Norway)

The global Internet Radio Market for internet radios has grown over the past few years. Internet radio is a unique episodic audio series that consumers around the world can listen to and download. In addition, there is no effort to physically tune into a radio station or program. Less streaming charges and large amounts of data are boosting market growth. Nowadays, strong internet connection and wi-fi are available in most public places, offices and homes used to listen to internet radio. The increasing penetration of the Internet is another key parameter that is driving the growth of the market. Various media players offer high-quality audio with interesting programs that are easy to access and enjoy through bookmarks of your favorite radio stations. Some free radio programs also offer free internet radio programs.

Scope of the Internet Radio Market Report:

Reporting Metric Details
Revenue forecast in 2030 9.2 billion US dollars
Growth rate 18.20% CAGR from 2022 to 2030
Base year 2021
education duration 2022-2030
Key Market Opportunities The market demand is increasing more
Key Market Drivers Increase in the growth of powerful and advanced tools

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Market USP is covered

Market drivers

The global market for internet radio has expanded rapidly over the past few years, given aspects such as the growth of powerful and advanced tools, the reduction of streaming costs, and the availability of internet and Wi-Fi connectivity.

Market restrictions

On the other hand, lack of awareness about internet radio can limit market performance.

Impact of COVID-19

The global health crisis in the form of COIVID-19 has had a major impact on most industrial sectors around the world. Supply chain networks for most market areas have witnessed significant disruption due to social distancing norms and travel restrictions imposed by governments worldwide. On the other hand, unlike all market sectors, the global internet radio market has witnessed significant positive growth during the pandemic. Due to lockdowns across the world, people are choosing to stay at home and this kind of internet podcasts are increasing the market growth. In addition to all this, the global market for internet radios is expected to witness significant positive growth in the coming years.

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Internet Radio Market Segment Analysis

Among all types of software media players, the Windows media player segment is expected to occupy a high position in the global internet radio market during the review period. Because users can choose from a wide range of options, such as a media guide that allows them to find the latest games, radio, movies, music and videos in Windows media player. Showing a list of available radio stations enhances the user experience. It offers users several options after selecting some radio stations, such as information about the station and the option to add it to the favorites list.

Among all device supports, the Android segment is expected to dominate the global market for internet radios in the coming years. The growth of the segment is attributed to the increase in the number of android smartphone users

Among all audio formats, the MP3 audio formats segment is projected to lead the global internet radio market in the coming years. Increasing consumer demand for MP3 audio formats as it provides several advantages such as flexibility, ability to compress files and others. They can work on multiple devices.

Among all advertiser types, the media, entertainment and travel airline segments are expected to lead the global market for internet radio in the coming years. growing demand for internet radio in media and entertainment and the range of benefits it offers are key aspects supporting the growth of the segment.

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Regional Analysis of the Internet Radio Market

The global market for Internet radio is analyzed across five key regions: Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa.

According to MRFR’s research reports, the North American region is projected to secure the top spot in the global internet radio market during the review period. A large pool of leading players in the region is a key parameter supporting the growth of the regional market. The region is the leading growth contributor to the United States. The rapidly increasing demand for internet radio broadcasting across the country is a major factor driving the growth of the regional market. The region’s early adoption of advanced technologies is recognized as an important parameter driving the growth of the regional market.

The internet radio market for the European region is expected to secure the second leading position globally during the assessment period.

The internet radio market for the Asia-Pacific region is expected to exhibit the highest CAGR during the review period. A key parameter supporting the growth of the regional market is the increasing use of internet in the commercial and residential sectors. In addition, the rise of market players is another key aspect boosting the growth of the regional market during the review period. Furthermore, the expansion of the music streaming industry in the region is likely to catalyze the growth of the regional market in the coming years.

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On the Future of Market Research:

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