July 21, 2024
Ict

The global audio streaming market to Advent of New Business Models Accelerating Growth

Audio streaming products and services have become an indispensable part of our daily lives, reducing the hassle of carrying and managing large music libraries. These products allow seamless music access across devices with personalized recommendations and playlists.

The global audio streaming Market size is estimated to be valued at US$38.27 billion in 2024 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 fueling the audio streaming market growth is the emergence of new business models such as freemium and ad-supported tiers. Streaming platforms are innovating their monetization strategies to attract more subscribers and increase ad revenues. The freemium model offers limited features for free to get users hooked, while soliciting payments for an ad-free experience and additional features. Ad-supported tiers rely majorly on advertisement revenues by providing unlimited streaming for nominal or no monthly charges. This has served to expand the total addressable market and accelerate adoption rates. The new business models have enabled platforms to build large user bases very rapidly and target different consumer segments.

Segment Analysis
The global audio streaming market is dominated by the music streaming segment due to its rising popularity among consumers. Easy accessibility and availability of wide collection of music has led to its growth. Music streaming services provide on-demand access to millions of songs and playlists which has boosted the segment’s demand.

Key players related content comprises:
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. Apple Inc. and Spotify currently dominate the global market share due to their wide customer base and extensive music library. However, regional players like Hungama and Saavn are also gaining popularity in the Asia Pacific region.

Regional analysis:
North America currently holds the largest share in the audio streaming market owing to high internet penetration and presence of leading players in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period. Rising youth population, increasing disposable incomes and improving connectivity infrastructure are driving the regional market growth. Countries like India, China and Japan are emerging as lucrative markets in Asia Pacific audio streaming industry.

Key Takeaways
The global audio streaming Marketis expected to witness high growth over the forecast period. The global audio streaming market size is estimated to be valued at US$38.27 billion in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it