Internet Radio Market Scenario:
On the basis of regional analysis the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America region is generating highest market share in the internet radio market owing to better network infrastructure, digitization and higher technology implementation. Digitization in North America is mainly due to the invention of advanced technology and economies benefitting from it.
North America region is leading due to presence of major players from the region in the internet radio market. The adoption of internet radio service by both small and medium enterprises for advertising purpose is increasing rapidly, especially one into finance. The internet radio is gaining demand due to availability of wifi connectivity at public places and increased popularity of streaming music is boosting the market in the region.
The global Internet Radio Market report by Market Research Future (MRFR) outlines all the latest trends and opportunities available online for investors to profit comfortably.
Pandora Media, Inc., Chrysalis Group, Tunein, Somafm, Citadel Broadcasting, Slacker Radio, CBS Corporation, Napster, Spotify, Aspiro AB, and others are some of the prominent names in the internet radio market. Collaborations and partnerships are strategies employed by these players. Recently, SiriusXM and Pandora decided to launch the new Pandora station – Pandora NOW.
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The global internet radio market is on the verge of attaining a size of USD 4 billion by 2023, exhibiting 18% CAGR from 2017 to 2023 (forecast period). Factors driving market growth include decreasing costs of collecting and storing large amounts of data and a rise in the use of powerful tools are driving market growth. Increasing feasibility of Wi-Fi in offices and homes as well as entry of new participants in the market can bolster the global market demand. Emergence of 4G networks and lowered price of internet plans are other drivers of the market.
Use of successful business models to gain revenue can drive the global market. Advertisement model offers companies to advertise in the form of jingles, Ads, and short plays. The other alternative, sponsorship, offers companies to directly target their demographic based on certain parameters, mainly average type of listener, age of listener, and number of listeners.
The global internet radio market considers the following segments for its valuation – software media player, audio format, device format, and advertiser type.
- By software media player, it is segmented into Spider Player, Windows Media Player, Winamp, iTunes, and others. Windows Media Player offers users with a media guide and a plethora of radio stations to choose from.
- By audio format, it is segmented into RA, WMA, OGG, MP3, and AAC Plus.
- By device support, it is segmented into PCs, laptops, tablets, smart devices, and others. PCs accounted for the largest market share followed by tablets and smartphones. This can be credited to the easy availability of personal computers as well as easy access to the Internet for easy listening.
- By advertiser type, it is segmented into computer software, media & entertainment, food products, retail stores, financial services, rental services, consumer electronics, automotive, insurance, hotels & restaurants, travel airlines, and others. Financial services and retail stores occupy the largest market share in 2017 due to technological breakthroughs in mobile technologies, analytics, and cloud.
Geography-wise, the global internet radio market covers Asia Pacific (APAC), Americas, Europe, and the Middle East & Africa (MEA).
North America is one of the biggest regions for the market due to various internet radio service providers. Access to radio frequencies due to improved technological infrastructure combined with digitization can drive the regional market growth. Adoption of these services by small and medium enterprises for advertising can bode well for the region. In addition, rising popularity of online music and availability of Wi-Fi at public places can work favorably for the revenues of the regional internet radio market.
On the other hand, the APAC region is expected to exhibit the fastest growth rate due to high usage of the Internet in the residential and commercial sector. The young demographic with access to the internet and smartphones are opting for online music streaming stations for listening to their favorite bands. Moreover, broadcast of promotional singles by new bands to enter the mainstream music space can drive the market growth.
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