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The audio streaming market allows users to listen to music, podcasts and other audio content by streaming it over the internet instead of downloading files to a device. Audio streaming provides access to an extensive library of content that can be enjoyed from anywhere using smartphones, computers, smart speakers and other connected devices. This on-demand access has spurred tremendous growth in audio streaming as users no longer have to own digital copies of songs or manually manage music libraries. The transition to digital distribution of audio content and increasing penetration of the internet around the world has boosted the adoption of audio streaming services.
The global audio streaming market 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 major trends driving the audio streaming market is the growing popularity of podcasts. Podcast listenership around the world has surged in recent years with the availability of high-quality on-demand audio content through streaming platforms. Podcast fans no longer need to download files to listen but can easily stream their favorite shows. This has increased the convenience of podcast consumption. Audio streaming services have recognized the demand and expanded their libraries with exclusive podcast content to attract and retain more subscribers. Another trend is the integration of advanced streaming capabilities into smart home devices and automobiles. Smart speakers, home theaters, in-car infotainment systems now allow seamless multi-room audio playback and control of streaming music. This elevates the overall streaming experience and further widens the audience reach of audio streaming platforms.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the audio streaming market is moderate as the market is dominated by big players however new players can enter the market by introducing innovative features and targeting niche audiences.
Bargaining power of buyers: The bargaining power of buyers is high in this market as there are many substitutes available and switching costs for consumers are low.
Bargaining power of suppliers: The bargaining power of suppliers is low in this market as there are many music labels and content creators.
Threat of new substitutes: The threat of new substitutes is high as free alternatives and downloading/piracy are major threats to streaming services.
Competitive rivalry: The competitive rivalry is high in this mature market as companies compete based on features, content, and pricing.
Key players: 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 are the largest players with leading market shares. Pandora Media Inc. and Deezer focus on offering personalized music streaming experiences.
Regional analysis: The Asia Pacific region is expected to be the fastest growing market for audio streaming due to rising disposable incomes and adoption of digital technologies in major countries like India and China. North America is expected to continue dominating the global audio streaming market during the forecast period.
Key Takeaways
The global audio streaming market is expected to witness high growth over the forecast period driven by increasing internet and smartphone penetration. The global audio streaming market 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:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
