Internet radio market is expected to reach US$9.2 billion

NEW YORK, US, September 26, 2022 (GLOBE NEWSWIRE) – According to a comprehensive research report by Market Research Future (MRFR), “Internet radio marketby Media Player, Audio Formats, Telephone Support, Advertiser Type – 2030 Forecast”, the market is expected to have a valuation of approximately US$9.2 billion by the end of 2030. Reports further predict that the market will thrive at a robust compound annual growth rate of more than 18.20 % during the evaluation time frame.

Internet Radio Market Overview:

Internet radio is an audio service that is accessed over the Internet using a web browser or media player. It provides a consistent audio stream, and one can replay or pause after the audio has finished. Signal strength is more important than traditional radios as it is retrieved over the Internet. The power of high-speed internet allows for faster and more reliable signal transmission, thus delivering optimal high-quality recordings. There are many primary advantages of internet radio market as one can hear many radio programs across the world in real time. Since internet radio does not have any problem with signal issues or spoofed reception, the demand for it is increasing with each passing day.

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Internet Radio Market Competitive Analysis

The list of prominent participants across the global internet radio market includes players such as:

  • Radio Dodger (US)
  • Chrysalis Group (UK)
  • CBS Corporation (USA)
  • Napster (USA)
  • SomaFem (USA)
  • Spotify (Sweden)
  • Castle Broadcasting (USA)
  • Pandora Media, Inc (US)
  • Tune (United States)
  • Aspiro AB (Norway)

The global internet radio market for internet radios has increased in the past few years. Internet Radio is a casually differentiated audio series, and in this, consumers all over the world can listen and download it. Furthermore, there is no effort to physically tune into a radio station or program. Lower streaming fees and massive amount of data drive market growth higher. In the modern era, a strong internet connection and wi-fi are available in most of the public places, offices and homes that are usually used to listen to internet radio. The increasing penetration of the Internet is another major factor spurring the growth of the market. Various media players offer high quality audio with great programs that are easy to access and enjoy through bookmarks of your favorite radio stations. Some free radio apps also offer online radio programs at no cost.

Scope of the Internet Radio Market Report:

Scale Report details
Revenue forecast in 2030 9.2 billion USD
growth rate Compound annual growth rate of 18.20% from 2022 to 2030
base year 2021
The study period 2022-2030
Key market opportunities The market demand is rising to a greater extent
Main market drivers Rise in the growth of powerful and advanced tools

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USP Market Covered

Market Drivers

The global internet radio market has expanded rapidly in the past few years, due to aspects such as growth of powerful and advanced tools, reduction in broadcast costs, and feasibility of internet and Wi-Fi connection.

market restrictions

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

Impact of COVID-19

The global health crisis in the form of COIVID-19 has had a tremendous impact on the majority of industry sectors across the world. The supply chain networks of most market regions have experienced significant disruption due to social distancing standards and travel restrictions imposed by governments around the world. On the other hand, unlike all market segments, the global market for online radios has experienced hugely positive growth during the pandemic. Due to the lockdowns imposed around the world, people are choosing to stay at home and opt for such online podcasts that promote market growth. With all this, the global market for Internet radios is expected to witness significantly positive growth over 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 secure the number one position across the global Internet radio market during the review time frame. Because users can choose from a wide range of options in the Windows media player, such as a media directory that enables them to find the latest games, radio, movies, music, and videos. Viewing a list of available radio stations enhances the user experience. It provides users with 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 the hardware support devices, the Android segment is expected to secure the number one position in the global market for Internet radios over the coming years. The growth of the sector is attributed to the increasing number of Android smartphone users

Among all the audio formats, the MP3 audio format segment is expected to lead the global Internet radio market over the coming years. There is a growing demand from consumers for MP3 audio formats as it offers many advantages such as its flexibility, ability to compress files, among others. They can work on multiple devices.

Among all types of advertisers, the media, entertainment and travel segments are expected to lead the global internet radio market over the coming years. The growing demand for Internet radio in the media and entertainment and the many advantages it offers are the main aspects that support the growth of this sector.

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Internet Radio Market Regional Analysis

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

According to MRFR research reports, the North American region is expected to take the number one position across the global internet radio market within the review time frame. The vast portfolio of leading companies across the region is the main factor supporting the growth of the regional market. The United States is the main contributor to growth in the region. The rapidly growing demand for internet radio broadcasting across the country is the main aspect causing the growth of the regional market. The region is known to be the first to adopt advanced technologies, which is an important parameter that promotes 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 evaluation era.

The Internet radio market for the Asia Pacific region is expected to experience the highest compound annual growth rate (CAGR) over the review time frame. The main factor supporting the growth of the regional market is the increasing use of the Internet in the commercial and residential sectors. Moreover, the emergence of market players is another key aspect that boosts the growth of the regional market during the review period. Moreover, the expansion of the music streaming industry across the region is likely to spur the growth of the regional market over the coming years.

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On the future of market research:

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