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The global audio streaming market is majorly driven by rising adoption of smart devices such as smartphones, laptops, smart speakers and smart TVs coupled with high-speed connectivity options such as 4G/LTE and broadband networks. Audio streaming platforms offer on-demand music libraries for users to choose and stream their favorite songs and playlists on any smart device. The audio streaming experience is highly personalized with features including song skipping, sharing via social media, song lyrics, playlists and song recommendations based on user preferences.
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 Dynamics
Rising adoption of smart devices is one of the key drivers boosting growth of the global audio streaming market. As per estimates, over 6 billion smart devices including smartphones, smart speakers, smart TVs and laptops will be in use globally by 2024. High-speed internet connectivity options including 4G/LTE networks and broadband are also enabling seamless audio streaming experience across multiple smart devices. Audio streaming platforms are majorly benefiting from the trend of digital music consumption over portable devices as compared to CDs and other physical music formats.
Smart speakers equipped with digital voice assistants offer a highly engaging audio streaming experience through simple voice commands. Major tech giants including Google, Apple and Amazon have launched successful smart speaker models further propelling the audio streaming market growth over the forecast period.
Segment Analysis
The audio streaming market can be segmented by type into music streaming and podcast. Music streaming dominates the segment with around 70% share due to its wide usage among different age groups. Subscription based music streaming service are growing rapidly owing to affordable subscription plans by platforms like Apple Music, Spotify etc.
Pest Analysis
Political: Neutral regulations by governments worldwide have helped the audio streaming market grow. However, regulations around data privacy and net neutrality need monitoring.
Economic: Growing internet and smartphone penetration along with rising disposable incomes are boosting the audio streaming market. Pricing of affordable data plans is also fueling the market growth.
Social: Younger generations are adopting digital platforms as a source of entertainment. Social media popularity of songs and podcasts is luring more users to audio streaming services.
Technological: Advancements like broadband, 4G and upcoming 5G networks are enabling glitch-free audio streaming on mobile devices. Platforms are focusing on superior audio quality, personalized playlists and improved UX.
Key players comprising: Key players operating in the audio streaming market include Apple Inc., Spotify, Deezer, Pandora Media Inc., Saavn and Gaana. Apple Music and Spotify together command around 60-65% share of the global paid music streaming market due to their extensive catalog and platform availability. Both companies are investing in podcasts and live audio features to boost engagement.
Key Takeaways
The global audio streaming Market is expected to witness high growth during the forecast period due to increasing number of smartphone users and affordable data plans. 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.
The Asia Pacific region dominates the market currently due to rising youth population in countries like India and China adopting audio streaming services. The North America region is projected to grow at a significant rate owing to high smartphone and internet penetration rates in countries like US and Canada. Major platforms operating in the region are focusing on enhancing listener experience through features like song lyrics, podcast transcripts etc.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
