New York, US, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Internet Radio Market, By Software Media Player, Audio Formats, Phone Support, Advertiser Type - Forecast 2030”, the market is anticipated to acquire a valuation of approximately USD 9.2 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 18.20% during the assessment timeframe.
Internet Radio Market Overview:
Internet radio is an audio service accessed online using a web browser or a media player. It offers consistent audio streaming, and one can replay or pause after the audio is over. The signal strength is more significant than traditional radios as it is retrieved through the internet. The high-speed internet power allows faster and more reliable signals to be transmitted, thus offering perfect high-quality recordings. There are several essential advantages of the internet radio Market where one can hear several radios shows across the globe in real-time. As internet radio broadcasting has no struggle with signal problems or dodgy reception, its demand is elevating with each passing day.
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Internet Radio Market Competitive Analysis
The list of leading participants across the global internet radio market includes players such as:
- Slacker Radio (U.S.)
- Chrysalis Group (U.K.)
- CBS Corporation (U.S.)
- Napster (U.S.)
- Somafm (U.S.)
- Spotify (Sweden)
- Citadel Broadcasting (U.S.)
- Pandora Media, Inc (U.S.)
- Tunein (U.S.)
- Aspiro AB (Norway)
The global Internet Radio Market for internet radios has increased in the last few years. Internet radio is a pretty disparate episodic audio series, and in this, consumers across the globe can listen to and download it. Furthermore, there is no effort to tune physically to a radio station or a program. Less streaming charges and a massive quantity of data propel the market growthrket upwards. In the modern era, strong internet connection and wi-fi are available in most public places, offices, and homes that are commonly used for listening to the internet radio. The growing internet penetration is another prime parameter catalyzing the market's growth. Various media players are offering higher quality audio with fascinating programs that are simple to access and enjoy through bookmarks of favorite radio stations. Some free radio applications also offer internet radio programs without cost.
Internet Radio Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 9.2 Billion |
| Growth Rate | CAGR of 18.20% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The demand for the market escalates to a greater extent |
| Key Market Drivers | The rise in the growth of powerful and advanced tools |
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Market USP Covered
Market Drivers
The global market for internet radio has expanded rapidly in the last few years, given the aspects such as the growth of powerful & advanced tools, lowering streaming costs, and feasibility of internet and wi-fi connectivity.
Market Restraints
On the other hand, the lack of awareness of internet radio may restrict the market's performance.
COVID-19 Impact
The global health crisis in the form of COIVID-19 has had a massive impact on the majority of the industry sectors across the globe. The supply chain networks for most of the market areas witnessed a significant disruption due to the social distancing norms and travel restrictions imposed by the governments across the globe. On the other hand, unlike all the market sectors, the global market for internet radios witnessed substantially positive growth during the pandemic. Because of the lockdowns imposed across the globe., people choose to stay home and opt for such internet podcasts boosting the growth of the market. With all this, the global market for internet radios is anticipated to witness substantially positive growth over the coming years.
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Internet Radio Market Segment Analysis
Among all the software media player types, the windows media player segment is anticipated to secure the top position across the global internet radio market over the review timeframe. Since users can select from a wide range of choices in Windows media player, such as a media guide enabling them to find the latest games, radio, movies, music, and videos. Showing a list of available radio stations boosts the user's experience. It offers users several choices after selecting some radio stations, such as information on the station and the option to add it to a favorite list.
Among all the device supports, the android segment is anticipated to secure the top position across the global market for internet radios over the coming years. the growth of the segment is credited to the escalating number of android smartphone users
Among all the audio formats, the MP3 audio formats segment is predicted to lead the global internet radio market over the coming years. a growing demand of consumers for MP3 audio formats since it provides several advantages like its flexibility, capacity to compress files, and others. They can operate on several devices.
Among all the advertiser types, the media & entertainment and travel airlines segments are anticipated to lead the global market for internet radio over the coming years. a growing demand for internet radio in media & entertainment and several benefits offered by it are the main aspects supporting the growth of the segment.
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Internet Radio Market Regional Analysis
The global market for internet radio is analyzed across five major regions: Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa.
According to the research reports by MRFR, the North American region is predicted to secure the top position across the global internet radio market over the review timeframe. The massive pool of leading players across the region is the main parameter supporting the regional market's growth. The region has the U.S. as the leading growth contributor. The rapidly growing demand for internet radio broadcasting across the nation is the prime aspect causing regional market growth. The region is known to be the early adopter of advanced technologies, a significant parameter boosting the growth of the regional market.
The internet radio market for the European region is anticipated to secure the second leading position globally over the assessment era.
The internet radio market for the Asia-Pacific region is anticipated to exhibit the highest CAGR over the review timeframe. The main parameter supporting the growth of the regional market is the growing use of the internet in the commercial and residential sectors. Furthermore, the rise of market players is another prime aspect boosting the regional market's growth over the review era. Moreover, expanding the music streaming industry across the region is likely to catalyze the regional market's growth over the coming years.
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