Advertising Revenues in the Global Internet Radio Market are Projected to Reach US$2.3 Billion by 2020
Expanding Audience Base Drives the Global Internet
Radio Market, According to New Report by Global Industry Analysts, Inc.
GIA launches
comprehensive analysis of industry segments, trends, growth drivers, market
share, market size and demand forecasts on the global Internet Radio markets. Advertising
revenues in the global Internet Radio market are projected to reach US$2.3
billion by 2020, driven by increase in radio listening as a result of the
growing popularity of Internet-connected devices.
Radio is one of
the few media platforms that remains relevant even today supported by improvement
in quality of programming and technological innovations that have ensured its
availability over newer platforms. Proliferation of in-vehicle entertainment
systems, and internet-connected digital portable devices such as, smartphones,
tablet PCs, and computers, among others, have additionally made it easier for
music affectionados to search for and access favorite music. Mobile broadband
penetration is helping provide the platform for delivery of personalized radio
on mobile phones, thus enabling more number of consumers to access internet
radio services. With introduction of IP technology, it is now easier to access
streaming audio & video services when on the move. Radio service providers are
leveraging these technology advancements to provide audio broadcasting services
to a wider group of users from stations across the globe.
Falling internet
bandwidth prices and launch of 4G networks will encourage adoption of internet
radio services in the coming years. Increase in automobile sales and integration
of navigation and entertainment in cockpit electronics is expected to drive adoption
of car Internet radio. Internet Radio usage, although highest among younger users,
is expected to gain ground across all age groups led by rising user familiarity
with the Internet. Currently, there are several Internet radio stations
available, ranging from individual and local small streaming stations to big portals,
each offering the advantage of personalization and interactivity over
conventional terrestrial broadcasts. While Pandora dominates this space in the
United States, Spotify holds ground in Europe. In addition, Apple’s iTunes
Match service and Google Music (Google Play) are other services that are
transforming the online music landscape. Advertising remains the primary mode
of monetization in the Internet radio market, with most stations offering
consumers the option of ad-free (subscription-based) or ad-supported (free)
services.
As stated by
the new market research report on Internet Radio, the United States represents
the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest
growing market with a CAGR of 22.1% over the analysis period. Growth in the
region is led by rising broadband penetration, increased use of the Internet
radio as an advertising platform among advertisers and marketers, rising demand
for personalized music services particularly among the younger generation, and the
shift towards advanced platforms.
Major players covered
in the report include 8tracks, 977 Music Inc., AccuRadio LLC, Amazon.com Inc., AOL
Radio, Apple Inc., Deezer, Digitally Imported Inc., Grooveshark, Google Inc., iHeartMedia
Inc., Pandora Media Inc., Rhapsody International, Slacker Inc., SomaFM, Spotify
Ltd., Tesco PLC, and TuneIn, among others.
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