Published on : Nov 7, 2022
With the evolution of technology and the expansion of high-speed internet connections, the demand for audio streaming services has increased. According to Frost & Sullivan's recent analysis, Growth Opportunities in Global Audio Streaming Services, this creates previously unheard-of opportunities for the audio streaming industry. The integration of evolving technologies, such as machine learning (ML) and artificial intelligence (AI), is improving the discovery experience of audio streaming platforms by offering users music, podcasts, and audiobooks based on their preferences. Furthermore, the accelerated adoption of smart devices is fueling the demand for these services and ensuring a seamless customer experience, driving growth in the audio-streaming industry. This market is expected to garner $81.35 billion in revenue by 2028 from $31.35 billion in 2021, registering an impressive expansion at a compound annual growth rate (CAGR) of 14.6%.
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"Technology is moving faster than ever before. Disruptive technological advances, such as blockchain, cryptocurrencies, non-fungible tokens (NFTs), virtual reality, ML, and AI, are opening a world of opportunities for the entertainment industry," said Lara Forlino, ICT Research Analyst at Frost & Sullivan. "Audio streaming providers are already leveraging powerful technologies to develop innovative platform features and create new revenue streams."
Forlino added: "The rollout of 5G networks and the expansion of high-speed internet connections enable users to stream high-quality audio, which contributes to growth in the market. Additionally, audio streaming providers increasing investment in content production, like special music sessions and original podcasts, is further fueling the demand for these services."
To tap into the growth opportunities of the expanding audio streaming services industry, market participants should:
Invest in developing features that make audio consumption more interactive and social.
Leverage disruptive technologies to provide enhanced streaming experiences that maximize users' lifetime value.
Pursue strategic partnerships to acquire broadcast rights and stream sports programming through their platforms.
Partner with third-party distributors such as social media platforms, electronic product manufacturers, and connected cars to reach wider audiences.
Growth Opportunities in Global Audio Streaming Services is the latest addition to Frost & Sullivan's ICT research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.