Audio Streaming MarketSize and Trends

Audio streaming refers to the one-way audial content transmission in compressed form through the internet and retrieved and played as per the users’ convenience and time, without the requirement of downloading. These services enable content audibility without consuming additional storage space providing access to millions of songs as per the users’ choice, which is expected to be among the prominent factors fueling market growth.

Advent of streaming media delivery services in conjunction with high speed internet connectivity is expected to drive market growth

This technology aids consumers to gain legal access to high quality content with minimal subscription costs and may even be provided as a complimentary service over a defined service period. Proliferation of smartphones and high speed Internet technology such as 3G, 4G, and LTE networks, has led to easy access to media services for entertainment purposes. These services offer access to millions of songs with uninterrupted access, increasing consumer preference towards on-demand products and services through smartphone apps, coupled with innovative services such as providing individual preferences and personalized playlist options. This is expected to aid in growth of the market through the forecast period.

Audio Streaming Market Taxonomy

On the basis of platform, the global audio streaming market is classified into:

Smartphones
Laptops & desktops
Tablets

On the basis of end services, the global audio streaming market is classified into:

Subscription based services
Ad-supported services

Increasing consumer inclination toward paid services to access high-quality and exclusive content is expected to support market growth

Ad supported services accounted for the largest user share in the market in 2016. However, subscription based services was the largest revenue generating segment in the audio streaming market. Moreover, consumers in developed economies prefer premium content with paid subscription as against free services. Requirement to capitalize on this opportunity, industry participants are increasingly focusing on paid services as a part of their offerings. This is expected to help industry participants in establishing strong foothold in the global audio streaming market. For instance, in March 2017, Pandora launched its premium subscription tier, that could play from a curated list of tracks, and provided tailored music lists with respect to consumer preferences.