Expanding Audience Base Drives the Global Internet Radio Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) January 14, 2015 -- Follow us on LinkedIn – 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 internet-connected digital portable devices has additionally made it easier for music affectionados to access their favorite music, anytime, anywhere.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.
The research report titled “Internet Radio: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies. The report provides market estimates and projections for major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, and Rest of Europe), Asia-Pacific, and Rest of World.
For more details about this comprehensive market research report, please click here
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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