Internet Radio Market Driven by the Growing Use of Smartphones & to witness a Surge in Demand due to COVID 19

Market Scenario
The internet radio market 2020, according to MRFR, is poised to grow at roughly USD 4 Billion by 2023, at 18% of CAGR over the review period (2017 to 2023).

Market Synopsis
According to the report, the Internet radio market is bringing down the cost of downloading, gathering, storing a vast volume of data and increasing the growth of powerful devices. The primary factor driving the Internet radio market is the availability of wifi access in the home and workplaces. One of the significant factors improving the internet radio industry is the introduction of new players into the music streaming service sector.

The entrance of major players into the music streaming industry has contributed to a rise in the subscription rate, with companies flooding the market with niche music streaming. The study shows decreasing Internet bandwidth rates and the introduction of 4G networks are driving the internet radio market. The study indicates that, by using internet radio platform, advertisers generate high revenue. The market entry of new players and strategic alliances between global and regional players make the internet radio market competitive and boost the global internet radio industry. The main drivers for the internet radio industry are technical advantages such as improved bandwidth, high Internet speed and the availability of vast volumes of data.

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Competitive Dashboard
The major players in the internet radio market are – Citadel Broadcasting (U.S.), Chrysalis Group (U.K.), CBS Corporation (U.S.), Pandora Media, Inc (U.S.), Spotify (Sweden), Aspiro AB (Norway), Napster (U.S.), Somafm (U.S.), Tunein (U.S.), Slacker Radio (U.S.), among others.

Market Segmentation
The internet radio market can be segmented on the basis of audio format, and device support.
It includes windows media player, iTunes, winamp, spider player, and others through software media player segment. Because of its high media guidance to opt for the latest music, movies, sports, videos, and radio, Windows media player's high popularity can fuel market growth. The improved user experience generated by the availability of radio stations will drive the Internet radio market to grow.
The advertiser type based segments of the market are travel & airlines, computer & software, and rental services. PCs segment accounts for the highest market share, followed by tablets and smartphones.
The audio formats based segments of the market are WMA, OGG, AAC Plus, and RA.

Regional Analysis
Internet radio industry geographical research is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World.
North America is one of the leading players in the Internet radio market, owing to the presence of significant Internet radio service providers in the region that Europe followed.

Asia-Pacific region is the fastest growing region on the internet radio market due to increased usage of the internet in the residential and commercial sector and the advent of major players in the music streaming industry from the region. Across Asia Pacific, the PC segment will gain the highest revenue for the global market as tablets and smartphone applications increase.

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TABLE OF CONTENTS:
1. Market Introduction
2. Research Methodology
3. Market Dynamics
4. Executive Summary
5. Market Factor Analysis
6. Internet Radio Market, By Segments
7. Competitive Analysis
Continued…

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This release was published on openPR.