The growth of the global audio streaming services market is driven by the integration of evolving technologies that deliver state-of-the-art user experiences
SAN ANTONIO, November 7, 2022 /PRNewswire/ — With the evolution of technology and the expansion of high-speed Internet connections, the demand for audio streaming services has increased. According to the recent Frost & Sullivan analysis, Growth Opportunities in Global Audio Streaming Services, this creates unprecedented opportunities for the audio streaming industry. The integration of evolving technologies, such as machine learning (ML) and artificial intelligence (AI), improves the discovery experience of audio streaming platforms by providing users with music, podcasts and books audio according to their preferences. Moreover, the accelerated adoption of smart devices is fueling the demand for these services and ensuring seamless customer experience, driving the growth of the audio streaming industry. This market should generate $81.35 billion in revenue by 2028 of $31.35 billion in 2021, recording impressive expansion at a compound annual growth rate (CAGR) of 14.6%.
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“Technology is changing faster than ever. Disruptive technological advancements, such as blockchain, cryptocurrencies, non-fungible tokens (NFTs), virtual reality, ML and AI, are opening up a world of opportunity for the entertainment industry,” said Lara ForlinoICT 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 deployment of 5G networks and the expansion of high-speed internet connections are allowing users to stream high-quality audio, which is helping the market grow. Additionally, audio streaming providers are increasing their investments in content production, such as special music sessions. and original podcasts, is further fueling demand for these services.”
To tap the growth opportunities of the booming audio streaming services industry, market players need to:
Invest in develop features that make audio consumption more interactive and social.
Take advantage of disruptive technologies to provide enhanced streaming experiences that maximize user lifetime value.
Pursue strategic partnerships to acquire broadcasting rights and broadcast sports programs through their platforms.
Partnership with third-party distributors such as social media platforms, electronics manufacturers and connected cars to reach a wider audience.
Growth Opportunities in Global Audio Streaming Services is the latest addition to Frost & Sullivan’s TIC research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous stream of growth opportunities to succeed in the unpredictable future.
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Growth Opportunities in Global Audio Streaming Services
maria Celeste Bailo
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SOURCE Frost & Sullivan