As stated by an extensive report by Vantage Market Research, providing insights on component, type, and end-user. The global internet radio market was valued at USD 2.43 Billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 18.2% between 2021 to 2028.
Internet Radio is a service that provides access to audio facilities such as music, podcasts, commentaries, and others, digitally via internet transmission. They provide a passage for accessing global content, available in a multitude of languages.
Increased internet penetration, reduced prices for internet connectivity, enhanced acceptance rate of 4G and 5G network and technologies and soaring growth of progressive tools are some of the key factors that are augmenting the growth of the internet radio market worldwide.
Moreover, the COVID-19 pandemic brought in worldwide lockdown and business shutdowns, forcing people to stay indoors to prevent the spread of infection. Due to the availability of minimum entertainment solutions indoors, the population explored and adopted internet radio tremendously. This further progressed the market for internet radio.
However, the challenges that come along for the players in the internet radio market such as excessive competition, availability of a huge number of entertainment options, and lack of awareness, restrain the Internet Radio market. Although, thecolossal benefits offered by internet radio such as the presence of massive content, accessibility to a wide list of channels, and persistent streaming, provide an enthralling opportunity for the growth of the internet radio market, in the coming years.
Globally, North America is dominating the internet radio market and this dominance can be attributed to surging technological developments and the presence of multiple prominent playersin the region.
Subsequently, Asia-Pacific is anticipated to be the region that grows most rapidly, during the forecast period. This surge is accredited to the increasing internet penetration and economic growth and development in the region.
Some of the major players operating in the globalinternet radio market are LiveXLive Media, DI.FM, AccuRadio LLC, Spotify Technology S.A., Pandora Media Inc., Napster, Apple Inc., TuneIn, SomaFM, and iHeartMedia Inc.,among others.