Technology Advancement Unfolds Unprecedented Opportunities for the Audio Streaming Services Market

November 7, 2022

Global audio streaming services market growth is driven by the integration of evolving technologies that provide cutting-edge experiences for users

SAN ANTONIO, Nov. 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 Frost & Sullivan’s recent analysis, Growth Opportunities in Global Audio Streaming Services, this creates previously unheard-of opportunities for the audio streaming industry. The integration of evolving technologies, such as machine learning (ML) and artificial intelligence (AI), is improving the discovery experience of audio streaming platforms by offering users music, podcasts, and audiobooks based on their preferences. Furthermore, the accelerated adoption of smart devices is fueling the demand for these services and ensuring a seamless customer experience, driving growth in the audio-streaming industry. This market is expected to garner $81.35 billion in revenue by 2028 from $31.35 billion in 2021, registering an impressive expansion at a compound annual growth rate (CAGR) of 14.6%.

Audio streaming services industry
Audio streaming services industry

For further information on this analysis, please click here.

“Technology is moving faster than ever before. Disruptive technological advances, such as blockchain, cryptocurrencies, non-fungible tokens (NFTs), virtual reality, ML, and AI, are opening a world of opportunities for the entertainment industry,” said Lara Forlino, ICT 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 rollout of 5G networks and the expansion of high-speed internet connections enable users to stream high-quality audio, which contributes to growth in the market. Additionally, audio streaming providers increasing investment in content production, like special music sessions and original podcasts, is further fueling the demand for these services.”

To tap into the growth opportunities of the expanding audio streaming services industry, market participants should:

  • Invest in developing features that make audio consumption more interactive and social.
  • Leverage disruptive technologies to provide enhanced streaming experiences that maximize users’ lifetime value.
  • Pursue strategic partnerships to acquire broadcast rights and stream sports programming through their platforms.
  • Partner with third-party distributors such as social media platforms, electronic product manufacturers, and connected cars to reach wider audiences.

Growth Opportunities in Global Audio Streaming Services is the latest addition to Frost & Sullivan’s ICT research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

About Frost & Sullivan

For over six decades, Frost & Sullivan has helped build sustainable growth strategies for Fortune 1000 companies, governments, and investors. We apply actionable insights to navigate economic changes, identify disruptive technologies, and formulate new business models to create a stream of innovative growth opportunities that drive future success. Contact us: Start the discussion

Growth Opportunities in Global Audio Streaming Services

María Celeste Bailo
Corporate Communications
E: [email protected]

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us