Global Audio Streaming Services Market Report 2022-2028: Benefit from the Social Media Boom to Boost Audio Streaming Services Adoption

DUBLIN, Dec. 9, 2022 /PRNewswire/ -- The "Growth Opportunities in Global Audio Streaming Services" report has been added to  ResearchAndMarkets.com's offering.

In 2021, the global audio streaming services market earned revenues of $31.35 billion, which is up 18.8% when compared to 2020.

Going forward, the audio streaming services market will continue to grow at double-digit revenue rates during the entire forecast period (2022-2028).

Growth in 2021 resulted mainly from the great popularity of audio streaming platforms and subscription models, broader availability of fast-speed connections with low latency (e.g., 5G), expansion of these services to new regions, and technological advancements that allow easy streaming from multiple devices. 

This study covers the global market for audio streaming services. These services allow users to stream audio from compatible devices, such as smartphones, smart TVs, and laptops.

These services deliver audio via an internet connection on applications or web browsers. Although they provide instant access to a large collection of audio content and eliminate the need for memory space, many of these platforms allow customers to download files and listen to them offline.

Audio streaming platforms provide different subscription plans. Most of them offer a free advertising-supported tier; paid subscriptions with multiple benefits; and student, family, and military discounts. Transactional online audio is excluded from this report (i.e., purchase of a specific piece of content).

This report forecasts the global market revenue for audio streaming services and the evolution of paid subscriptions. The installed base of paid licenses does not equate to the installed base of audio subscribers because a single user may have multiple licenses for different audio streaming services.

Audio streaming providers offer different paid subscription tiers, which vary in price, audio quality, and offline downloading, and this study includes them in installed license revenue estimates.

Audio streaming operators deliver advertisements to freemium listeners. In exchange for free access to a library of content, users listen to advertisements between tracks. Conversely, premium subscribers pay a monthly or annual fee to experience uninterrupted audio streaming.

Revenue figures represent sales coming from subscription-based plans and advertisement revenue. Subscription revenues include direct sales from end users purchasing the service and indirect sales from business partners. The study excludes sales of merchandise, event tickets, sponsorships, and licensing revenues.

This study uses primary and secondary information, in conjunction with internal information, to analyze the market and provide observations and conclusions.

Key Topics Covered:

1. Strategic Imperatives

• Why is it Increasingly Difficult to Grow?
• The Strategic Imperative 
• The Impact of the Top 3 Strategic Imperatives on the Audio Streaming Services Industry
• Growth Opportunities Fuel the Growth Pipeline Engine

2. Growth Opportunity Analysis

• Scope of Analysis: Audio Streaming Services
• Audio Streaming Services Providers
• Growth Metrics
• Growth Drivers
• Growth Restraints
• Forecast Assumptions
• Revenue and Installed Licenses Forecast
• Net New Licenses Forecast
• Revenue and Installed Licenses Forecast Analysis
• Revenue Share
• Installed Paid Licenses Share
• Revenue Share Analysis

3. Growth Opportunity Universe

• Growth Opportunity 1: Embrace the Creator Economy to Make Audio Streaming Services More Interactive
• Growth Opportunity 2: Leverage Evolving Technology to Push Innovation Forward
• Growth Opportunity 3: Integrate Sports Programming to Reach New Audiences
• Growth Opportunity 4: Invest in Original Content to Ensure Competitive Differentiation
• Growth Opportunity 5: Form Partnerships with Third-Party Distributors to Improve the Streaming Experience
• Growth Opportunity 6: Pursue Audio Evolution to Gain a Competitive Edge
• Growth Opportunity 7: Benefit from the Social Media Boom to Boost Audio Streaming Services Adoption

4. Appendix: Additional Information

For more information about this report visit https://www.researchandmarkets.com/r/4gx8jo

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SOURCE Research and Markets