Internet Radio: Introduction
- Internet radio is commonly referred to as digital audio service, transmitted through the internet. Internet radio is also called net radio, web radio, streaming radio, online radio, IP radio, and e-radio.
- Internet radio is a complete system that comprises internet radio technology (listening, streaming, and simulation). Streaming media allows continuous streaming of audio that cannot be paused in between or replayed once the audio is over.
- Internet radio is accessed online, such as via a broadband connection. Additionally, internet radio can also be connected using an Ethernet cable if the radio is near the router.
- The global internet radio market is projected to expand at a rapid pace during the forecast period, due to advancement in technologies across the globe.
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Global Internet Radio Market: Dynamics
Global Internet Radio Market: Key Drivers and Restraints
- Surge in adoption of 4G/ 5G network and decreasing cost of streaming is a major factor likely to accelerate the internet radio market in the next few years.
- Rise in demand for better streaming in a more efficient manner along with huge data storage capacity across the globe is estimated to boost the growth of the internet radio market during the forecast period.
- Additionally, rise in adoption of internet radio among various sectors such as media & entertainment, retail stores, travel, airlines, hotels & restaurants, and insurance is projected to boost the demand for internet radio across the globe.
- Growing feasibility of Wi-Fi at home and offices is also expected to propel the internet radio market during the forecast period.
- Increasing adoption of internet radio in the automotive sector due to the rapid evolution of connected cars and autonomous vehicles is anticipated to boost the market.
- The declining cost of internet bandwidth and reduced cost of streaming is expected to create new opportunities for the internet radio market during the forecast period.
- However, increasing number of digital platforms constantly replacing internet radio is the major factor projected to hinder the global internet radio market in the next few years.
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Impact of COVID-19 on the Global Internet Radio Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown, with developed countries strongly impacted by this pandemic. Most manufacturing or production of goods have been temporarily suspended all over the world. Businesses have been adversely impacted in most countries due to partial or full lockdown. This in turn is projected to indirectly hamper the global internet radio market in the next few years. Lack of industrial activity is expected to result in low cash flows, further hampering the funding of projects.
North America to Hold Major Share of the Global Internet Radio Market
- In terms of region, the global internet radio market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global internet radio market in 2019. The U.S. is the key market in the region due to the presence of major internet radio service providers.
- The internet radio market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to increasing digitalization and increased internet usage in residential and commercial sectors across countries such as China, Japan, and India in the region.
Global Internet Radio Market: Competition Landscape
Several local, regional, and global players are active in the internet radio market with a strong presence. Rapid technological advancements have created significant opportunities in the global internet radio market. Internet radio operators are increasingly focusing on collaboration, and mergers and acquisition with technology partners to develop innovative and advanced solutions to improve their offerings and market reach.
Key Players Operating in the Global Internet Radio Market Include:
- Grace Digital
- iHeart Radio (iHeartMedia, Inc.)
- Internet Radio Ltd
- Ocean Digital
- Phonographic Performance Limited
- Shoutcast SPRL
- Sirius XM
- Sourcefabric Ventures s.r.o.
- Spacial Audio Solutions LLC
- TuneIn Radio (TuneIn Inc.)
Global Internet Radio Market: Research Scope
Global Internet Radio Market, by Component
- Broadcast Automation Suite
- Monetization Tools
Global Internet Radio Market, by Type
- Commercial Radios
- Non-commercial radios
Global Internet Radio Market, by End-user
- Music Artists/ DJs
- Audio Production Companies
- Commercial Radio Broadcasters
- Religious Communities
Global Internet Radio Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.