Internet radio also called as web radio, webcasting, net radio, streaming radio, e-radio, IP radio, or online radio is an audio service digitally transmitted using Internet as the medium. Traditional broadcasting uses wireless means as opposed to webcasting which uses the wired medium. Internet radio may be used as a standalone device, or as a software.
The Internet Radio Market is projected at an 18 % CAGR during the forecast period of 2017 and 2023.
Major Key Players:
The prominent players in the Internet Radio Market are – CBS Corporation (U.S.), Spotify (Sweden), Citadel Broadcasting (U.S.), Somafm (U.S.), Chrysalis Group (U.K.), Pandora Media, Inc. (U.S.), Napster (U.S.), Aspiro AB (Norway), Tunein (U.S.), Slacker Radio (U.S.), and others.
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Market Dynamics Drivers:
The explosive growth of internet and growing adoption of connected devices is the major driver of the market. The growth in streaming is reflected by the fact that, one third Americans especially the teens streamed music using their smartphones, with adults in age group of 18 to 24 logged to internet radio more than the traditional terrestrial.
Internet radio presents the listeners a continuous audio stream which cannot be paused or replayed, like traditional broadcast media thus giving the broadcaster control over what the communication. Thus there is greater scope for revenue generation from internet radio than traditional broadcast media. Internet radio uses less data and keeps control of the intellectual property as it streams rather than allows downloads which may involve making unauthorized copies of the content as in podcasting.
Internet radio services also offer a wide variety of genres of audio such as news, sports, talk, and music and also affords every format available. Association of internet radio services with traditional radio stations affords lower start-up and ongoing costs which has resulted in proliferation of the market.
Falling cost of streaming, declining price of internet bandwidth, emergence of 3G and 4G networks storing data, growing connectivity are commercial drivers of the internet radio market.
Further growth has been ushered by the development of software and analytics which now afford customization, latest movies and audios, multiple radio channels depending on interests. Data generated by users has been successfully used to predict listener’s interest and has high potential to be used for marketing and advertising revenues. The explosive potential of internet radio to be the most ubiquitous and commanding form of media ever owing to it being be enjoyed while doing other activities makes it the future of the media industry.
The competition from pirated music is the biggest threat to the market. Another threat is the growing ability of devices to copy streaming media and the issues of artist royalties. Spotify has been charged over its royalty which is on average between $0.006 and $0.0084 per stream.
Internet copyright and royalty issues have plagued the industry and so has the growing power of big commercial behemoths such as Amazon and others.
To generate an accurate assessment of the market the report has been segmented by internet radio market is segmented on the basis of software media player, audio formats and phone support.
Based on software media player the market has been segmented by iTunes, windows media player, winamp, spider player, others. TuneIn Radio, iHeartRadio, and Sirius XM are the most popular internet radio platforms and applications.
Based on audio formats the market has been segmented by MP3, OGG, WMA, RA, AAC Plus, others
Based on device support the market has been segmented by android, IOS, windows, others. PCs segment accounts for the largest market share followed by tablets and smartphones.
Based on advertiser type the market has been segmented by insurance, travel airlines, hotels & restaurants, rental services, consumer electronics, automotive, financial services, media & entertainment, retail stores, food products, computers & software, others.
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North America accounts for the largest market share of internet radio market by value as well as volume. The U.S. dominates the North American region owing to large media industry, large purchasing power, superior intellectual property laws, presence of major players, and large demand. However all is not well, and the intellectual property law has a large loop hole for internet radio.
The U.S. is the only country in the world which do not require terrestrial radio stations to pay royalties to performers. This was about to change by the “Fair Play Fair Pay Act” introduced in the U.S. House of Representatives in April 2015. The failure to pass this act was seen by many as the handwork of powerful vested interests.
Europe secured the second position led by Germany, France and the U.K. Asia-Pacific regions of Japan, China and India are projected to reflect fastest CAGR rates led by India, China, and Japan. The Middle East and Africa regions are expected to grow at a moderate rate.
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