Internet Radio Market Overview:
Technological advancements have played a major role in the development of internet radio market. Steep increase in demand for on demand content streaming and growing penetration of internet and smartphones are major factors driving the growth of Internet Radio Market. Internet radio engages the web based audio service that is transmitted through internet. It consists of streaming media that features continuous streaming of audio that cannot be paused in between or replayed once the audio is over.
Broadcasting on the Internet is usually referred to as webcasting since it is not transmitted broadly through wireless means. It can either be used as a stand-alone device running through the internet, or as a software running through a single computer system. Also, decreasing costs of streaming, collecting, storing large amount of data and increase in growth of powerful tools is further fuelling the growth of internet radio market. However, connectivity issues and data piracy concerns are major factors which could restrain the market growth.
Radio over the Internet differs from other delivery media in three ways such as it is a relatively new way to experience radio via a computer device, IR widens the choice of service providers. These can be traditional radio broadcasters, new stations, portals or independent users, and radio content on the web can differ from radio broadcasting. Whereas, on terrestrial networks the choice of stations is relatively limited. Grace Digital, Aluratek, Sangean, Sungale, and Divoom are the major players in the internet radio market.
According to a recent study report published by Market Research Future, the global market of internet radio is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
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Major Key Players:
Grace Digital, Aluratek, Sangean, Sungale, Divoom, Ocean Digital, TuneIn Radio, iHeart Radio & Sirius XM among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Internet Radio Market.
Aug 2018 – The Pharmacy Podcast Network (PPN) has announced the official launch into Internet Radio with a strategic partnership with Helium Radio. This new initiative will create a concierge radio platform that will reach over 4.2 million listeners who can now hear experts within the pharmacy profession deliver subject matter on pertinent health care topics.
Aug 2018 – The Pharmacy Podcast Network has acquired RXVIP Enterprises, LTD and all its subsidiary entities to advance their corporate vision of enhancing the role of Pharmacists in the healthcare continuum. The acquisition coincides with the network moving over to an Internet Radio Platform.
Internet Radio Global Market Competitive Analysis:
The market of internet radio appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Internet Radio Global Market Segmentation:
The internet radio market can be classified into 5 key segments for the convenience of the report and enhanced understanding;
Segmentation by Media Player Software: iTunes, Windows Media Player, Winamp, Spider Player, and Others
Segmentation by Type: Streaming Radio, E-Radio, and Online Radio
Segmentation by Audio Formats: MP3, Ogg Vorbis, Windows Media Audio, RealAudio, and HE-AAC
Segmentation by Platform: Android, iOS, and Windows
Segmentation by Region: North America, Europe, Asia-Pacific, Rest of the World
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Internet Radio Global Market Regional Analysis:
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the internet radio market in North America owing to the declining price of internet bandwidth usage and emergence of 4G networks. Also, US is leading the market in North America due to the technological advancements and increasing demand for real time data streaming of online audio content in the region.
The growth in the region is attributed to the increasing adoption of smartphones and increasing internet penetration. Internet radio market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 owing to growing population and increased urbanization in China, Japan, and India in the region. Whereas, the Europe market for internet radio is expected to grow at a considerable CAGR (2017-2023).
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