The Global Broadcast Radio Market is estimated to surpass $1.65 billion mark by 2026 growing at an estimated CAGR of more than 4.2% during the forecast period 2021 to 2026. The market will be driven by availability of alternative signal of audio devices over a standard FM radio. The Broadcast Radio Market will be bolstered by its high usage in the domestic production along with the exports and imports. The growing popularity of improvement to existing equipment and infrastructure will drive the demand for broadcast radio market.
Broadcast Radio Market Segment Analysis – By Type
Increasing adoption of smartphones and internet facilities have led the market to rise in the number of internet radio audience which is driving the growth of the global radio advertising market. As radio broadcast is an easy access, a new Cryptomania radio broadcast launched in Boston that will help people to learn from online radio stations. This is steadily entering mainstream of educating process and will help the market to grow progressively. In the past five years, cellular radio telephone, pagers, cable television equipment, antennas, receivers, and amplifiers have been a favourable source of entertainment and news. This factor has favoured the growth of the market. This adoption is driven by rising demand for Audio streaming which has enjoyed a six-fold leap in the past eight years, according to Triton Digital.
Broadcast Radio Market Segment Analysis – By Equipment
The market is segmented into frequency, where ultra-high-definition (UHD) content production and transmission is rising due to increase in D2C offering (Direct-to-Consumer) through OTT services. Multichannel networks have boosted the bid for video servers. These servers act as a hosts and are used to deliver various contents or videos. The broadcast radio market comprises of primarily manufacturing communication equipment for TV and radio broadcasting devices such as amplifiers, cable decoders, transceivers, transmitting antenna and modulators. The number of new commercial networks programming on History, Wildlife and Lifestyle programs have been launched that cater to niche audiences.
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Broadcast Radio Market Segment Analysis – By Geography
North America held the largest share of the broadcast radio market in 2020. The increasing number of cable and satellite television channels and the rising spread of the internet have provided broadcasters with many choices to continue its dominance in the upcoming market. North America leads with the increase in number of broadcast channels this in turn has boosted the demand for radio broadcast equipment. Europe is also one of the potential markets for broadcast equipment. The overall market is highly fragmented by few very large and medium scale companies that offer solutions to media and entertainment.
Broadcast Radio Market Drivers
Shift to Software Defined Radio
Software Defined Radio (SDR) is a type of radio communication system where software on embedded system or personal computer is used for communication instead of implementing hardware such as filters, amplifiers, mixers, detectors, demodulators and modulators, among others. In a SDR the data from a source is converted into digital format, the remaining activities are carried out with the help of software driven automated functions. Globally demand for software defined radios is being driven by military modernization programs of various countries and growing number of digital service users. However, integration of the various sub systems is a key for software defined radios market.
Rising Smart Radio Adoption
The smart radio market is being driven by the growing market demand for radio ‘on-the-go’ and enable free-to-air listening in all radio sets, especially mobile devices such as smartphones and tablets. There is an increase in the type of distribution platform via which listeners are accessing the radio, such as the Internet and streaming via mobile networks. At present, listeners, mostly mobile, tend to access the radio via streaming, which turns out to be quite costly as this eats into the data usage of the listener while outside a Wi-Fi network. A smart radio is expected to address this issue by providing listeners the access to live broadcast services everywhere without any additional costs being incurred. In addition, this feature will be made available to everyone irrespective of the device used and the technology embedded in it. This will ease the pressure on mobile broadband networks.
Broadcast Radio Market Challenges
Covid-19 Hindering revenue generation for Broadcast radio
The COVID-19 outbreak is having a critical impact on the broadcaster’s revenues as firms across the globe have been reluctant to spend on ads. The brands are to use their limited cash reserves, especially when in an economy shutdown, demand is surppressed. This is projected to continue through mid-2021 with a slight recovery post that before the market resumes normal investment in 2023. Despite the media consumption rising, the broadcast radio market has an industry that has been significantly hindered by the Covid-19 pandemic due to lack of spending from end customers.
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Broadcast Radio Market. Grass Valley, Ericsson, Cisco, Evertz Microsystems, Harmonic, EVS Broadcast, Sencore Clyde Broadcast (SA), AVL Technologies, Acorde Technologies, Global Invacom Ltd., and ETL Systems Ltd. are considered to be the key players of the Broadcast Radio Market.
In August 2019 Reliance Broadcast Network Limited-operated FM radio networks brand BIG FM was acquired by Music Broadcast Limited (MBL) which includes 40 FM Radio stations for $150m
iHeartMedia announced that it acquired Athens, Greece-based online audio technology company Radiojar Information Technology S.A. Radiojar is a centralized, cloud-based audio playout platform, and this acquisition will allow the industry to leverage Radiojar’s tools to cohesively combine the seamless elements of broadcast radio and transition these skillfully-produced listening experiences into other audio platforms.
With advancing technologies, communication sectors are also shifting towards digital technology. Error correction and detection techniques are implemented easily in digital communication. Bandwidth consumptions are also reduced and more simultaneous talking paths are embedded into a single digital radio channel.
Data privacy issues aside, consumers are increasingly willing to provide personal information about themselves in exchange for a more personalized content experience.
Media and Entertainment is set to dominate the broadcast radio market owing to the rising demand from a growing population. This is mainly attributed to the increasing demand for the internet and online streaming services such as Amazon Prime Video, Netflix and so on.
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