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.
Global Internet Radio Market: Dynamics
Global Internet Radio Market: Key Drivers and Restraints
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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.
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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.
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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.
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Growing feasibility of Wi-Fi at home and offices is also expected to propel the internet radio market during the forecast period.
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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.
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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.
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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
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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
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In terms of region, the global internet radio market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
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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.
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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.
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Key Players Operating in the Global Internet Radio Market Include:
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Aluratek
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Deezer
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Divoom
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Grace Digital
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iHeart Radio (iHeartMedia, Inc.)
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Internet Radio Ltd
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Ocean Digital
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Pandora
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Phonographic Performance Limited
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Radioplayer
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Sangean
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Shoutcast SPRL
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Sirius XM
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Sourcefabric Ventures s.r.o.
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Spacial Audio Solutions LLC
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Spotify
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Sungale
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TuneIn Radio (TuneIn Inc.)
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