Advances in technology are unfolding unprecedented opportunities for the audio streaming services market

Advances in technology are unfolding unprecedented opportunities for the audio streaming services market

Global audio streaming services market growth is driven by the integration of evolving technologies that provide breakthrough experiences for users

SAN ANTONIO, 7 November 2022 /PRNewswire/ — With the advancement of technology and the expansion of high-speed Internet connections, the demand for audio streaming services has increased. According to Frost & Sullivan’s recent analysis, Growth opportunities in global audio streaming services, this creates previously unheard of opportunities for the audio streaming industry. The integration of emerging technologies, such as machine learning (ML) and artificial intelligence (AI), enhances the discovery experience of audio streaming platforms by offering users music, podcasts and audiobooks based on their preferences. Furthermore, the accelerated adoption of smart devices is driving the demand for these services and ensuring a seamless customer experience, driving growth in the audio streaming industry. This market is expected to rally 81.35 billion dollars in sales by 2028 from 31.35 billion dollars in 2021, registering impressive expansion at a compound annual growth rate (CAGR) of 14.6%.

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“Technology is moving faster than ever before. Disruptive technological advances, such as blockchain, cryptocurrencies, non-fungible tokens (NFTs), virtual reality, ML and AI, are opening up a world of opportunities for the entertainment industry,” said Lara ForlinoICT research analyst at Frost & Sullivan. “Audio streaming providers are already leveraging powerful technologies to develop innovative platform features and create new revenue streams.”

Forlino added: “The rollout of 5G networks and the expansion of high-speed internet connections enable users to stream high-quality audio, which contributes to the growth of the market. In addition, audio streaming providers are increasing their investment in content production, such as special music sessions and original podcasts, increasing the demand for these the services further.”

To capitalize on the growth opportunities of the growing audio streaming services industry, market participants should:

  • Invest in develop features which makes audio consumption more interactive and social.
  • Leverage disruptive technologies to provide enhanced streaming experiences that maximize users’ lifetime value.
  • Pursue strategic partnerships to acquire broadcasting rights and stream sports programs through their platforms.
  • Cooperation with third-party distributors such as social media platforms, manufacturers of electronic products and connected cars to reach a wider audience.

Growth opportunities in global audio streaming services is the latest addition to Frost & Sullivan’s ICT research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous stream of growth opportunities to succeed in an unpredictable future.

About Frost & Sullivan

For over six decades, Frost & Sullivan has helped build sustainable growth strategies for Fortune 1000 companies, governments and investors. We use actionable insights to navigate economic change, identify disruptive technologies and formulate new business models to create a stream of innovative growth opportunities that drive future success. Contact us: Start the discussion

Growth opportunities in global audio streaming services
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María Celeste Bailo
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SOURCE Frost & Sullivan

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