The live audio streaming market size is projected to reach US$ 1,755.6 million by 2031 from US$ 772.9 million in 2023. The market is expected to register a CAGR of 10.8% in 2023–2031. Rising smartphones and increasing internet penetration are likely to remain key live audio streaming market trends.
Streaming services leverage sophisticated algorithms and AI to analyze user likes, listening patterns, and situational information, delivering personalized music recommendations that cater to individual preferences. Customized music suggestions and handpicked playlists are crucial in capturing user interest and contentment. This tailored approach enhances user experience and keeps them engaged with the platform.
Live audio streaming is the real-time transmission of audio content over a network connection, enabling immediate playback for the audience. This technology allows for continuous online streaming of sound recordings, such as lectures, podcasts, and music, without the need for downloading. It delivers audio content through an internet connection, offering direct access to streamed content and multiple options for accessing content across different devices. By providing real-time connections and engagement, live streaming has transformed the way global events are experienced, thereby changing our perspective on the world. Additionally, audio streaming platforms present opportunities to generate profits through various monetization models, making it an appealing option for businesses.
The use of smartphones and social media is prevalent in most emerging economies, indicating a global shift towards smartphone usage and internet accessibility. The widespread availability of advanced smartphones and internet connectivity has led to a growing number of users choosing online streaming services. As of January 2024, the number of unique mobile users has reached 5.61 billion, with smartphones constituting approximately 85 percent of the mobile phones in use worldwide. A growing portion of non-broadband users attribute their decision to forgo a high-speed home internet subscription to their reliance on smartphones for various online activities. Cellular data traffic has been consistently on the rise, with the average monthly cellular data consumed by the typical smartphone user worldwide showing significant growth. Mobile internet traffic contributes to nearly 60 percent of total web traffic, signifying the substantial impact of mobile devices on internet usage.
The trend of consumers choosing paid subscriptions for ad-free music streaming, offline listening, higher audio quality, and exclusive content is on the rise. This trend is influenced by the on-demand economy, where connected consumers are willing to pay for convenience and immediate access to products and services. The ease, affordability, and value proposition offered by subscription models are key drivers of this trend. Subscription models offer consumers convenience and flexibility, while businesses benefit from a continuous stream of revenue and the ability to gather data on customer usage patterns. This data can be utilized to enhance the product or service, aligning with the increasing customer expectations for on-demand access and same-day shipping. All of factors are expected to boost the live audio streaming market growth.
Key segments that contributed to the derivation of the live audio streaming market analysis are component, platform, and application.
The geographic scope of the live audio streaming market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The live audio streaming market in North America has been experiencing substantial growth and is expected to continue to expand in the coming years. The live streaming market in North America is expected to hold a prominent share, characterized by the presence of major technology companies, advanced internet infrastructure, and a large consumer base with high digital connectivity. The widespread accessibility of internet connectivity and the increasing reliance on web browsers for several activities, including browser-based music streaming, contribute to the market's growth in the region.
The regional trends and factors influencing the Live Audio Streaming Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Live Audio Streaming Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 772.9 Million |
| Market Size by 2031 | US$ 1,755.6 Million |
| Global CAGR (2023 - 2031) | 10.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Live Audio Streaming Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Live Audio Streaming Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The live audio streaming market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: FOX News Audio, Company Website, 2024)
The “Live Audio Streaming Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
The market was estimated to be US$ 772.9 million in 2023 and is expected to grow at a CAGR of 10.8% during the forecast period 2023 - 2031.
Rising smartphones and increasing internet penetration are the major factors that propel the live audio streaming market.
Technological innovation and advancement are anticipated to play a significant role in the live audio streaming market in the coming years.
The key players in the market are Adobe Inc., Bloomberg LP, DACAST, Lime Broadcast Group, and LINEAPP GmbH.
The market is expected to reach US$ 1,755.6 million by 2031.