Technological advances are opening up unprecedented opportunities for the audio streaming services market

The growth of the global audio streaming services market is driven by the integration of evolving technologies that bring cutting-edge experiences to the users

SAN ANTONIO, November 7, 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 the latest Frost & Sullivan analysis Opportunities for growth in global audio streaming services, this creates unprecedented opportunities for the audio streaming industry. Integrating evolving technologies like machine learning (ML) and artificial intelligence (AI) improves the discovery experience of audio streaming platforms by offering users music, podcasts, and audiobooks based on their preferences. Additionally, the accelerated adoption of smart devices is fueling demand for these services and ensuring a seamless customer experience, fueling growth in the audio streaming industry. This market is expected to pick up $81.35 billion in sales by 2028 $31.35 billion in 2021, an impressive expansion with a compound annual growth rate (CAGR) of 14.6%.

Audio Streaming Services Industry

Audio Streaming Services Industry

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“Technology is evolving faster than ever. Disruptive technological advances such as blockchain, cryptocurrencies, non-fungible tokens (NFTs), virtual reality, ML and AI are opening up a world of opportunity for the entertainment industry,” he said Lara ForlinoICT Research Analyst at Frost & Sullivan. “Audio streaming providers are already using powerful technologies to innovate platform capabilities and create new revenue streams.”

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

To capitalize on the growth opportunities presented by the expanding audio streaming services industry, market participants should:

  • Invest in evolving traits that make audio consumption more interactive and social.

  • Use disruptive technologies to provide enhanced streaming experiences that maximize user lifetime value.

  • Strive for strategic partnerships Purchase broadcasting rights and stream sports programming through their platforms.

  • Work with third parties such as social media platforms, electronic product manufacturers and connected cars to reach a wider audience.

Opportunities for growth in global audio streaming services is the latest addition from Frost & Sullivan ICT Research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to thrive in an unpredictable future.

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Opportunities for growth in global audio streaming services
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SOURCE Frost & Sullivan

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