The global market for live audio streaming was valued at approximately US$ 470.2 million in 2018 and is projected to expand at a compound annual growth rate (CAGR) of 10.8% from 2019 to 2027, reaching an estimated US$ 1,166.4 million by the end of the forecast period.
During the forecast period, the live audio streaming market is witnessing consistent growth. Both developed and emerging economies are experiencing a surge in the demand for smartphones and various consumer electronics, primarily driven by rapid technological advancements and the proliferation of companies offering diverse digital services. Presently, consumers are increasingly adopting electronic devices, motivated by rising disposable incomes, to access digital content, including audio and video. Devices such as smartphones, tablets, and personal computers have become essential in the daily lives of users.
The growth in disposable income and the escalating appetite for digital content are key factors propelling the uptake of live audio streaming services globally. The surge in digital content consumption is also linked to the availability of affordable data plans and budget-friendly smartphones. A notable decrease in the prices of 4G-enabled Android smartphones has significantly contributed to the rise in live audio and video streaming, particularly in countries with lower per capita incomes, such as India, Pakistan, Indonesia, and Bangladesh. Furthermore, the introduction of 3G and 4G services in various markets has dramatically increased the availability and demand for digital content over the past decade, a trend that is anticipated to further enhance the live audio streaming market from 2019 to 2027. This trend is expected to gain momentum in the near future, significantly influencing the live audio streaming sector.
The live audio streaming market is categorized based on components, platforms, applications, and geographical regions. In terms of components, the market is divided into hardware, software, and services. It is anticipated that software and services related to live audio streaming will capture the largest market share throughout the forecast period. When considering platforms, the market is segmented into web-based and mobile platforms. In 2018, the mobile segment accounted for a significant portion of the global live audio streaming market. The digital transformation worldwide has drastically altered consumer behavior, further driving the demand for digital content. Additionally, the market is segmented by application into categories such as enterprises, radio, music concerts and events, personal use, and others.
The overall size of the live audio streaming market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative insights related to the live audio streaming market. Additionally, numerous primary interviews were conducted with industry stakeholders and experts to validate the data and analysis. Participants in this process typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the live audio streaming sector.
Key players in the global live audio streaming market include Adobe Inc., Bloomberg L.P., DaCast, Lime Broadcast Group, Lineapp GmBH, Live365, MIXLR Ltd., Muvi LLC, SoundCloud, Spotify Technology S.A., and Stream Monster Inc.
Other notable market participants, which are part of the value chain but not profiled in this report, include Agora.io, AJA HELO, Barix, BoxCaster Pro, Contus, DigiCast, Epiphan Systems Inc., Facebook, LUCI, and Matrox.