The growing popularity of streaming media delivery services along with high-speed internet connectivity is driving the growth of the audio streaming market. The advent of smartphones and high-speed Internet technology such as 3G, 4G, and LTE networks offer easy access to media services which is again contributing to the growth of the market. Xtera and KDDI Research, the research team led by (UCL Electronic & Electrical Engineering), achieved a data transmission rate of 178 terabits a second (178,000,000 megabits a second) – a speed at which it would be possible to download the entire Netflix library in less than a second. Growing consumer preferences toward paid services to access high-quality and exclusive content is also expected to foster the growth of the audio streaming market.
Apple Inc., Deezer, Alphabet Inc., Guvera Ltd., Hungama.com Pvt. Ltd., Microsoft Corp., Pandora Media Inc., Rhapsody International Inc., Saavn, LLC, Slacker Inc., and Spotify are a major player in the global audio streaming market.
The Asia Pacific is expected to witness strong growth in the near future and this is accredited to the increasing penetration of the internet in the region. According to the India Brand Equity Foundation, India's data consumption is expected to grow at a compounded annual growth rate (CAGR) of about 72.6 percent to 10, 96, 58,793 million MB by 2022. Data consumption in India will grow from the level of 71,67,103 million MB in 2017 to 10,96,58,793 million MB (megabytes) in 2022, growing at a compound annual growth rate (CAGR) of about 72.6 percent
Audio streaming is data-transmitting multimedia that is sent and received in a consistent and continuous way from a source, without the storage of the data in machine elements. Audio streaming refers to the sending of audio content, as opposed to the information itself. In audio streaming, the audio content is sent in the form of data, which can be read easily by software and other machines. Audio streaming is used as a media player in various applications and can also be embedded in web pages for user enjoyment. It is also used in radio and television broadcasts.
One of the main advantages of audio streaming is that it can be transmitted on any device, including mobile phones, portable digital audio devices like mp3 players, computers, and more
In June 2021, JioSaavn announced the launch of a new video product - JioSaavnTV. The new product will allow users to watch television music channels and playlists, curated by the platform itself according to mood, genre, and artistes
In May 2021, Apple has announced the third-generation AirPods and the rumored Apple Music HiFi music tier. The Apple Music HiFi audio streaming tier is expected to include support for Dolby Atmos, Dolby Audio, and ‘lossless' audio.
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