We all know the we are experiencing a real surge in the growth of internet radio stations all over the world. Here's the latest report for Market Watch.com.
In internet radio market, digitization and mobility is one of significant factor driving the market. Internet radio has become an important distribution channel for music industry and is boosting the market for advertiser by becoming important marketing channel. According to the study, the subscription and advertising service contributes largest revenue to the internet radio market. Growing integration in home audio system and rising usage of internet connected device is boosting the market. Mobile is an important driver of the Internet Radio Market.
Mobile is one of the most commonly used device for listening to internet radio and due to its compact size it can be carried anywhere and provide easy accessibility to online radio. The upcoming trends boosting the internet radio market includes increase in percentage of people listening to radio and consumer audio listening habits. The increase in effectiveness of online advertising through internet radio channel is boosting the market.
The Internet Radio Market is expected to grow at approximately USD 4 Billion by 2023, at 18% of CAGR between 2017 and 2023.