Rising Digital transformation in various services, ranging from banking and government services to music services, has been a major factor driving the global transition of customers from traditional solutions to digital ones. The demand for smartphones and other consumer devices is witnessing immense growth in developed as well as developing countries, majorly due to increasing technology advancements and availability of large number of digital services. In the current scenario, consumer electronic devices are being widely used for accessing digital content of all type, including audio and video. The devices such as smartphones, tablets, and PCs have become an integral part of human lives. Further, the rising disposable income levels and increasing demand for digital content are among the factors driving the growth of live audio streaming services worldwide. The availability of affordable data plans and low-cost smartphones is the major factor that has driven digital content consumption among consumers worldwide.
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Consumption of digital content has been increasing at an exponential rate from the past decade owing to the increasing penetration of smartphones and easy accessibility to internet to world population.
In 2018, North America led the global live audio streaming market with more than 30% share, followed by Europe and APAC. North America reports tremendous penetration of smartphones among people, and hence, the consumption of digital streaming services, both audio and video, is also high in this market. With increasing digitalization of various services, consumer behavior is rapidly changing across the world, and they are moving from traditional to digital media. Consumer electronics such as smartphones, tablets, PCs, and wearable have become an integral part of an individual’s lifestyle in recent times, and thus, the implementation of digital services has increased multifold during the past decade. The bolstering demand for smartphones, coupled with easy accessibility of internet connectivity due to low-cost data plans, is fuelling the demand of live audio streaming services in both developed and developing countries.
Growing Mobile Subscriber Base Driving Demand for Live Audio Streaming Services
According to the GSMA estimates, the total number of unique mobile subscribers around the globe is up to 5.7 Bn by the end of 2020. Close to 75% of the world population would be subscribed to mobile services by 2020. The tremendous growth in the number of mobile subscribers in the past decade is majorly attributed to the developing economies of APAC where large percentage of the world population is concentrated. Further, the ubiquity of smartphones with high-speed internet connectivity has been a key driving factor for growth in adoption of streaming services, both audio and video. The mobile operators worldwide have invested close to US$ 700 Bn in the past decade for the development of the telecommunication network infrastructure.
Strategic Insights
Players operating in the Live audio streaming market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the live audio streaming market. A few developments by key players of the live audio streaming market are:
In July 2019, SoundCloud introduced mobile profile editing in the SoundCloud iOS app, providing creators with an easy and intuitive experience to keep their profiles up to date when they’re on the go.
In May 2019, Adobe Inc. unveiled its plan to collaborate with Veriskope. Under agreement with Adobe, Veriskope plans to sell, support, upgrade, and enhance the Adobe Media Server (AMS), the RTMP SDK and several related video products worldwide.
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