Subscription Based Services was the Largest Revenue Generating Segment in the Audio Streaming Market
One-way audio content
transmission in compressed form over the internet that can be retrieved and
played at the user's convenience and leisure without the need for downloading
is referred to as audio streaming. These services allow users to access millions
of songs of their choice without using additional storage space, which is
anticipated to be one of the key factors driving market growth.
With the help of this technology,
consumers can legally access high-quality content at low subscription costs,
and it might even be offered as a free service for a set period of time. The
widespread use of smartphones and high-speed Internet networks like 3G, 4G, and
LTE has made it simple to access media services for entertainment. These
services provide unrestricted access to millions of songs, increasing consumer
preference for on-demand goods and services via smartphone apps. They also
offer cutting-edge services like individualised preferences and customizable
playlist options. Through the anticipated period, this is anticipated to help
the market grow.
In 2016, ad-supported services
held the largest user share in the Audio
Streaming Market. The market for audio streaming generated the most
revenue from subscription-based services, though. Additionally, consumers in
developed economies favour premium subscription-based content over
complimentary services. Industry players are increasingly emphasising paid
services as a part of their offerings in order to take advantage of this
opportunity. This should make it easier for business owners to gain a firm
foothold in the international audio
streaming market. For instance, in March 2017, Pandora introduced its
premium subscription tier, which allowed users to play songs from a specially
selected playlist and received personalised music recommendations based on
their tastes.
Comments
Post a Comment