Enjoy complimentary customisation on priority with our Enterprise License!
The radio market size is estimated to grow by USD 8,509.2 million at a CAGR of 3.09% between 2022 and 2027. The growth of the market depends on several factors, including access to the latest music and live updates, use of social media for promotion, and increasing penetration of smartphones and the internet.
To learn more about this report, View Report Sample
Access to the latest music and live updates notably drives the market growth, although factors such as the availability of music streaming services impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Access to the latest music and live updates notably drives the market growth. The cost of subscription to most of the radio channels is very low. However, with the growing use of smartphones all over the world, the additional cost of a separate device is being eliminated. Similarly, the music industry is another growing industry that is relevant to all age groups. As radio can offer free latest music to users along with live updates, the market is expected to grow during the forecast period.
Moreover, live broadcasts through the channels include live news regarding sports, politics, regional news, local news, the launch of a new product, traffic updates, weather updates, offers, and others. The listeners are up to date without having to log on to any of their devices or the Internet due to these live updates on radio broadcasts. Furthermore, while traveling tuning into a local station can help the listener learn about local events and weather situations. Since these updates are made available to the users without any extra charges, more users are inclined to use radios, thereby driving the overall market during the forecast period.
Online radio services are the primary market trends. Online streaming is a popular platform for playing radio. Companies in the current market offer their services over the Internet. since this, a few radio channels have merged with online streaming portals and other channels. Due to this they serve both online radios and streamed music services using the same platform.
Moreover, for instance, Companies such as Pandora and Apple Music are offering both of the above-mentioned services. Because of this, the users have a flexible option in terms of music content. Therefore, the listener can either tune into live or stream the music on demand. The availability of mobile Internet and rising in internet penetration will drive the demand for Internet radio. This trend is expected to create a positive impact on the market during the forecast period.
The lower impact of radio-based advertising is the major challenge for the market. The major source of revenue generation for the market is advertising. However, compared with other media of advertising, radio has a limited reach and restrictions associated with it. Due to the audio-based advertising on the radio, the listener might not find the advertisement attractive enough to keep listening attentively. Because of this, listeners are switching channels due to not-so-attractive advertisements.
Therefore, advertisements have limited reach as compared to other modes of advertisement. Radio is initially a local media platform, and it is geographically contained within small areas of the country. Radio-based advertisements can be made attractive using jingles, other experimentations like graphics are not possible in this form of advertisements as these are audio-only. All these factors are posing a challenge to the growth of the market in the forecast period.
The market research and growth report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product launches, to enhance their presence in the market.
Australian Broadcasting Corp.: The company offers radio solutions in the market via private and government broadcasting.
The market growth analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The market share growth by the broadcast radio segment will be significant during the forecast period. Signals are transmitted from stations to the listeners either via repeater stations or directly through the broadcast radio. Broadcast radio has types such as Amplitude modulation (AM) and frequency modulation (FM).
Get a glance at the market contribution of various segments View the PDF Sample
The broadcast radio segment shows a gradual increase in the market share of USD 20,201.61 million in 2017 and continue to grow by 2021. Broadcast radio is widely used and it accounted for a significantly large share of the market size in 2020. The fact that it does not require any special device to tune in to is the major driver for this segment. Owing to the latest technological advances, most smartphone manufacturers have integrated the broadcast chip into their smartphones, which enables the streaming on the smartphone. A major threat to the broadcast segment is online streaming music. However, due to the increasing number of service providers offering bundled services, the revenue generated by the broadcast segment is expected to rise during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The tendency of the listeners toward radio news channels is one of the factors that drive the growth of the market in this region. Additionally, The main contributor to the overall growth of the market in this region is the rise in the number of advertisements and subscription revenue from Canada's satellite radio. Moreover, digital audio broadcasting (DAB)+ and other digital open doors to opportunities for digital radios. The demand is increasing due to the transition to using digital instead of analog standards in this region.
Moreover, in North America, the US was the key leading country accounting for the largest share of the market in 2020. The US is not only a global leader in music streaming, but it also finds a place in the list of countries with the highest radio revenues per listener. The US is the initial adopter of music streaming services in this region. For consuming radio content music streaming platforms are the popular mode and its demand in this region is benefitting the growth of the market in focus.
The market is witnessing a dynamic shift towards digital content, challenging the dominance of traditional broadcast radio. Online/mobile radio platforms are gaining momentum, reshaping media channels, and enhancing audience engagement. Companies are strategically positioning themselves amidst evolving industry trends and potential risks in revenue sources.
Regulatory environments and radio spectrum allocation vary across regions, influencing radio broadcasting practices. Geographical trends show growth areas in Western Europe, Eastern Europe, and the Asia-Pacific. The competitor landscape is fierce, with acquisition activities driving consolidation. Curated and personalized music caters to diverse sectors and applications, from commercial to event advisements, utilizing radio waves to reach large groups of people. Technical gear including radio transmitters and antennas remain pivotal in broadcasting.
The market forecasting report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Radio Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.09% |
Market growth 2023-2027 |
USD 8,509.2 million |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
2.87 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 30% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Audacy Inc., Australian Broadcasting Corp., BCE Inc., Beasley Broadcast Group Inc., Bertelsmann SE and Co. KGaA, Cox Enterprises Inc., Cumulus Media Inc., Deseret Management Corp., EMMIS Communications Corp., Global Media and Entertainment Ltd., Heinrich Bauer Verlag KG, Sirius XM Holdings Inc., and The Walt Disney Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Revenue
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.