The demand for audio streaming services has grown as a result of technological advancement and the spread of high-speed internet connections.

This opens up previously unheard-of opportunities for the audio streaming industry, according to Frost & Sullivan’s recent analysis, Growth Opportunities in Global Audio Streaming Services. By providing users with music, podcasts, and audiobooks based on their preferences, the integration of developing technologies, such as machine learning (ML) and artificial intelligence (AI), is enhancing the discovery experience of audio streaming platforms. Additionally, the rapid uptake of smart devices is increasing demand for these services and guaranteeing a positive user experience, which is propelling expansion in the audio-streaming sector. With a compound annual growth rate (CAGR) of 14.6%, this market is projected to increase from $31.35 billion in sales in 2021 to $81.35 billion in revenue by 2028.

The entertainment business is experiencing a boom in opportunities thanks to disruptive technological advancements like blockchain, cryptocurrencies, non-fungible tokens (NFTs), virtual reality, ML, and AI, according to Lara Forlino, ICT Research Analyst at Frost & Sullivan. “Audio streaming providers are already utilising strong technologies to generate new features for their platforms and sources of income.”

Source: Prnewswire