Radio market set for steady growth, driven by online services, smartphone penetration
By Felicia Nwosu
The global radio market is poised for significant expansion, projecting a growth of USD 9.286 billion between 2024 and 2029, according to a comprehensive report released by MarketResearch.com. The study forecasts a steady Compound Annual Growth Rate (CAGR) of 3.2% during this period. The report, which provides an in-depth analysis of the radio industry, highlights several key drivers propelling this growth.
Notably, the increasing popularity of online radio services stands out as a primary catalyst. The widespread access to the latest music and live updates via online platforms, coupled with the rising penetration of smartphones and internet connectivity, is significantly boosting market demand.
Furthermore, the strategic use of social media for promotional activities is playing a crucial role in expanding the radio market’s reach. The data analysis also revealed a dynamic market landscape, where the convergence of traditional broadcasting with digital innovation is driving substantial growth.
According to the research body, the accessibility of online radio services, combined with the convenience of smartphones, has transformed how consumers engage with radio content. The report then offererd a holistic view of the radio market, encompassing market size and forecasts, emerging trends, growth drivers, and challenges.
In addition to the growth driven by online services, the report identified the increasing popularity of cab aggregators and the continuous improvement of features in digital radios as contributing factors to the market’s expansion, as the research is designed to help clients improve their market position.
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