At the end of 2019 and the beginning of 2020, Covid-19 hit the world brutally. It completely shut down the world and affected every sector of business. The majority has huge loss but somehow some businesses started to get more attention than they expected. Those businesses got huge analytical differences between their previous performance and performance during the Covid-19 pandemic. There are many lines of business that are totally digitalized and this feature of them made it possible to reach more success during the pandemic. Internet/online radio industry albeit in some sectors showed a spectacular increase like somewhat stagnant for a couple of years until now. According to APCM OJD, the first weeks of April in France show an impressive increase in the number of online radio listeners. In Germany, this trend is the same with an average increase of 34% in March 2020. The ratio of internet radio listeners in the whole of Europe rose from 20% to 30%. The revival observed during the pandemic is all the more exceptional strong but the question’s still remains how to keep this trend will expand after the deconfinement.
How to keep the audience growing on internet radio:
· One of the important factors improving the internet radio industry is the introduction of new players into the music streaming service sector. The ingress of major players into the music streaming industry has contributed to a rise in the subscription rate, with companies flooding the market with niche music streaming.
· The report shows the internet market bringing down the prices of downloading, gathering, storing a vast volume of data and increasing the growth of powerful technological devices. The Major factor that propels the internet radio industry is the availability of Wi-Fi access in the home as well as workplaces, and even in common public places.
· Giving a chance to new players in the market and strategic alliances between global and regional players makes the internet radio market competitive. It’ll also boost the global internet radio because people are already up for this platform; all they need is something new, get merge all players, and the internet radio industry will take the era like a bandit.
· The technical side is the main drive for the internet radio market like high internet speed, improved bandwidth, and the availability of vast volumes of data. The decrease in internet bandwidth costs and streaming rates are important factors that lead to the growth of the internet radio industry. The psychological aspects of the pandemic and the lockdowns probably helped in the increase in the demand for the internet radio industry as well. Technological advancements in smart devices such as the increase in the size of smartphones, the wider usage of smart TVs attract a large base of customers and also online radio station owners thereby propelling the growth of the product market, globally.
A collective assumption from many resources the internet radio industry in 2020 is poised to grow at roughly USD 4 Billion by 2023, at 18% of CAGR over the review period (2017 to 2023). Due to the advancement of technological gadgets plus the effects of the pandemic, the internet radio industry has captured a wide audience from various regions which were not expected, moreover, this industry got many new artists, brands, and companies in this field and they set the new trends and polish their skills during Covid-19 pandemic. Improvements in this business will likely continue whether the pandemic completely stops or not.