US Streaming Audio Trends Market Report 2023

This report provides deep insight into the audio streaming market in the US. Explore the important market and consumer trends impacting audio streaming and ground your insight strategy in raw data with expert analysis today.

Below, we summarize the key topics covered and offer prominent insights from the report itself.

Report Scope

Mintel includes streaming audio, radio services, and satellite radio in its market size.

This Report covers internet-based streaming audio services, including personalized music streams utilizing user inputs of likes and dislikes and on demand services. Research focuses on personalized streams of music via desktop platforms and mobile apps. Video-based sources of music, including YouTube, are considered to be part of the streaming music market.

Key Topics Covered

• Market and forecast of consumer spending on audio streaming services (including satellite radio)
• Innovations, launch activity, marketing, and advertising trends from key players in streaming audio
• Consumer use of free and paid streaming audio, top platforms used, and preferred content types
• Companion activities to listening to streaming audio content and listening frequency
• Pricing perceptions of streaming audio services
• Attitudes toward streaming audio music, podcasts/audiobooks, discovery and engagement

US Streaming Audio Market Overview

• The US streaming audio industry has seen a resurgence in consumer spending since 2020, with market leaders offering exclusive content and innovative tech to attract new subscribers.
• Music streaming accounts for most of audio streaming content, but is at risk of commoditization due to a lack of exclusivity.
• Mintel forecasts slower growth in the coming years, with a CAGR of 8.9% from 2023-28.

US Streaming Audio Consumer – Fast Facts

95% of US adults own a smartphone and a similar number listen to streaming audio. This puts a lot of potential for advertisers and marketers in the pockets of Americans. Below, we list some of the key observations Mintel has made about the streaming audio consumer in America.

• Music is the most popular audio to stream, with podcasts and audiobooks following in second and third. While the abundance of options on streaming platforms may seem beneficial to consumers, as two-thirds discover new music via streaming platforms, consumers may be experiencing fatigue with the massive choice.
• Of Mintel’s observed attitudes toward streaming audio, consumers (71%) agree most with the statement “music is a passion”. This doesn’t necessarily mean that Americans are all diving into high-quality streaming options, as less than half are interested in subscribing to these.
• Younger consumers are more engaged with media in general. About half of Gen Z and Millennials who listen to audio entertainment use three or more types of audio entertainment services.

Opportunity in the Audio Streaming Market

The US audio streaming market presents an exciting opportunity for smart speaker and Bluetooth speaker brands. By promoting compatibility with the leading voice assistants and various audio streaming services, brands can create a unique user experience. For example, Samsung has integrated Spotify into its Family Hub on its smart fridge.

Find a comprehensive analysis of opportunities in the US streaming audio market in the full report. Alternatively, browse our technology market research to find exactly what you’re looking for.

Brands Discussed

Various brands are discussed within the scope of the report. Relevant launch activity sheds light on the current state of innovation in the audio streaming industry, and successful marketing and advertising campaigns are also analyzed. Examples include where big spenders like Spotify and Amazon are making their investments, how free/low-cost limited-time introductory offers (e.g. Tidal) are attracting new customers, and more.

Additional Features Included in Your Report

Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Excel Databook.

Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.

Expert Analysis

Leading technology and media analyst Fiona O’Donnell delivers in-depth expert insight with this report.

Streaming audio services risk commoditization and need to show subscribers how they are different and provide a better value to get them to stay longer, spend more.

 

Fiona O’Donnell
Director of Multicultural, Technology, Media and Gaming