Description

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 - US Reports

 

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

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

  2. Consumer Insights

    • Consumer Fast Facts
    • Audio services used and content types
    • Graph 1: count of streaming audio content types, 2023
    • Graph 2: streaming audio, streaming video, social media video use, 2023
    • Graph 3: count of audio entertainment services used, by generation, 2023
    • Graph 4: traditional radio vs streaming audio, by generation, 2023
    • Graph 5: physical music media purchased in the past three months, 2023
    • Graph 6: streaming audio content types, 2023
    • Graph 7: streaming audio content, by generation, 2023
    • Streaming audio services used
    • Graph 8: listens to streaming audio services, by key demographics, 2023
    • Graph 9: streaming audio services used, 2023 vs 2022
    • Graph 10: select streaming audio services used, by generation, 2023
    • Graph 11: audio service used – SoundCloud, by generation, 2023
    • Graph 12: pays for streaming audio services, by key demographics, 2023
    • Graph 13: paid streaming audio services used, 2023 vs 2022
    • Graph 14: paid streaming audio services used, by paid audio streaming services used, 2023
    • Streaming audio service pricing
    • Graph 15: monthly household spend on streaming audio and % annual change, 2018-23
    • Graph 16: price sensitivity – perceptions of pricing for the ideal streaming audio service – means, by generation, 2023
    • Activities and audio streaming
    • Graph 17: activities interested in doing when listening to streaming audio – music, podcasts, audiobooks, other audio, 2023
    • Graph 18: activities interested in doing when listening to podcasts, by generation, 2023
    • Graph 19: podcast advertising revenue and forecast, at current prices, 2018-28
    • Graph 20: select activities interested in doing when listening to audiobooks, by gender, 2023
    • Streaming audio frequency
    • Graph 21: frequency of listening to streaming audio content, by any listeners and paying subscribers, 2023
    • Graph 22: daily listeners of streaming audio content – any listeners and paying subscribers, by generation, 2023
    • Graph 23: daily listeners of streaming audio content, by paid audio streaming service used, 2023
    • Attitudes toward audio
    • Graph 24: attitudes toward audio streaming – music, 2023
    • Graph 25: attitudes toward audio streaming – discovery, 2023
    • Graph 26: attitudes toward audio streaming – podcasts/audiobooks, 2023
    • Graph 27: attitudes toward audio streaming – engagement, 2023
  3. Competitive Strategies

    • Launch activity and innovation
    • Marketing and advertising
    • Graph 28: streaming audio service online ad impressions, 2022-23
    • Graph 29: streaming audio service online ad spend* in the past 12 months, 2022-23
    • Graph 30: streaming audio service online ad spend* in the past 12 months, by month, 2022-23
    • Graph 31: streaming audio service online ad spend in the past 12 months, by platform, 2022-23
    • Graph 32: streaming audio service online ad spend distribution in the past 12 months, by platform, 2022-23
    • Graph 33: Apple Music online ad spend distribution, by platform, 2022-23
    • Graph 34: Spotify online ad spend distribution, by platform, 2022-23
    • Graph 35: YouTube Music online ad spend distribution, by platform, 2022-23
    • Graph 36: Pandora Media online ad spend distribution, by platform, 2022-23
    • Graph 37: Amazon Music online ad spend distribution, by platform, 2022-23
    • Graph 38: Audible online ad spend distribution, by platform, 2022-23
    • Graph 39: Tidal online ad spend distribution, by platform, 2022-23
    • Graph 40: Deezer online ad spend distribution, by platform, 2022-23
    • Challenges & opportunities
  4. The Market

    • Market context
    • Market Drivers
    • Graph 41: PCE change from previous period, 2020-23
    • Graph 42: CPI change from previous period, 2020-23
    • Market Size and Forecast
    • Market share/brand share
    • Graph 43: audio streaming service users (millions), 2018-22
    • Graph 44: paid streaming audio services used, 2023
    • Graph 45: streaming audio services used in the past three months, 2023
  5. Appendix

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

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