Here are the predictions of what the audio streaming industry is set to bring in to the table this year. Will it be another blockbuster year for the industry? Will it bring in the big moolah? Well, let’s find out.
As we enter 2023, audio content consumption is spreading its wings and evolving into a customizable, demand-based experience that caters to individual preferences. Gone are the days when audio was limited to music, news, sports, and other content all lumped together. Now, listeners can choose from a variety of options, including audio series and audio shows.
Overall, the audio industry is thriving, with digital audio content adapting to changing technology and consumer behaviour. From radio, walkmans and CD players to smartphones, the audio sector has continued to grow and evolve, offering a wide range of options for listeners. The rise of smartphones has made it easier for people to access and enjoy the content. The number of smartphone users in India has increased by 50% in the past five years, with an estimated 600 million users in 2022 alone. This trend is expected to continue, with Deloitte predicting one billion smartphone users by 2026. Other advancements in technology are also improving the accessibility of audio entertainment through new-age gadgets like smart speakers, air pods, etc. As technology continues to advance, it's likely that audio content consumption will continue to spread its wings and reach new heights.
Besides music, entertainment has found its destination in the audio space with audio series. According to Trinity Audio Research (TAR), Spoken Word Audio’s share of audio listening is consistently growing. In the United States, 45% of people listen to audio content daily, while 75% tune in at least monthly, spending an average of two hours per day on spoken word audio content. A major advantage of audio content is its flexibility and versatility. While video content requires viewers to be tethered to their screens, audio content allows listeners to multitask and move around freely. Research suggested that the biggest benefit of audio listening is multitasking with 71% of listeners stating it as the primary driver. In the past two years, with an increase in screen time, the rise of visual fatigue is also leading to a paradigmatic shift in audio consumption.
Trends also suggest that long-form audio content, referred to as Audio Series, is also on the rise. Series-based fictional audio shows offer a refreshing change from traditional music and informational content and appeal to diverse cohorts of users. It provides engaging and immersive experiences for listeners which has introduced "binge”-listening to audio consumption, a term so far considered synonymous with only video consumption. The increasing popularity of audio series and long-form content is leading to strong monetization for audio streaming platforms and contributing to the overall growth of the audio entertainment industry.
As the supply of audio content increases, content curation will become an important aspect of the audio streaming industry. Carefully crafted, engaging content is crucial for the success of audio platforms. In today's world, where people demand personalized content, technology and data-led curation with highly engaging hosts and storylines can help audio platforms build a loyal audience. On the other side, a depth understanding of users and their listening behaviour is enabling content creators to develop better stories and engage their audience more effectively. As a result, audio streaming platforms are seeing a shift towards paid, premium models, as listeners are willing to pay for high-quality audio content.
Artificial intelligence (AI) and machine learning (ML) are making significant advancements in audio content creation and curation in several ways which include creating writing assistance, content generation, personalization, audio manipulation (removing background noise, enhancing audio quality, changing the pitch of a voice), etc. Overall, AI and ML are enabling the creation of more sophisticated and engaging audio content, and are making it easier for content creators to produce and distribute high-quality audio content at scale.
Overall, the audio industry is thriving and is poised for even more success in the future.
(Disclaimer: Ashu Behl is the Senior Vice President - Content at Pocket FM. Views expressed are personal.)