The total number of audio streaming listeners is expected to grow from 350 million users in 2023 to 540 million users by 2027, as per the latest report by Redseer Strategy Consultants.
The report titled Ear-It-All: The Booming World of Audio Series also noted that there were 160 million monthly active users of audio streaming services in India in FY23.
The total addressable market for the global audio streaming industry in 2023 was estimated to be $21 billion to $25 billion and is projected to double by 2027.
The report also noted that the paid user base of the audio streaming market is currently about 10-11%.
“Users in early adopting markets like India started out by spending 1.3 hours per day on the platforms and wound up dedicating as much as 1.5 hours per day just a year into their listening experience,” Redseer stated in the report.
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Micropayments have facilitated the growth of paid audio. While it is still nascent, paid user penetration is on par with its counterparts in the OTT space.
“Key factors like compelling storytelling with immersive user experience on the go are seen to be the driving factors for its rapid adoption,” said Mukesh Kumar, Associate Partner at Redseer.
Of late, the audio series space has been buzzing with activity. Pocket FM recently launched Pocket Novel, a platform for writers. Last year, Kuku FM raised $25 million from The Fundamentum Partnership and International Finance Corporation, with participation from Vertex Ventures.
Edited by Kanishk Singh
