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New Delhi: Users in India and the US spent 1.3 hours a day listening to audio sequence in 2021, and by the tip of 2022 devoted as a lot as 1.5 hours a day to it, in line with a survey by Redseer Strategy Consultants. The survey was carried out within the two nations, that are seen as early-adoption markets, with 903 respondents in India and 1,121 within the US.
Improved high quality and number of content material, aside from the power to hear on demand, had been among the many main elements driving the recognition of audio sequence. While most respondents mentioned they had been happy throughout a number of parameters, together with personalised suggestions, there was demand for higher pricing and extra versatile funds.
In India, customers of Google Podcasts, Spotify and Pocket FM reported the very best sentiment scores, which had been primarily based on buyer satisfaction and a constructive expertise with new codecs. The report discovered that 38% of customers heard about new sequence by means of YouTube adverts, 37% by means of social-media adverts and 17% by means of referrals and phrase of mouth.
About 10-11% of customers in India mentioned they paid for audio content material in 2023, with micropayments fueling this development. Though this demographic is presently restricted, paid-user penetration is sort of on par with that of OTT video in India, the report mentioned.
While micropayments guarantee affordability, customers additionally appear to need fee choices for longer durations, provided that paid subscriptions elevated from 5% in the beginning of 2021 to 13% by the tip of 2022. There can be important scope for monetisation by means of promoting, provided that subscription or content-monetisation fashions contribute over 90% of the income generated by audio sequence.
With the rise of streaming audio, together with podcasts and audiobooks, the entire addressable alternative for the worldwide audio-series market is estimated at $21-25 billion, and is projected to double in worth by 2027, in line with the report. The complete addressable marketplace for audio sequence in India is predicted to develop from 350 million customers in 2023 to 540 million by 2027, it mentioned.
“The digital media and leisure house has been a website of serious evolution when it comes to media codecs which might be resonating effectively with audiences in developed markets just like the US and rising markets like India. Take for example the latest reputation of audio sequence and short-form movies. Key elements like compelling storytelling with immersive person expertise on the go are seen to be the driving elements for its speedy adoption,” said Mukesh Kumar, associate partner at Redseer.
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Published: 20 Feb 2024, 03:21 PM IST
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