RedSeer predicts audio streaming users in India to reach 540M by 2027

• ByStartupStory     |    February 21, 2024

According to a report by Redseer Strategy Consultants, the number of audio streaming users in India is set to surge from 350 million in 2023 to 540 million by 2027. Redseer’s report, titled Ear-It-All: The Booming World of Audio Series, highlighted that India had 160 million monthly active users of audio streaming services in FY23. The global audio streaming industry’s total addressable market was estimated to be $21 billion to $25 billion in 2023 and is projected to double by 2027.

Redseer noted that early adopting markets like India showed significant increases in user engagement, with users spending more time on platforms. The report stated, “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.”

Micropayments have played a crucial role in driving the growth of paid audio, though it remains relatively nascent compared to other segments like OTT. Redseer’s Associate Partner, Mukesh Kumar, emphasized, “Key factors like compelling storytelling with immersive user experience on the go are seen to be the driving factors for its rapid adoption.”

The audio series space has witnessed increased activity, with Pocket FM launching Pocket Novel, a platform for writers. Additionally, Kuku FM secured $25 million in funding from The Fundamentum Partnership and International Finance Corporation last year.

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