There has been a significant increase in the number of users on audio streaming platforms. According to a study done by Red Seer in 2021, there was a 34% increase in monthly active users. Undoubtedly, there is an explosion in on-demand audio entertainment. But, what caused it?

The evolution of audio — from Vinyl, CDs and radio to streaming music, audiobooks, and podcasts— is often credited to creative artists and business visionaries. And while their contribution has been phenomenal, what really gave them the ability to create content with ease is technology. Audio streaming platforms grew the way they did - from both a reach and content creation point of view - owing to impactful advancements in technology, which continue to be a determining factor shaping the industry.

So, what evolutions created this revolution?

Advanced Streaming Tech

Affordable data costs, and the infiltration of smartphones, are the main reasons behind the success of streaming services. This has allowed consumers to play an integral role in influencing the type of content that's produced. But this is not only about how the content is created - the feedback loops established due to the immediate capture of consumption data allow creators to be nimble and iterative in their creative approach.

Personal Audio Tech

The availability of superior audio output devices has pulled in more listeners than ever before. Increasing the number of audiophiles, devices like smart speakers and wireless earbuds provide ease of access for users. Audio streaming platforms are now in the position to invest bigger budgets and offer premium services for listeners given the sound quality improvement and increased user experiences. This has implications beyond just what sound you listening in. This will allow for the state of technology to advance when it comes to providing a dynamic listening experience.

Sophisticated Software

Collecting data through AI and using the information to personalize services like podcasts or music recommendations to listeners has proved to be a major game changer. Listeners have better been able to relate to content due to the personal features streaming provides. SaaS companies are now focusing on developing technologies for immersive experiences and easy integration across devices. This is further empowering audio streaming platforms to introduce experimental and interactive formats.

As we find ourselves at the cusp of a large digital revolution, one can only imagine the impact technologies including AR, VR and the Metaverse will have on our consumption of audio. It's easy to imagine being in an audience listening to a live recording of a podcast, or having your audio experience enhanced while listening to a podcast with 3D models in VR. The future is promising and IVM intends to be there to see it through!

*The author is Amit Doshi, Head, IVM Podcasts- Pratilipi