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Hi-Fi audio, as the name suggests refers to high fidelity audio. The term has gained popularity among listeners, and audiophiles, as its high-level sound production makes for an ideal experience in home-surround audio systems. The high fidelity nature of the sound also erases noise, and distortion, and flat frequencies, and brings them within human hearing range. the rising technological advancements in voice-enabled technology, and listening experience will register notable growth in the Hi-Fi Audio market during 2020-2025 period.
Growing Demand for Streaming Devices to Drive Tremendous Growth
The Hi-Fi Audio Market benefitted significantly, amidst the worldwide coronavirus pandemic. The pandemic was a major boost for the streaming, and gaming, and entertainment industry in general. According to a BBC report, the annual time spent on watching TV in the UK increased by about 31% during the lockdown period. Moreover, most people stuck indoors spent about 40% of their infront of TV screens. Furthermore, the streaming platforms like Netflix, Disney+, and Amazon Prime captured the fancy of global audience during the pandemic like never before. For example, over 12 million people in the UK purchased a subscription to a streaming service during the pandemic. Moreover, they watched streaming services for over 1 hour, and 11 minutes every day. According to the BBC report, 3 million of these subscribers had never considered a subscription before.
Voice-Enabled Technology Promises to Open New Applications
Voice-enabled technology has enabled growth of new applications in the Hi-Fi Audio market with investments from major technology giants including Amazon, Facebook, Microsoft, among others continues to rise. Moreover, the technology has already enabled new applications including mobile controlled voice-enabled home-ambience systems, TV control systems, voice-enabled health devices, among others. The Hi-Fi Audio remains a major appeal, as voice-enabled assistant remain in their nascent stages, and growing use of the voice-enabled technology in emerging nations remains a key challenge.
Speakers, and Soundbar Remain Major Drivers of Growth
The Hi-Fi Audio market remains a promising era of opportunities for investors worldwide. According to recent estimates, the market will likely register notable growth during the 2020-2024, thanks to growing demand for the product segment. Increased opportunities in enhancing experience, thanks to technological advancements, and rising demand for new devices like wireless headphones, and smart TVs, the demand will likely prop-up in the near future. The compatibility of Hi-Fi audio systems with various devices including smart TVs, thanks to the Bluetooth technology, among others remains a major driver for its growth.
Audio Engagement Rises as Mainstream Media Takes a Backseat
The rise of audio entertainment online remains a key prospect for the Hi-Fi Audio market. The growing demand for podcasts, recently launched products like Twitter fleet, and rising engagement for radio channels in key regions like North America will likely drive growth. The rising demand for radio engagement, thanks to a major backlash against mainstream audio-visual entertainment is expected to open up new opportunities for growth in the Hi-Fi Audio market. Moreover, the growing demand for podcasts, and products like Twitter Fleet, enabling the audience to record audio tweets will provide impetus for growth in the Hi-Fi Audio market. While audio engagement remains limited to its counterpart in the TV business, developed markets like North America witnesses over 70 million viewers for both radio-based engagements. This is significantly higher as compared to people who tune into television programs, and in line with rising profits for advertisement in the audio mediums. For example, Instagram’s audio-based ad revenues continues to drive major revenues, forcing companies like Twitter to launch its own audio service to compete in the digital sphere.
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