The radio space is experiencing a major shift in how audio content is consumed, sold, and transmitted to consumers, creating significant growth in the adoption of satellite and HD radio over the next five years, according Parks Associates’ Music to Consumers’ Ears: Next Generation Radio.
Parks Associates finds that satellite radio subscribers will increase from 20.5 million in 2008 to 39 million by 2012. HD radio adoption will also increase, growing from 4.2 million in 2008 to 30 million by 2012.
“The XM and SIRIUS merger, the emergence of HD radio, and the availability of online offerings will create new listening experiences for consumers,” said Chris Roden, Research Analyst, Parks Associates. “To ensure future success, providers must align their products and services with the expectations and demands of the consumer.”
Parks Associates’ consumer studies identify distinct listening habits and demographic trends for the current users of satellite and HD radio. “A majority of satellite radio owners like the portability of the service,” Roden said. “Therefore, most satellite radio subscribers use the service in their vehicle. Conversely, HD radio owners view the product as similar to other CE devices such as DVD players and home networks. These consumers are more likely to listen to the service at home.”
Music to Consumers’ Ears: Next Generation Radio features Parks Associates’ latest research on the technologies and services that shape radio-listening habits. The report also examines the distinct media habits and characteristics of consumers that utilize satellite, HD, and Internet radio services.
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About Parks Associates: Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.
Each year, Parks Associates hosts executive thought leadership conferences CONNECTIONS™, in partnership with the Consumer Electronics Association (CEA®), and CONNECTIONS™ Europe. In addition, Parks Associates produces the online publication Industry Insights in conjunction with the CONNECTIONS™ Conference series.
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