Smart speaker revolutionize the music market - study shows exciting trends!

Smart speaker revolutionize the music market - study shows exciting trends!

A current study by researchers from the University of Hamburg Business School deals with smart speakers and their influence on the music market. Main author Levent Uyar and his team interviewed 1,518 people from Germany about their hearing habits and presented interesting findings about dealing with smart speakers, such as the Amazon Echo.

The results show that users of smart speakers consume more music - over 20 hours a week compared to about 16 hours without such devices. In addition, 73% of Smart Speaker users have paid streaming subscriptions, while this applies only to 39% of users without a smart speaker. These binding effects between devices and streaming services could significantly influence competitive dynamics in the music streaming market.

increasing popularity of the smart speaker

Smart speaker not only act as a music source, but also as a central interface for smart home technologies. They enable control and automation of networked devices. According to Statista , about 25% of Germans have a smart speaker, whereby the Amazon Echo series is the most popular option-70% of the smart speaker owners use this model. The first smart speaker, the Amazon Echo, was introduced in 2015 and revolutionized the landscape of entertainment technology.

It was also to find out that Smart Speaker is increasingly replacing classic music systems. Especially among young people between the ages of 12 and 19, almost every fourth has a smart speaker. These devices integrate voice assistants such as Amazon Alexa, which makes the interaction even easier.

market development and outlook

The market for smart speakers is forecast to grow significantly by 2032. According to the analysis of Fortune Business Insights , the global market was estimated at $ 13.71 billion and is intended to increase to USD 29.13 billion. The increasing use in general and the integration of generative AI into voice assistants are decisive factors that will create new market opportunities in the future.

The increase in multi-room and multi-user support is also described as a driver for market growth. However, security and data protection concerns could represent obstacles. Nevertheless, it is expected that the iOS-based market will grow fastest and the coupling of smart speakers with IoT devices offers new innovative approaches.

Overall, smart speakers have the potential to become central platforms in the music streaming market that not only change user behavior, but also influence the strategies of streaming services. Future research should clarify how this change will influence the market structure and variety of offers.