Internet radio is a web-based audio service and is transmitted through the internet. It contains streaming media that delivers continuous streaming of audio that cannot be paused in between or replayed once the audio is finished. The global internet radio market is driven by the decreasing streaming cost, storing, huge data collection storage capacity, and increase in the growth of powerful tools. Feasibility of Wi-Fi connectivity in offices and home and decreasing the price of internet bandwidth and development of 4G networks are also projected to impel the market growth in the forecast period. However, the high setup cost of the internet radio is hampering the market growth at the global level. Entering new players in the music streaming service market is expected to create beneficial opportunities in the market during the forecast period. Digital platforms constantly replacing internet radio is the key challenge of market growth during the forecast period.