The global background music market was valued at US$ 1.35 billion in 2017 and is projected to reach US$ 2.31 billion by 2026, registering a CAGR of 6.3% over the forecast period (2018-2026), according to Background Music Market Report, by Product Type (AV System and Music Streaming), by Application (Retail Stores, Restaurants, Entertainment Places, Public Organizations, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
Increasing demand for background music in retail stores and restaurants is driving growth of the background music market. Moreover, increasing number of paid subscriptions is also fueling the market growth. Availability of variety of music online and affordable subscription services have increased demand for background music. Rather than using compact disc, retailers are now downloading and constantly updating music from online sources. In 2017, retail stores and restaurants segments accounted for 29.3% and 31.0% share respectively in background music market. In these spaces, music is intended for passive listening and it helps in improving engagement of customers and improving the ambience.
Music in various styles and permutations such as amplified or acoustic, instrumental or vocal, or any other format is a universal and ubiquitous cultural expression. It represents human culture, thus can have immense impact on human minds. Except in few countries such as Afghanistan, Mali, and others, music is available in almost all countries. Music travels through commercial or informal digital broadcasts, downloads, recordings, films, etc. impacting travelers’ consciousness either in a positive or negative way.
Background music providers have also tracked this and incorporated the idea in their offerings. For instance, Beatsuite offers adventure and travel genre of music, which can be sorted by mood/themes, keywords, popularity, and release date. Moreover, travel vlogging is in trend, as people get to share exceptional experiences by exploring remote places. In such cases, background music plays a crucial role. A right soundtrack can make a travel-inspired more enticing. For instance, a Vlog titled Dream on Costa Rica used the PremiumBeat track ‘Earth, Wind and Power’ by Simon Charrier. In this video, when the music kicks in at the 19-second mark, it complements the inspiring, dreamlike quality of the video perfectly.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/background-music-market-2563
Key Takeaways of the Market:
- Asia Pacific is expected to be the fastest growing region in the background music market, with China and India poised to be the growth engines of the market. Asia Pacific background music market is projected to witness the highest growth rate of 6.9% during the forecast period. The growth in this region is attributed to accelerating demand for background music in retail sector of emerging economies such as China and India. According to ’ analysis, the Asia Pacific retail industry is one among the active industries in leveraging the technologies such as IoT and robotics, to improve customer experience and generate more sales. Increasing internet penetration, cross-border e-commerce, and smartphone adoption in Asia Pacific region are driving retailers to adopt digital technologies in music streaming. According to ’ analysis, Asia Pacific offers lucrative opportunity for music streamers, as 14% of the global digital music industry’s revenue is contributed by this region.
- Among applications, restaurants segment accounted for a major market share in the global background music market in 2017. Good ambiance is the most important part of restaurant business and background music aids in creating good ambiance in restaurants. In limited seats restaurants or in restaurants where customers are waiting, background music reduces the anxiousness and makes waiting less stressful and more pleasant for the customers. Moreover, background music boosts the efficiency of employees working in the restaurant and improves customer’s experience in the restaurant, thereby increasing the table turnover. According to ’ analysis, around 95% of bars and pubs claims that background music creates better ambiance for customers.
- Major players operating in the global background music market include PlayNetwork, Inc., TouchTunes Music Corporation, Sirius XM Holdings, Inc., Almotech Media Solutions, Imagesound, Easy on Hold, Soundnet Limited (Soundjack), Xenox Music & Media B.V., Qsic Pty Ltd., Express Melody, OpenEar Music, Auracle Sound, Cloud Cover Music, and Mood Media Corporation
