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), published by Coherent Market Insights. 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.
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