SEATTLE, March 29, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global background music market accounted for US$ 1.35 Bn in 2017 and is projected to exhibit a significant CAGR of 6.3% over the forecast period (2018 – 2026).
Market Dynamics of the Background Music Market:
Changing preference of key end users towards providing luxury facilities to attract customers is the major factor driving the market growth. Background music is not just used for entertainment purposes, but based on place can act as a key influencer for consumers. For instance, Founder & creative director of Music Concierge, a company that chooses background music for businesses with client base including fashion brands such as the Connaught and the Savoy, was asked by the football club Tottenham Hotspur who was looking for music for its new training ground complex to provide playlist for a holistic program covering every aspect of Spurs’ players’ psychological and physical wellbeing. Users try to create a certain ambience that would influence customers to make them more involved in their activities. Also, interactive music helps to maintain energy level, as music limits the focus on negative thoughts due to mind simulation that takes place after hearing certain kind of music. For instance, a late night, alcohol-free burger bar in Kuwait, which delivers food on a conveyor belt – Wood had to conjure the vibe of a 1980s New York block party, choosing early hip-hop by Grandmaster Flash and lesser-known tracks by James Brown. Moreover, technological shift such as development in iTunes, CDs, DVDs, and others have further increased the adoption of background music systems, owing to enhanced quality and easy installations.
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Certain disadvantages of background music that restraints growth of the background music market include wrong selection of music that creates distraction and noise pollution. Therefore, it is important to select right music for working environment such as government offices, schools, and institutes. Moreover, distraction due to noise pollution may misguide passengers at railway stations, bus stops, and airports. In addition, continuous exposure to music can harm hearing. Retail stores, malls, restaurants, pubs, and bars are working places for some people. Continuous listening to music is part of their work atmosphere. Therefore, if they work for five days of week and 9 hours of a day, the number of hours accumulate are 45 hours per week, and it could cause damage to the hearing system or harm the person’s hearing ability; and continuous exposure to music may cause memory loss. Employees listening to music at working place in constant loop might experience memory gap. They can forget what they did before and what they are going to do. Sometimes, they repeat some task without remembering what they did before, among others.
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Key Market Takeaways:
- Global background music market is estimated to be valued at US$ 1.35 Bn in 2017. By 2026, the market is projected to reach US$ 2.31 Bn, exhibiting a CAGR of 6.3 % over the forecast period (2018–2026)
- North America held dominant position in the global background music market in 2017 and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are the major growth engines of this region. The U.S. background music market held dominant position in this region and is expected to retain its dominance throughout the forecast period. In 2017, the U.S. background music market generated revenue of US$ 380.9 Mn and is expected to reach US$ 660.2 Mn by 2026, with a CAGR of 6.4 % over the forecast period. Growing music industry coupled with increasing number of music subscription services in North America are major factors driving growth of the market. For instance, according to statistics published by Recording Industry Association of America (RIAA), the U.S. music industry registered revenue of US$ 8.7 billion in 2017, which increased from US$ 7.5 billion in 2016. Therefore, growing music industry is fueling growth of the background music market.
- Some of the major players operating in the global background music industry 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
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.