Wilmington, Delaware, United States, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global background music market is projected to flourish at a CAGR of 5.1% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 2.3 billion is anticipated for the market in 2031. As of 2023, the demand for background music is expected to close at US$ 1.6 billion.
Background music is gaining immense popularity in pubs, cafes, bars, and restaurants. These food service outlets increasingly focus on several profitable strategies to enhance the consumer experience. Background music in these outlets also helps to hold consumers for a more extended period of time, which, in turn, helps in increasing the average money spent by consumers.
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The rising number of commercial spaces, such as shopping malls, cafes, and restaurants is driving the growth of the background music market. Malls include value-added components, such as background music, to create an atmosphere of leisure and pleasure that is difficult to replicate online.
Competitive Landscape
Key players operating in the background music market are focusing on research & development and expansion of product portfolio to attract more customers. Numerous manufacturers in the background music market plan to acquire small-scale companies or collaborate with them to gain a competitive share in the global market.
- USEN CORPORATION
- Mood Media
- Sirius XM Radio Inc.
- TouchTunes Music Corporation
- PlayNetwork Inc.
- Imagesound Limited
- NSM Music
- Music Concierge
- Rockbot
- Almotech Limited
The recognition of the impact of music on mental well-being has led to the use of background music in wellness centers, spas, and healthcare facilities, thus expanding the market into new sectors. The demand for background music is growing in developed countries and emerging markets where businesses are increasingly recognizing its value in customer engagement.
Integrating background music systems with smart devices and Internet of Things (IoT) technology in smart homes, offices, and public spaces further fuels market growth. As consumer tastes change, there is a need for a wider variety of music genres and styles, driving providers to expand their music libraries and offerings.
Key Takeaways from the Market Study
- As of 2022, the background music market was valued at US$ 1.5 billion.
- Based on type, the In-app and web segments is expected to dominate the global background music market during the forecast period.
- Based on end-use, hotels and motels segment to account for high revenue in the market.
Background Music Market: Key Trends and Opportunistic Frontiers
- Innovations in technology, such as AI-driven music curation and playlist generation, are making it easier to create seamless, continuous, and customized music experiences for businesses drive the market demand.
- With the shift to remote work, companies are exploring background music solutions for virtual meetings and workspaces. Platforms offering background music for virtual environments see growth due to this trend.
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Background Music Market – Regional Analysis
- North America holds a significant global market share due to many retail chains, restaurants, and hospitality businesses. The presence of tech-savvy consumers and a strong emphasis on customer experience fuels the demand for background music services. Streaming platforms and advanced technologies have a firm grip on this market.
- Europe has a robust demand for background music in retail, hospitality, and entertainment sectors. Countries like the United Kingdom, Germany, and France have a thriving market with a focus on customized music experiences. Regulations and licensing compliance are stringent, leading to a higher adoption of licensed services.
Key Developments in the Background Music Market
- Soundtrack Your Brand offers a business-focused music streaming platform, Soundtrack Your Brand specializes in providing licensed music for retail, restaurants, and other commercial establishments. Their emphasis on legal compliance and tailored playlists has attracted numerous businesses.
- Mood Media is renowned for its comprehensive in-store media solutions, Mood Media provides background music, digital signage, and scent marketing services to enhance customer experiences in various industries, including retail and hospitality.
- PlayNetwork focusing on curated music experiences and digital content, PlayNetwork caters to retail, hospitality, and other businesses by offering custom music solutions, including playlists and audio-visual experiences.
Background Music Market – Key Segments
Type
- AV System Equipment
- In-app & Web
End Use Industry
- Hotels & Motels
- Retail Stores
- Cafes & Restaurants
- Workplace
- Fitness and Recreational Sport Centers
- Spas & Wellness Centers
- Beauty & Hair Salons
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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