The Global Background Music Market Is Witnessing High Growth

 

The background music market refers to the industry that supplies and licenses music for use as background or accompaniment in various settings, such as retail stores, restaurants, elevators, spas, hotels, and other commercial and public spaces. This music is usually played in the background, intended to create an ambiance, enhance the customer experience, and in some cases, drown out unwanted noise. The use of Background Music Market in these settings is intended to create a more pleasant and enjoyable environment for customers and can help establish the desired mood or atmosphere for a business.

In 2017, the global background music market generated $1.35 billion in revenue. The background music market is expected to be worth US$ 2.31 billion by 2026, growing at a 6.3% CAGR during the forecast period. The AV system segment dominated the global background music market in 2017 and is expected to maintain its dominance throughout the forecast period. In 2017, the AV system segment generated $ 824.5 million in revenue.

The availability of a wide range of music online, as well as low-cost subscription services, has increased demand for Background Music Market . Instead of CDs, retailers are now downloading and constantly updating music from online sources. According to Coherent Market Insights, paid music streaming subscription revenue was around US$ 230 Mn in 2018 and is expected to reach US$ 260 Mn in 2019.

Enhances Mood and Atmosphere: Background music can help to create a desired atmosphere and enhance the overall mood of a space.

 

Increases Productivity: In certain work environments, Background Music Market has been shown to increase productivity and improve focus.

 

Boosts Memory Retention: Background music has been found to help with memory retention, making it a useful tool for educational and training purposes.

 

Provides a Sense of Privacy: Background music can help to mask background noise and provide a sense of privacy for customers or clients.

 

Fosters Brand Recognition: Using background music can help to establish brand recognition and create a memorable experience for customers.

 

Helps to Relax and Reduce Stress: Certain types of music can help to reduce stress and create a relaxing environment.

 

Increases Sales: Background music has been found to increase sales in retail environments by creating a positive shopping experience for customers.

 

Key Players

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 are among the major players in the global background music market.