Background Music Market Share, Size, Trends, Industry Analysis Report, By Product Type (AV System, Music Streaming); By End Use (Retail Stores, Cafes & Restaurants, Leisure & Hospitality, Public Organization, and Others), By Regions; Segment Forecast, 202
- Published Date:Dec-2020
- Pages: 101
- Format: PDF
- Report ID: PM1750
- Base Year: 2019
- Historical Data: 2016 - 2018
Report Summary
The global background music market was valued at USD 1.5 billion in 2019 and is expected to grow at a CAGR of 6.1% during over the forecast period. The background music market continues to be influenced by growing adoption in multiple business ecosystems in both developed and developing economies. Deep-rooted impact on customer perceptions and recreation are among the key factors that are driving sales of background music systems.
Background music has become an integral part of almost all the modern commercial infrastructures. Background music elements are primarily installed to enhance the ambience of the commercial space. In addition, businesses have identified marketing aspect of background music in increasing business productivity by building stronger consumer relationships. Music played in the background instils positivity to commercial places, thereby enhancing the consumer shopping experience.
Rapid urbanization combined with increasing modern infrastructures is expected to offer growth opportunities for background music market. Developing economies with significant growth underway in modern infrastructure developments present an optimistic outlook for background music providers and is expected provide opportunities to new entrants.
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Industry Dynamics
Growth Drivers
Value-added options such as spacious parking areas, complimentary food, good ambience, and appealing background music have been intricately linked to higher footfalls and increased customer engagement. Background music systems are gaining prominence across various business establishments as they create prolonged customer stay, which in turn is instrumental in enhancing sales. Moreover, consumers associate genre and rhythm of the background music with specific products, which has deep-rooted influences on their spending patterns.
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The right type of music for a specific business environment is extremely important as it has the potential of changing an individual’s mood and subsequent purchasing behavior. For instance, people, during winter holidays, resonate with the Christmas music, resulting in higher purchases of festive goodies.
Background Music Market Report Scope
The market is primarily segmented on the basis product, end-use, and region.
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Insight by Product Type
Based on product type, the background music market is categorized into AV system and music streaming. In 2019, the music streaming segment is expected to dominate the global market. As per a revelation by the International Health, Racquet & Sports Club Association (IHRSA), revenue of the global health club industry approached USD 87.2 billion in 2017, as 201,000 health clubs and more served around 174 million members. This provides enough credence to the thriving business of gyms and health clubs, which will also create innumerable opportunities for market growth. Moreover, importance of music to eliminate fatigue among gym enthusiasts is utilized by owners during training sessions, which is resulting in increased adoption of background music systems.
Insight by End Use
On the basis of end-use, the global background music market is categorized into retail stores, cafes & restaurants, leisure & hospitality, public organization, and others. Cafes & restaurants remain the leading end-users. Leisure & hospitality sector is expected to witness significant growth with background music becoming a staple rather than the exception for consumers. Overall, the background music market is on a steady course; however, tapping into the emerging opportunities with holistic offerings is likely to remain the key for consolidation.
Geographic Overview
Geographically, North America is the largest revenue contributor to the global market. A multitude of factors, notably growing investment in commercial businesses, including cafeterias and restaurants, clubs, shopping malls, and gift shops is driving adoption of a range of background music systems and software.
Business owners are increasingly embracing music solutions that comply with the law requirements of the respective region, in a bid to avoid any risk associated with licensing penalties. Moreover, business owners are preferring to pay for the right to utilize music for their business-oriented benefits. This, in turn, is a key reason fueling the adoption of licensed music across various businesses.
Shopping malls are vying to offer high level of convenience to their consumers, with an objective of competing with the ‘always-on’ nature of online shopping sites. Malls are adopting unique approaches to induce a shift from commoditized experiences to an expanded value proposition for their consumers.
Asia Pacific is expected to register highest growth over the forecast period. Malls are embracing value-added elements to enhance customer engagement, including background music, to create an aura of leisure and entertainment, which can hardly be experienced online. This increased focus of shopping malls to offer unparalleled leisure and entertainment with splendid shopping experiences to their customers is driving the region’s market growth.
Background music providers are engaged in entering emerging markets with thriving end-use industries. Across the region, food and grocery retailing is growing at an exponential rate wherein developing countries have witnessed a significant number of hypermarket and supermarket constructions. The region presents intense competition among leading retailers whereas growth in the mini-market store has also gained traction. This is likely to have a positive impact on the background music market growth.
Competitive Insight
Key players operating in the global market include PlayNetwork, Inc., Sirius XM Holdings, Inc., Auracle Sound, TouchTunes Music Corporation, Imagesound, Soundnet Limited (Soundjack), Easy on Hold, Xenox Music & Media B.V., Express Melody, Qsic Pty Ltd., OpenEar Music, Cloud Cover Music, Almotech Media Solutions, and Mood Media Corporation.
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- Segmentation analysis
- Industry outlook
- Competitive landscape
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