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In the past few years, the global Background Music Market experienced a growth of 6.18%, the global Market Size of market reached 2496.21 million $ in 2028, of what is about 1658.88 million $ in 2021.
Rising adoption in multiple business ecosystems in developed as well as developing economies are the major reasons for market growth.
The deep-rooted impact on customer perceptions and recreation are expected to be prime driver for market growth. The availability of a variety of music online and affordable subscription services has augmented the demand for background music. In addition, rather than using the compact disc, retailers are now downloading and constantly updating music from online sources.
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The World Health Organization has declared a public health emergency as a result of the disease's global expansion after the COVID-19 viral outbreak in December 2019. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and have significantly affected the market in 2020.
The coronavirus outbreak has affected the music industry hard, with live performance revenue the biggest casualty. The market is fighting back with innovative ways to increase music consumption and strategic models. The crisis is expected to accelerate underlying trends in the music industry based on the importance of streaming.
On the distribution and supply side, there is a growing list of artists delaying releases to later in the year. This is partway due to the lack of tours to promote new albums and live music. Also, an extensive list of major concerts and events has been canceled.
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Background Music Market Drivers:
Value-added Options to Flourish the Market
Availability of many value-added options such as spacious parking areas, complimentary food, good ambiance, and pleasant background music have been significantly linked to increasing footfalls and surged customer engagement. Moreover, the background music systems are gaining traction across business industries as they generate customer stay, which in turn is instrumental in enhancing sales. Moreover, consumers associate the genre and rhythm of the background music with specific products, which has deep-rooted influences on their spending patterns.
Rising Demand from Numerous Businesses
The right type of music for a particular business environment is essential as it has the potential to change an individual’s mood and subsequent purchasing behavior. For instance, during the winter holidays, people resonate with Christmas music, resulting in higher purchases of festive goodies.
Background Music Market Restraining Factors:
Rising Adoption of Digital Music
The rising adoption of digital music is a key factor expected to restrain the growth of the global market over the forecast period. In addition, some disadvantages of background music such as wrong selection of music creates distraction and noise pollution are some other factors expected to hamper growth of the target market over the forecast period.
Background Music Market Opportunity:
Growth in Travel and Tourism Sector
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 across 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. It enhances the ambience of a place. Background music providers have also tracked this and incorporated the idea in their offerings.
North America accounted for the largest share of the background music market in 2021 and is expected to retain its dominance for the forecast period. The popularity of various background music systems and software is being influenced by a number of variables, most notably the rising investment in commercial enterprises such cafeterias and restaurants, clubs, shopping malls, and gift stores.
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Background Music Market Analysis by Type
Based on the type, the background music is primarily split into music streaming and av system equipment. The music streaming market segment accounted for the largest share of the global background music market Music streaming market is projected to reach USD 1,482.32 million by 2028, growing at a CAGR of 6.32% during the forecast period The background music market, in value (US$ Million), market share and growth trend of each type in 2021 and 2028. The CAGR (2022-2028) is based on the value of background music for each type and the overall background music market.
Background Music Market Analysis by Application
Based on the background music application, the background music market is segmented into several major parts, like retail stores, restaurants, entertainment places, public organizations, and others. The restaurant market segment accounted for the largest share of the global background music market Restaurant market is projected to reach USD 843.78 million by 2028, growing at a CAGR of 6.41% during the forecast period.
The market size of background music, in value (US$ Million), market share and growth trend of each application in 2021 and 2027. The CAGR (2022-2028) is based on the value of the background music market for each application and the overall industry.
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The background music industry is analyzed across five geographical regions, namely, North America (U.S., Canada and Mexico), South & Central America (Argentina, Chile, Brazil), Europe (UK, Germany, France, Italy, Spain and rest of Europe), Asia-Pacific (China, Japan, India, Australia, Singapore, South Korea and rest of Asia-Pacific), and Middle East & Africa (Saudi Arabia, UAE, Turkey, Egypt, South Africa, and Rest Of Middle East & Africa).
The key players in the background music industry include Mood Media Corporation, TouchTunes Music Corporation, Sirius XM Holdings Inc., Almotech Media Solutions, Imagesound, Easy On Hold, Xenox Music & Media B.V., Qsic Pty Ltd., Express Melody, OpenEar Music, Auracle Sound, ListenX. The industry players are investing in research and development activities to improve its reliability and efficiency.
In Mar 2022, TouchTunes, a leading in-venue, interactive music and entertainment platform, today announced that TA Associates, a leading global growth private equity firm, has signed a definitive agreement to acquire the company from funds advised by Searchlight Capital Partners, L.P. (“Searchlight”) and Newlight Partners LP (“Newlight”).
This report forecasts revenue growth at regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018-2030. For the purpose of this study, Research Layer has segmented the global Background Music market based on product, application, and region:
Report Scope
The Background Music Market is expected to grow CAGR of 6.18%
Asia Pacific holds the highest market share in regional segment.
Key players in the global Background Music Market are Mood Media Corporation, TouchTunes Music Corporation, Sirius XM Holdings, Inc., Almotech Media Solutions, Imagesound, Easy On Hold, Xenox Music & Media B.V., Qsic Pty Ltd., Express Melody, OpenEar Music, Auracle Sound, ListenX
By Type, Application and Region segments are covered in Background Music Market Report
As per Research Layer the global Background Music Market size was 1658.88 US Dollars in 2021 to 2496.21 US Dollars by 2028.
Report Code :
RL659
Published on :
Aug 2022
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