A recently released report by Fact.MR titled, "Background Music Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2018 to 2027" provides invaluable and actionable insights into the background music market. The report on the background music market provides a comprehensive assessment of all the key factors driving the growth of the market along with apt explanations justifying the inclusion of the factors in the report. Additionally, the report presents a detailed analysis of all the macro and microeconomic facets which influence the background music market growth such as restraints, threats, opportunities, and challenges. A detailed assessment of the background music competitive landscape has also been propounded in the report.
According to a recent study of Fact.MR, the background music market is estimated to reach approximately US$ 650 Mn in 2019, registering a Y-o-Y growth at 6.4%. Building unique identity and increasing the consumer footfall are key factors that have been driving the adoption of background music among brick & mortar stores in recent years. These stores are also putting efforts toward strengthening their relationship with consumers using audio branding.
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Sales Remain Underpinned by Growing Adoption in Hospitality Industry
Background music plays a vital role in the hospitality industry, providing a medium to draw consumer attention. Online services are offering consumers the convenience to order food from the comfort of their homes, a trend which has caused a substantial reduction in the number of consumers visiting restaurants. To tackle the challenge, restaurants are offering comprehensive menus, in-house entertainment, superior services, and other value-added services to draw in customers with background music systems playing an integral part in adding value to the consumer experience. In addition to creating an immersive experience, fine-tuning playlists can potentially boost sales by influencing human behavior, with studies linking an increase in sales and consumptions of alcoholic drinks when subjecting consumers to uptempo background music.
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The report on background music market divides the background music market on the basis of end-use application and region.
On the basis of end-use application, the background music market can be segmented into retail stores, leisure and hospitality, public organization, cafes & restaurant, and others.
Co-working spaces continue to remain at the forefront of the growing demand for background music in corporate spaces. A number of co-working spaces are marketing it as a facility integrated to boost the productivity of the employees. Furthermore, music streaming services are working towards developing music in line with corporate venue themes offering firms an array of choices. .With technology and music evolving the demand for background music in corporate spaces is estimated to bolster.
Other players profiled in the report include Brandtrack, Mood Media, Kasimu, Cloud Cover Music, Open Ear Music, Qsic Pty Ltd., Easy on Hold, Jukeboxy, Sunflower Music Company, NSM Music Ltd., Xenox Music Media, Soundtrack your Brand, SoundMachine, Heartbeats International, Express Melody, Almotech, Custom Channels, CSI Music Service, Almotech, TouchTunes, StorePlay, and USEN Holding Corporation Inc.
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