Background Music Market - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Background Music Market - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Background music market study focuses on music systems and music streaming services in applications such as retail, leisure and hospitality, restaurants, public organizations, and other spaces.
Mood Media, PlayNetwork, and TouchTunes are some of the key players in the background music market. The global background music market is highly fragmented due to presence of large number of players in the market. The players compete based on system performance, pricing, and variety in offerings to sustain their position in the market.
Market Drivers: Increasing demand for background music in malls and retail sectors is driving the market growth since past few years
Background music is an essential part of malls, retail stores, elevators, and other spaces to create soothing environment. With emergence of e-commerce and thus, decreasing customer footfalls in stores, retailers are finding new ways to enhance customer experience at their brick and mortar stores. Background music influences engagement of customers and increases their overall time spend in the departmental stores. This enhances the customer’s shopping experience in malls and retails stores due to which retail stores and malls contribute significant share in the growth of background music market. The impact of this driver is expected to remain high over the forecast period.
Currently, consumer spending on shopping has increased considerably. According to Worldwide Market Reports’ analysis, retail stores are undergoing considerable shifts in terms of technology, which is affecting changes in consumer behavior. More and more consumers are preferring online shopping, owing to ease of transactions, availability of wide range of choices at one platform, and larger percentage of young population active on smart devices. Online retail witnessed 300% growth between 2000 and 2018 in the U.S. as per the U.S. Commerce Department in 2019, while sales of departmental stores dropped almost 50%. Gap, JCPenny, and Victoria’s Secret announced closures of 300 departmental stores. This has affected the way retailers have been marketing and selling their products to consumers. More emphasis is given on the ambience provided in the store including easy access to stock, assistance from staff, cleanliness, and background music to create positive atmosphere that may affect consumer’s buying decisions.
Key features of the study:
This report provides in-depth analysis of background music market size (US$ Mn) and compound annual growth rate (CAGR %) for the forecast period (2022-2028), considering 2021 as the base year
It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global background music market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, key developments, strategies, and future plans
Companies covered as part of this study include 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
Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launches, product upgrades, market expansion, and marketing tactics
The global background music market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision making through various strategy matrices used in analyzing the global background music market
Detailed Segmentation:
Global Background Music Market, By Product Type:
Music Streaming
AV Systems
Global Background Music Market, By Application:
Retail Stores
Restaurants
Entertainment Places
Public Organizations
Others
Global Background Music Market, By Region:
North America
By Product Type:
Music Streaming
Rentals
By Application
Retail Stores
Restaurants
Entertainment Places
Public Organizations
Others
By Country:
U.S.
Canada
Europe
By Product Type
Music Streaming
Rentals
By Application
Retail Stores
Restaurants
Entertainment Places
Public Organizations
Others
By Country:
UK
Germany
Italy
France
Spain
Rest of Europe
Asia Pacific
By Product Type
Music Streaming
Rentals
By Application
Retail Stores
Restaurants
Entertainment Places
Public Organizations
Others
By Country:
China
India
Japan
Australia
ASEAN
South Korea
Rest of Asia Pacific
Latin America
By Product Type
Music Streaming
Rentals
By Application
Retail Stores
Restaurants
Entertainment Places
Public Organizations
Others
By Country:
Brazil
Mexico
Argentina
Rest of Latin America
Middle East
By Product Type
Music Streaming
Rentals
By Application
Retail Stores
Restaurants
Entertainment Places
Public Organizations
Others
By Country:
GCC Country
Israel
Rest of the Middle East
Africa
By Product Type
Music Streaming
Rentals
By Application
Retail Stores
Restaurants
Entertainment Places
Public Organizations
Others
By Sub-region:
South Africa
Rest of Africa
Company Profiles
Mood Media Corporation *
Company Highlights
Key Developments
Product Portfolio
Market Presence
Strategic Presence
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
* Key pointers are provided for each company listed.