BACKGROUND MUSIC MARKET ANALYSIS
Background Music Market, by Product Type (AV System and Music Streaming), by Application (Retail Stores, Restaurants, Entertainment Places, Public Organizations, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018-2026
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 (2018– 2026), considering 2017 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
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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
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