Background Music Market Analysis, Size, Share, Growth and Opportunity Assessment till 2027
The background music market is estimated to remain consolidated, with prominent market players focusing on expanding their presence through acquisitions and mergers which gives them access to additional resources such as copyright management capabilities and extensive music database. Leading market players are focusing their efforts towards developing innovative products to strengthen their position in the background music market.
[UKPRwire, Fri Jun 14 2019] The report on Background Music Market provides detailed and valuable insights into the background music market. Additionally, the report on background music market highlights and explains all the key factors that influence the growth of the background music market. Further, all the macro and microeconomic facets which have an impact on the background music market performance have been propounded in the report.
The background music market is estimated to remain consolidated, with prominent market players focusing on expanding their presence through acquisitions and mergers which gives them access to additional resources such as copyright management capabilities and extensive music database. Leading market players are focusing their efforts towards developing innovative products to strengthen their position in the background music market. Some of the notable developments in the background music market have been listed below:
- In order to expand its presence in the background music market, SirusXM acquired Pandora, one of the biggest music streaming service in North America, in January 2019 for US$ 3.5 billion. The acquisition gives SiriusXM access to a combined consumer base of over 100 million subscribers.
- Rockbot installed a background music system at Norris University’s renovated cafeteria in January 2019. The background music system allows students to request music via an internet-based application.
- Soundreef, a global leader in the management of music streaming rights, received funding of €3.5 million which the firm plans to use in expanding its services. The company specializes in developing platforms which collect, audit and maximize royalties for music publishers.
- Imagesound, a leading provider of audio for businesses acquired Freedom Music, a firm which specializes in providing “Rights Included” music eliminating the need for its clients to obtain a public performance license.
- Jamendo recently acquired the Independent Management Entity (IME) status in the state of Luxembourg, giving the company the right to manage and distribute music. The company further plans to gain the same status across Europe.
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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.
As competition in the retail market intensifies, brands are focused on offering consumers a profound experience which enhances satisfaction and boosts loyalty. Sensory marketing is one key technique which is increasingly being used to stimulate consumers’ senses for creating a distinct consumer experience. Background music is an integral part of sensory marketing which can be leveraged to create a unique and uplifting consumer experience to bolster sales and enhance customer satisfaction. Customer experience is gradually gaining importance in industries with multiple studies linking an increase in revenue with better consumer experiences. Another set of researches have predicted consumer experience to emerge as the key differentiating factor between brands in the foreseeable future irrespective of their product portfolio and pricing. Background music also provides a medium for brands to build a unique identity with consumers. Playing music that is in line with the brand’s image can potentially aid in creating brand awareness. In addition to having a positive influence on customers, background music also aids in boosting the productivity of the employees working at the store.
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. Further, playing slow background music is likely to increase the bill size by over 20% according to researches, with mellow music encouraging longer conversations and influencing consumers into buying additional products such as desserts and coffee, which have higher profit margins. Background music is increasingly being incorporated in hotels for creating greater ambience in line with their brand identity. For instance, Petit Palace Hotels plays different varieties of background music at different locations, to complement the décor of the areas. The staff at the hotel changes the music throughout the day to create ambiances that appeals to consumers.
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The networking infrastructure has evolved in the last decade providing greater accessibility to internet services at affordable rates and have enabled the development of the cloud infrastructure providing simpler access to a plethora of playlists and songs. The innovations in technology are helping businesses to control the music through handheld devices and change it based on the number of customers, weather, and the overall mood. Machine learning algorithms further aids businesses in finding music that falls in line with their brand image hence saving them time. Other advanced technological features allow businesses to schedule playlists and manage the music being played at multiple locations through a single device enabling them to choose music based on their preference and atmosphere, thus giving them access to tailor the ambiance of the store according to their requirements. Such technological capabilities are likely to aid in bolstering background music market growth.
Focus of brands on strengthening their logistics for punctual delivery of goods continue to complement growth of ecommerce worldwide. In addition, convenience and comfort of online shopping has resulted in declined sales prospects in brick & mortar stores. For instance, North America and Europe witnessed a significant surge in the e-commerce sales in the recent past, while the footfall at shopping malls and stores recorded a significant declining. This has been a key growth impediment for sales of background music globally, as brands opt to invest substantially in strengthening their online presence.
Background music is a form of music which is played which is deliberately played to influence human behavior and elicit emotional responses such as relaxation, excitement, and distraction. The music is played in a way to keep it in the background and not make it the primary focus of the listeners.
An opportunity assessment of the background music market along with a region-wise and segment-wise analysis has been provided. A competitive landscape assessment of the background music market has also been included in the report.
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.
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