The global background music market is estimated at US$ 782.62 million in 2023 and is predicted to expand at a CAGR of 6.4% and reach a value of US$ 1.45 billion by the end of 2033.
Rising demand and easy availability of affordable music subscription services are estimated to majorly contribute to market growth. In addition, various retail stores are adopting background music at a significant rate to attract consumers’ attention, which is also projected to widen the horizon for key players.
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Technological Advancements: The latter half of the 20th century brought forth rapid technological advancements that further transformed the background music market. The introduction of cassette tapes, CDs, and digital music formats made it easier for businesses to curate and control their musical environments. This also led to the diversification of the market, with various companies entering the space to offer tailored background music solutions.
Customization and Branding: One of the key developments in the background music market was the shift towards customization and branding. Businesses began to recognize that background music could be used not only to create a pleasant atmosphere but also to reinforce their brand identity. Restaurants, retail stores, and even healthcare facilities started to carefully select music that resonated with their target audience and aligned with their brand values.
The Digital Age: The 21st century marked a new era for the background music market with the proliferation of streaming services and digital platforms. These technologies offered unprecedented flexibility in curating playlists and allowed businesses to update their background music in real time. Additionally, the rise of wireless audio systems and smart speakers enabled seamless distribution of music across various locations within a single establishment.
Competitive landscape:
Key providers of background music are increasing their expenditure on maintaining product quality and matching product standards. Strengthening supply chain systems and innovations are some other key areas on which they are working.
The landscape of background music is predicted to remain consolidated due to the presence of various prominent suppliers of products that are concentrating to expand their presence through mergers and acquisitions. These initiatives are predicted to provide additional resources, including an extensive music database and copyright management capabilities.
For instance :
- Vector Capital acquired Mood India in January 2021. The latter is a prominent in-store media solution organization that is dedicated to elevating consumer experiences. This acquisition is aimed at three areas, including product offering with innovations, increasing investments in the global delivery capabilities and technology platform of the company, and strengthening client and channel relationships.
Key players profiled in the market research report include BrandTrack, Soundtrack Your Brand, Media, Kasimu, Almotech, Qsic Pty Ltd., Cloud Cover Music, Open Ear Music, Jukeboxy, NSM Music Ltd., Sunflower Music Company, Easy on Hold, Xenox Music Media, SoundMachine, Express Melody, Heartbeats International, Almotech, CSI Music Service, Touch Tunes, Custom Channels, USEN Holding Corporation Inc., and StorePlay.
Segmentation of Background Music Industry Research:
- By Type/Genre :
- Ambient & Minimalist
- Ethnic & Tribal
- Classical Music
- Alternative & Classic Rock
- Underground/Hip-Hop
- Dramatic Music
- Comedic Music
- Acoustic Guitar & Strings
- Electronic Beats
- Mindfulness Music
- Binaural Beats
- By End Use :
- Offline Users
- Cafes & Restaurants
- Shopping Malls
- Gyms
- Entertainment Places (Theatres, Clubs, Bars)
- Retail Stores
- Public Infrastructure
- Commercial Buildings
- Spas
- Elevators
- Content Creators
- Website Developers
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Questionnaire answered in the Market outlook Report of Background Music include:
- What is the key strategy deployed by large players to maximize Background Music Market growth?
- What are the main challenges faced by players in the Background Music market Demand?
- With the advent of technological advancement, how will the Background Music market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Background Music market size?
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