Market Is Estimated To Witness High Growth Owing To Increasing Demand From Hospitality Industry & Customization Capabilities
The Background Music Market is estimated to be valued at Us$ 1.64 Bn in 2022 and is expected to exhibit a CAGR Of 6.3% over the forecast period 2018-2026, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Background music widely used in hospitality industry includes hotels, restaurants, retail stores, and other commercial establishments to psychologically influence customers' moods, perceptions, and behaviors. It helps in improving customer experience and engagement at commercial spaces. Background music service providers allow customizing playlists as per customer profiles and preferences using digital platforms.
Market Dynamics:
The background music market is expected to witness significant growth over the forecast period, owing to increasing demand from hospitality industry. Background music services help hospitality businesses in optimizing operational costs by replacing costly live music options with customized digital playlists. These services also offer capabilities to remotely control music channels, conduct consumer surveys, and generate analytics reports, which help hospitality operators in enhancing customer retention. Furthermore, background music service providers focus on offering customized playlists and music channels as per customer demographics, purchasing behaviors, and preferences to positively influence impulse buying decisions. This increased focus on customization is further expected to drive the adoption of background music services across commercial establishments over the coming years.
SWOT Analysis
Strength: The background music market has a large customer base across various industries such as retail stores, restaurants, and public spaces that seek to improve customer experience. It offers cost-effective solutions and has a wide variety of music genres and content options to choose from. Licensing of pre-recorded music helps avoid legal issues.
Weakness: Small vendors in this market face challenges in competing with global market leaders in terms of content library and technology offerings. Music licensing issues can arise due to copyright infringement.
Opportunity: Growing adoption of Music-as-a-Service (MaaS) solutions in new application areas such as digital signage and smart homes presents an opportunity. Advancements in music streaming and programmable playlists enhance the customer experience.
Threats: Free music streaming services and user-uploaded copyrighted content on platforms pose piracy threats. Economic slowdowns can negatively impact businesses' marketing and customer experience budgets.
Key Takeaways
The global Background Music Market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing demand from retail stores and other public venues to enhance customer experience. The market size was valued at US$ 1.35 billion in 2017.
Regional analysis North America dominates the global background music market currently, owing to widespread establishment of retail stores, restaurants, and other businesses. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising disposable incomes, expanding organized retail, and growing patronage of cafes and snack bars in countries such as China and India.
Key players operating in the background music market 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. The major players focus on expanding their music libraries and strengthening digital platforms to grow their customer base.
Read More : https://marketinsightsminds.blogspot.com/2023/10/background-music-market-is-estimated-to.html
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