Background Music Market Propelled by Increasing Adoption of...

Background Music Market Propelled by Increasing Adoption of Streaming Platforms

Posted 2024-02-01 08:35:43

Background music finds extensive applications in business organizations, retail stores, restaurants, hotels, and other public spaces to manage the atmospherics. It helps in improving customer mood and engagement while providing a subtle yet vibrant soundscape. Background music solutions include playlists curated by experts that suit different environments. Advances in streaming technologies have enabled ubiquitous access to diverse music libraries through subscription-based platforms.

The global Background Music Market is estimated to be valued at US$ 1722.38 Mn in 2024 and is expected to exhibit a CAGR of 37% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing adoption of streaming platforms has been a key trend spurring the growth of the background music market. Streaming services have made it convenient for businesses to access vast music libraries through cost-effective subscription plans tailored for commercial use. This has eliminated the hassles of maintaining physical music libraries and negotiating individual licensing agreements. The flexibility of streaming is encouraging more organizations across industry verticals to leverage background music solutions to enhance customer experiences. It is estimated that streaming will account for around 80% of the total revenue in the background music market by 2031.

SWOT Analysis
Strength: The background music market is growing rapidly owing to increasing implementation of background music in commercial spaces like retail stores, restaurants, and others. This helps in improving customer experience and engagement.
Weakness: High initial investment is required for setting up background music systems. Lack of awareness among small businesses about benefits of background music can hamper the demand.
Opportunity: Rising adoption of internet-based music streaming platforms and mobile apps for choosing and playing background music provides opportunities for market growth. Expanding retail and hospitality industries further augment the demand.
Threats: Privacy issues related to collecting customers listening data and preferences can negatively impact the market. Economic downturns may force businesses to cut costs by removing background music systems.

Key Takeaways
The Global Background Music Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by rapid digital transformation and growing hospitality and retail industries.

Regional analysis reveals North America currently dominates the market attributed to strong retail infrastructure and early technology adoption. Asia Pacific is expected to offer lucrative opportunities driven by thriving e-commerce sector and expanding middle-class population demanding enhanced customer experience.

Key players operating in the background music market are AECOM, Hyperloop India, Hyperloop One, Inc., Hyperloop Transportation Technology, Tesla, Inc., TransPod Inc., and Uwashington Hyperloop. These players are focusing on developing advanced digital music platforms and mobile apps for personalized music selection. They are also expanding their B2B customer base through bundled subscription plans for commercial users.

For More details on the topic:

https://www.insightprobing.com/background-music-market-is-estimated-to-witness-high-growth-owing-to-increased-demote-of-music-streaming-platforms/