Demand For Background Music Is Likely To Expand At A CAGR Of...| MENAFN.COM

Friday, 31 March 2023 03:19 GMT

Demand For Background Music Is Likely To Expand At A CAGR Of 6.4% By 2031

(MENAFN- Ameliorate Digital Consultancy) The background music market is crossed an impressive valuation of nearly US$ 650 Mn in 2020, registering a Y-o-Y expansion of 6.4% . The market is poised to reflect an identical CAGR, topping US$ 1.2 Bn by 2031.Key manufacturers in the market for background music are consistently offering high quality equipment and services. For this purpose, they are making use of advanced technologies, including wireless connectivity, automation and other significant advancements.

Businesses have identified the marketing aspect of background music in increasing business productivity by building stronger consumer relationships. In addition to this, rapid urbanization combined with increasing modern infrastructures is projected to offer significant growth opportunities. All these factors create an ideal environment for the market for background music globally, registering a CAGR of 6.4% through 2031.

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The rising trend of creating unique soundtracks for different occasions such as weddings, parties, and corporate events is also contributing to the growth of the market. Furthermore, the increasing penetration of digital music streaming is also expected to propel the market growth. The increasing demand for music streaming services, such as Spotify and Amazon Music, is expected to drive the growth of the market over the forecast period. These services provide a wide range of licensed music tracks for users and enable them to create their own playlists.

Additionally, the increasing use of online platforms such as YouTube and SoundCloud for music streaming is also driving the market growth. The increasing use of music in the advertising industry is expected to fuel the demand for background music over the forecast period. Advertising companies are using licensed music tracks to create unique and engaging content for their consumers. Furthermore, the increasing demand for music in educational videos is also expected to propel the growth of the market

Key Companies

  • Brandtrack
  • Mood Media
  • Kasimu
  • Cloud Cover Music
  • Open Ear Music
  • Qsic Pty Ltd.
  • Easy on Hold
  • Jukeboxy
  • Sunflower Music Company
  • NSM Music Ltd.

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Key Takeaways from the Market Study

  • By end use application, music streaming services to make major use, expanding at 5% CAGR
  • More than 3 out of 5 background music services to be deployed across cafes & restaurants
  • U.S to emerge as a lucrative market, accounting for over 50% background music demand
  • India experiencing substantial uptake, poised to register 2/5th of global background music demand
  • Emergence of coffee joints to propel demand in Germany, registering a CAGR of 8%
  • China, Japan and South Korea likely to emerge as highly opportunistic markets
  • Global background music market demand to expand nearly 2x by 2031

“Emphasis on providing conducive ambience is prompting outdoor settings, including restaurants, cafes and gyms, to invest in good quality background music solutions, inclining growth,” says the Fact.MR analyst.

Key Segments Covered

  • End Use Application
    • Retail Stores
    • Leisure & Hospitality Settings
    • Public Organizations
    • Cafes & Restaurants
    • Other End Users (Music Streaming)

In order to understand the global market potential, its growth, and scope, the market is segmented on the On the basis of end use application (retail stores, leisure and hospitality, public organization, cafes & restaurant, and others), among geographical regions, into North America, Latin America, Europe, Japan, the Asia Pacific region excluding Japan (APEJ), and the Middle East & Africa (MEA).

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Competitive Landscape

The background music landscape is likely 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 an extensive music database.

In January 2021, Vector Capital announced the acquisition of Mood Media, the world's leading in-store Media Solutions Company dedicated to elevating the customer experience.

The acquisition focuses on three key areas- deepening our client and channel relationships, expanding ongoing investments in the Company's global technology platform and delivery capabilities, and bolstering our product offerings through innovation.

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