Background Music Market accounted for US$ 1.56 billion in 2020 and is estimated to be US$ 2.81 billion by 2030 and is anticipated to register a CAGR of 6.1%. Background music is becoming a necessary component of practically all current commercial infrastructures. The purpose of background music elements is to improve the ambiance of a commercial location. Furthermore, organisations have noticed the marketing side of background music as a way to boost productivity by strengthening customer relationships. Music in the background brings a sense of cheerfulness to business spaces, boosting the shopping experience for customers. The background music market is predicted to develop as a result of rapid urbanisation and the expansion of modern infrastructure. Developing economies with strong increase in contemporary infrastructure development give a bright picture for background music providers, and new entrants are expected to benefit.
The report “Global Background Music Market, By Type (Incidental Music, Furniture Music, Elevator Music, Video Game & Blog Music, and Internet Delivered Background Music), By Application (Retail Stores, Restaurants, Entertainment Places, Public Organizations, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2029’’
Key Highlights:
- Vector Capital announced in January 2021 that it has acquired Mood Media, the world's top in-store media Solutions Company focused on improving the customer experience. The acquisition focuses on three critical areas: increasing current investments in the Company's global technological platform and delivery capabilities, and augmenting our product offerings through innovation.
Analyst View:
The hospitality industry is driving significant demand in the background music market. In recent years, a large portion of the global population has been interested in using online food services. As a result, the number of people visiting restaurants has decreased significantly. Major restaurants are employing a variety of measures to combat this scenario, including the addition of full menus, providing a pleasant ambience, and providing in-house entertainment events. The usage of background music is one such endeavour carried out by many hospitality businesses. This endeavour is assisting them in attracting customers' attention and encouraging them to visit restaurants. Various firms have noticed that having good music playing in the background encourages staff to perform at their best.
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Key Market Insights from the report:
Global Background Music Market accounted for US$ 1.56 billion in 2020 and is estimated to be US$ 2.81 billion by 2030 and is anticipated to register a CAGR of 6.1%. The global background music market report segments the market on the basis of type, application, and region.
- Based on Type, Global Background Music Market is segmented into Incidental Music, Furniture Music, Elevator Music, Video Game & Blog Music, and Internet Delivered Background Music.
- Based on Application, Global Background Music Market is segmented into Retail Stores, Restaurants, Entertainment Places, Public Organizations, and Others.
- By Region, the Global Background Music Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Background Music Market:
Key players in the global background music market includes Mood Media Corporation, PlayNetwork, Inc., TouchTunes Corporation, Usen Corporation, Sirius XM Holdings Inc., Pandora Media, LLC, Almotech Ltd., Imagesound Ltd., On Hold Inc. and Sunflower GmbH company
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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