FactMR has actively published a new research study titled “Background Music Market to Showcase Higher Revenue Growth Steered by Rising Investments through 2027, reports FactMR study | Key Players are Brandtrack, Mood Media, Kasimu, Cloud Cover Music, etc.” to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the background music market during the period from 2018-2027. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global background music market is expected to showcase impressive growth at 7% CAGR during the period until 2027.
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Splintered Nature of Background Music Market to Prevail
The background music market is estimated 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 extensive music database. Leading market players are focusing their efforts towards developing innovative products to strengthen their position in the background music market. Some of the notable developments in the background music market have been listed below:
- In order to expand its presence in the background music market, SirusXM acquired Pandora, one of the biggest music streaming service in North America, in January 2019 for US$ 3.5 billion. The acquisition gives SiriusXM access to a combined consumer base of over 100 million subscribers.
- Rockbot installed a background music system at Norris University’s renovated cafeteria in January 2019. The background music system allows students to request music via an internet-based application.
- Soundreef, a global leader in the management of music streaming rights, received funding of €3.5 million which the firm plans to use in expanding its services. The company specializes in developing platforms which collect, audit and maximize royalties for music publishers.
- Imagesound, a leading provider of audio for businesses acquired Freedom Music, a firm which specializes in providing “Rights Included” music eliminating the need for its clients to obtain a public performance license.
- Jamendo recently acquired the Independent Management Entity (IME) status in the state of Luxembourg, giving the company the right to manage and distribute music. The company further plans to gain the same status across Europe.
Other players profiled in the report include Brandtrack, Mood Media, Kasimu, Cloud Cover Music, Open Ear Music, Qsic Pty Ltd., Easy on Hold, Jukeboxy, Sunflower Music Company, NSM Music Ltd., Xenox Music Media, Soundtrack your Brand, SoundMachine, Heartbeats International, Express Melody, Almotech, Custom Channels, CSI Music Service, Almotech, TouchTunes, StorePlay, and USEN Holding Corporation Inc.
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The report on background music market provides detailed and valuable insights into the background music market. Additionally, the report on background music market highlights and explains all the key factors that influence the growth of the background music market. Further, all the macro and microeconomic facets which have an impact on the background music market performance have been propounded in the report.
An opportunity assessment of the background music market along with a region-wise and segment-wise analysis has been provided. A competitive landscape assessment of the background music market has also been included in the report.
Background music plays a vital role in the hospitality industry, providing a medium to draw consumer attention. Online services are offering consumers the convenience to order food from the comfort of their homes, a trend which has caused a substantial reduction in the number of consumers visiting restaurants. To tackle the challenge, restaurants are offering comprehensive menus, in-house entertainment, superior services, and other value-added services to draw in customers with background music systems playing an integral part in adding value to the consumer experience. In addition to creating an immersive experience, fine-tuning playlists can potentially boost sales by influencing human behavior, with studies linking an increase in sales and consumptions of alcoholic drinks when subjecting consumers to uptempo background music. Further, playing slow background music is likely to increase the bill size by over 20% according to researches, with mellow music encouraging longer conversations and influencing consumers into buying additional products such as desserts and coffee, which have higher profit margins. Background music is increasingly being incorporated in hotels for creating greater ambience in line with their brand identity. For instance, Petit Palace Hotels plays different varieties of background music at different locations, to complement the décor of the areas. The staff at the hotel changes the music throughout the day to create ambiances that appeals to consumers.
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